Although the organization Grand Rapids Opportunities For Women
(GROW) has been an active entrepreneurial resource for West Michigan women interested in business ownership for more than 25 years, CEO Bonnie Nawara says it’s not uncommon for she and her co-workers to be approached at speaking engagements by attendees who can’t believe they’ve never heard of the organization before.
“I think the city has grown, and I think there are a lot of new people that aren’t familiar with the resources available to them in the city,” says Nawara, whose organization’s micro-loan program will now be able to provide more support than ever before thanks to a recent designation as a Community Development Financial Institution
(CDFI). In order to receive this certification from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, the organization must have a primary mission of promoting community development, providing financial products and services; serving one or more defined low-income target markets; maintaining accountability to the community it serves; and being a legal non-governmental entity.
Nawara says the CDFI designation will allow for GROW’s micro-loan program to offer five times the funding it has in the past, increasing from $50,000 to $250,000, creating even more financial support options to be provided alongside its professional, high-quality training and business counseling programs in finance, management, marketing, and strategic planning.
Over the past four and a half years, GROW has provided more than $1 million in these micro-loan funds, helping local individuals create more than 53 new businesses, fund 21 new start-ups, and create 92 jobs in low to moderate income communities last year alone. And although 77 percent of GROW’s clients are women, the organization’s service demographics reach beyond gender to include 23 men, and 51 percent of the businesses served by GROW’s micro-loan program are minority owned.
“If you are a micro-borrower under GROW’s umbrella, then our training resources are free resources to you, and we really encourage our borrowers to take advantage of that,” Nawara says.
For more information on GROW, its micro-loan program, or educational opportunities for new business owners, visit www.http://www.growbusiness.org.
Written by Anya Zentmeyer, Development News Editor
Images courtesy of Grand Rapids Opportunities For Women