As I reflect on my first year leading ProsperUs Detroit, I am filled with gratitude for the opportunity to build on the amazing foundation and infrastructure architected by my predecessors. ProsperUs was built on the belief that residents and local businesses are the true drivers of community revitalization. We continue to see the profound impact that entrepreneurs can have creating jobs, building generational wealth, and keeping resources circulating locally. I am proud to lead this Black-led Community Development Financial Institution (CDFI), one of only two in Michigan. Our mission is resolute: to advance economic equity, and we are unapologetic in our pursuit of this goal.

It is important to acknowledge the tremendous legacy of Chanell Scott Contreras, who led ProsperUs to become an independent organization and a certified CDFI. Her visionary leadership, along with that of Kimberly Faison, the first Director of ProsperUs Detroit, laid the groundwork for the success we now celebrate. Both Chanell and Kimberly continue to guide our work as board members, and I am deeply grateful for their ongoing support.

We are proud to be more CD than FI, deeply rooted in community development. Our work wouldn’t be possible without the dedication of our network of community partners, who have built trust and connection with entrepreneurs often excluded from traditional economic systems. Together, we are creating pathways with purpose and opportunity, one entrepreneur, one business, and one vibrant community at a time.

In 2023, we supported 144 entrepreneurs through our training programs, with 95% being entrepreneurs of color and 77% women. These business owners are transforming their communities, creating jobs, and keeping wealth circulating locally. Additionally, we approved 43 loans totaling over $1.2 million, with 93% of these funds going to entrepreneurs of color. This infusion of capital is helping to activate commercial spaces and build long-term prosperity across Detroit, Hamtramck, Highland Park, Inkster, and other communities in Wayne County.

PropsperUs is well positioned to magnify our impact by purposely expanding our geographic footprint and our reach in communities with distinct needs, offering innovative products designed to address systemic inequities. Here are a few key pieces of our plan to grow:

• Wayne County Expansion: We plan to expand and deepen our impactful programming and lending support to underserved communities across Wayne County, including Highland Park, Hamtramck, Inkster, and surrounding communities. With funding from Michigan Economic Development Corporation’s Small Business Support Hub, we are establishing programming specifically tailored to these communities’ unique challenges.

• Supporting Justice-Impacted Entrepreneurs: In partnership with organizations like the Michigan Justice Fund and Nation Outside, we aim to provide entrepreneurship as a sustainable pathway for justice-impacted individuals. Research highlights that entrepreneurship fosters higher income and reduces recidivism among formerly incarcerated individuals, particularly Black men. With targeted funding, we are confident in our ability to drive impactful outcomes within this community.

• Industry and Identity-Specific Programming: Recognizing that each business and individual brings unique strengths and needs, we are developing programming tailored to specific industries and identities. By co-creating these programs with local entrepreneurs, we can deliver resources that are meaningful and foster sustainable growth.

• Innovative Capital and Radical Support: Addressing the challenges of equitable capital access requires a bold commitment to innovation. We understand that businesses in resource-stressed communities need support to secure their first loans, while high-growth businesses require adaptable financing to scale. In response, we are intentionally designing and deploying capital solutions that meet these needs, empowering entrepreneurs to overcome systemic barriers and create lasting prosperity within their communities.

Through our collaboration with government, philanthropic, and community partners, ProsperUs has catalyzed growth, resilience, and wealth creation in communities throughout Southeast Michigan. With continued support, we will scale our model, expanding access to innovative financing, personalized business services, and training programs that empower entrepreneurs. Together, we can further our shared vision of sustainable, inclusive growth, equipping Detroit’s entrepreneurs with the resources they need to thrive for generations to come.

In solidarity,
Paul Jones