The Microenterprise Project helps small business owners and microentrepreneurs access high-quality, free legal services from our dedicated staff and our network of pro bono lawyers. For many New Yorkers, owning a small business is an effective path to financial stability and independence.
Volunteers of Legal Service VOLS
40 Worth Street, Suite 820
New York, NY 10013-2904
T (212) 966-4400
What to expect: You do an intake after being referred by one of the partner organizations and you are then matched with a law firm that will help you with the incorporation process. They can’t represent you in court but are able to create templates, help with contracts and intellectual property. You pay all filing fees associated with the services.Read More: The Microenterprise Project
Their focus is working with minority and women minority entrepreneurs from low-income and moderate-income communities.
They provide microloans of $5,000 to $50,000. The interest rates are up to 10%, and the maximum loan term is 72 months. the permitted uses for the funds include: equipment, inventory, and working capital.
They also offer a contract line of credit for $5,000 to $15,000. The term is up to 12 months, and the interest rate is up to 18%. Also it is used for accounts receivable.
They also provide equipment financing for $5,000 to $50,000. The term is up to 60 months, and the interest rate is up to 18%.
They also offer a working capital term loan for $50,000 to $150,000. The term is 72 months, and the interest rate is 10%.
And they offer a contract term loan for $50,000 to $150,000. The term is 72 months, and the interest rate is up to 18%.
The requirements for all loans include:
Being in business for 3 years
Providing a security interest in all the business assets, and also the personal guarantee of the key owners.
There is also a 3% commitment and servicing fee needed with each deal.
They also offer the following additional programs:
the Ascend Accelerator. This program is designed to support non-technology growing small businesses.
Their Entrepreneurs of Color Fund is designed to provide funding, networking and business advisory services to businesses launched by female minority entrepreneurs.
Through their program Enterprising women of color, they offer these loan products. And they also offer advisory and consulting services that are targeted to female entrepreneurs of color to help them run their businesses. They also partner with the Minority Business Development Agency in order to maximize their services and products for women business owners of color.
They also are offering a grant of up to $10,000 to black retailers in Wards 7 and 8 of Washington DC in cooperation with Walmart. https://ewoc.wacif.org/event/advancing-black-retail-grant-information-session/
In addition, they also offer workshops on digital media and related topics.
SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE has provided education and mentorship to more than 11 million entrepreneurs. SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration (SBA).Read More: SCORE