Officials with Project Vida say their public-private partnership supporting economic development for low- and moderate-income microenterprise owners recently raised over $175,000.
Through Project Vida’s Microenterprise Technical Assistance Program (MTAP), the funds provide business and financial literacy, management and operational skill-building, and individualized technical support to stabilize, strengthen, increase profitability, and grow micro-businesses toward small business status.
The partnership includes the City of El Paso, $90,000 through a Community Development Block Grant; United Way of El Paso County, $15,560; Wells Fargo Foundation, $15,000; GECU Foundation, $10,000, Cardwell Foundation, $10,000; El Paso Electric, $10,000; LiftFund, $8,600; WestStar Bank, $6,000; Hunt Companies, $5,000; and Tropicana Homes, $5,000.
Project Vida officials explain that MTAP focuses on microenterprises, basically a business with five (5) or fewer employees. Owners must work full-time in the business and qualify based on HUD income guidelines.
MTAP provides microenterprises the direct assistance they need to grow and be profitable.