Bank of America awards $16K+ to Project Vida for economic development

Bank of America awarded Project Vida $16,667 to support economic development for El Paso’s qualifying micro-businesses.

The Microenterprise Technical Assistance Program (MTAP) relies on public and private funding to provide business, financial, management and operational literacy and skill-building to help microenterprises increase profitability and grow toward small business status.

Officials with Project Vida say their mission is to identify the comprehensive vision of the community for its future and to develop community-based structures and programs to implement that vision in light of the needs and direction of the wider society.

The Microenterprise Technical Assistance Program (MTAP) encourages business development and economic expansion in El Paso County with funding from the City of El Paso’s Community Development Block Grant program; United Way; and financial institutions, corporations, and various private sources.

A microenterprise is a business with five (5) or fewer employees. Owners must work full-time in the business and qualify based on HUD income guidelines.  Officials add that there is no cost to microenterprise owners to participate.

MTAP provides microenterprises the direct assistance they need to grow and be profitable.

Bank of America has supported the MTAP initiative since 2017.  For our previous coverage of Project Vida, click here.