A well-known microloans program has opened its applications for the fall.
Underrepresented and under-resourced business owners can apply for microloans through the Greater West Dayton Incubator’s Culture Capital program. Applications will remain open through Oct. 18.
Microloans range from $500 to $15,000. Entrepreneurs also receive application support and additional resources through CityWide Development and UD’s student-run Flyer Consulting.
To date, more than $80,000 has been distributed to local businesses in sectors like education, janitorial services, retail, food and beauty.
Entrepreneurs in the Greater West Dayton area can use funding to hire, buy equipment, open storefronts and meet other business needs.
“We offer these loans to bridge the gap for entrepreneurs often overlooked by traditional lenders,” said Whitney Barkley, director of the Greater West Dayton Incubator. “By prioritizing passion, persistence and solid planning, these microloans open doors to more equitable economic opportunities.”
The Greater West Dayton Incubator shared past recipient stories and how funding changed their businesses.
Jerod McCain, owner of Eating 2 Live Foods & Services, applied for a microloan after being denied funding from convention banks based on their credit requirements. McCain said the loan he received allowed him to expand his inventory and grow his business – which offers meal plans and other services.
Sheryle Carter, owner of Copy & Go Printing, used her loan to purchase a new sign and other upgrades for her Highland Plaza shop. The shop offers printing, faxing, binding, graphic design and custom items like shirts, mugs and pens.
McCain and Carter’s advice to other entrepreneurs included:
- Keep your business documents up to date
- Ask questions
- Be ready to execute your plan once the loan is approved
For those interested, an information session will be held Sept. 27.
The Greater West Dayton Incubator, created in partnership with the Greater West Dayton community leaders and the University of Dayton, aims to create a more inclusive economy. The incubator provides access to working space, consulting, training, capital and other resources.
