DETROIT, Mich. (May 1, 2017) – LaunchDETROIT, a multi-faceted micro loan program, invites Detroit area entrepreneurs to apply online for this multi-faceted program at www.LaunchDetroit.org.
The mission of LaunchDETROIT is to support and develop entrepreneurs and small businesses in under-resourced communities in the Detroit region. Since the program was introduced in 2013, 27 entrepreneurs have received a combination of free business training at Baker College of Allen Park, micro loans of up to $2,500, assigned business mentors and networking opportunities.
“We are now accepting applications for our fifth class of entrepreneurs,” said Rotarian Margaret Williamson, president of the LaunchDETROIT initiative. “We’re very fortunate to have Baker College of Allen Park as a partner to provide free business training classes, and to Level One Bank, which helps entrepreneurs with financial education and processes their loan repayments.”
According to Williamson, LaunchDETROIT has achieved national attention and international recognition from Rotary International, the world’s oldest service organization headquartered in Evanston, Illinois. It also serves as the model for similar programs initiated in cities throughout the U.S. and overseas.
To learn more about LaunchDETROIT, interested entrepreneurs are invited to attend an informational Open House from 5 to 7 p.m. on Tuesday, May 23, at Will Leather Goods, located at 4120 2nd Avenue in Detroit.
Attendees will have the opportunity to receive more detailed information and to talk with LaunchDETROIT entrepreneurs, who will share how the program has helped them grow their businesses.
The deadline to apply online for the LaunchDETROIT program is July 21, 2017. Qualifying applicants will be interviewed in August. Successful candidates must have a business product or service that will enable them to repay their loan within one year through regular installments.
Upon entrepreneurs’ completion of 10 required business classes that begin in September and end with business plan presentations in December, the LaunchDETROIT selection committee will interview candidates for micro-loans to be awarded in January 2018.
“This is a program that continues to evolve and improve with every class of entrepreneurs,” added Williamson. “We’re very proud of the successes our entrepreneurs have achieved.”