What is ProsperUs Detroit?

ProsperUs Detroit is a place-based economic development strategy designed to empower low and moderate-income, immigrant, and minority individuals. Through our culturally competent range of services, we strive to support the entrepreneurial spirit and small business community that exists in Detroit’s neighborhoods.

What services does ProsperUs offer?

ProsperUs offers step by step support for small business owners and first-time entrepreneurs. The Training program teaches general business skills and offers individualized feedback. The Business Services program supports small businesses with almost any need imaginable by offering grant money for specific projects. The Lending Program ensures funding is available to people who may not qualify for a traditional loan. Between these three programs we strive to help build equity, knowledge, and healthy communities in Detroit.

What other programs does ProsperUs collaborate with?

There are other lending institutions in Detroit that ProsperUs partners with such as Invest Detroit, Michigan Women’s Foundation, Kiva, and the Center for Empowerment and Economic Development (CEED).

ProsperUs also collaborates with community partners and other institutions including TechTown, The Accounting Aid Society, Lakeshore Legal Aid and Lifeline. We also make referrals to the Free Accounting Fridays program through the University of Michigan. Learn more here.

Additionally, you must be a for-profit company to access ProsperUs services, as we do not support nonprofits. Those seeking services for nonprofit organizations should contact Michigan Community Resources or Nonprofit Enterprise at Work.

What is the Training program?

The Training program is taught by professional business consultants and designed for people with minimal business experience. The 15-week program includes 12 two-hour-long class sessions and 10 one-on-one sessions. We work with community partners to host multiple cohorts each spring and fall in neighborhoods across the city of Detroit. Each cohort contains 10 to 12 participants. Additionally, participants are encouraged to meet with an in house personal financial coach to assess credit, budget, debt, and other personal financial goals.

Who can apply for the Entrepreneurship Training program?

Anyone over 18 years old who lives in Detroit, Hamtramck, or Highland Park can apply. You can also apply if you own a business located in Detroit, Hamtramck or Highland Park. 

How do I apply for the Training program?

Applications are open now and available here.

What makes a strong Training program candidate? 

We prioritize applicants who already operate a business, but it doesn’t matter if the business is legally registered or underground. We also look for applicants who have a clearly focused idea, some related experience, or otherwise demonstrate initiative and dedication to making their dream into a reality. 

What will I learn in the Training program?           

The program is designed to teach you fundamental business management skills and how to write a business plan. We also cover important information on how to register your business, create a business bank account, manage finances, and market your business.

What happens after I finish the Training program?

Participants are encouraged to continue meeting with their trainers for at least six months in one-on-one meetings after the program concludes. You should also be well prepared to take advantage of ProsperUs Business Services and apply for a ProsperUs micro-loan. Our community partners also offer various resources to support ProsperUs participants.

What does the Training program cost?

Each participant is asked to pay $75 – total. This is paid on the first day of class, although we can also make special accommodations in some situations. We thank our funders who help offset the true cost of over $800 and allow us to ensure the program is accessible.

What is the Business Services Program?

The Business Services program, sometimes referred to as technical assistance, is ProsperUs’s project-based approach to supporting businesses through specific services and comprehensive coaching. You apply to ProsperUs Business Services and we connect you with service providers and grant money – you don’t pay us back! 

Our service providers are experts in their respective fields, however, you are welcome to propose your own preferred partner as well. The Business Services program often comes with grant funding that covers up to 75% of the project cost.

Who can apply to the Business Services program? 

Anyone over 18 years old who lives in Detroit, Hamtramck, or Highland Park can apply. You can also apply if you own a business located in Detroit, Hamtramck or Highland Park. We will ask for various materials when you apply so please review the Business Services Readiness Checklist. You DO NOT need to take entrepreneurship training to apply.

What makes a strong Business Services program candidate? 

A strong candidate demonstrates an understanding of their business model, knows what support they need and operates with a sense of urgency. We will also look for certain information listed on the Business Services Readiness Checklist. A realistic, well-organized business plan helps and is required if your business has no previous financial transactions. 

What specific things can I get help with through the Business Services program?

We can support you with almost all your needs. Some popular areas of assistance are: Accounting, Bookkeeping, Personal Financial Coaching, Cash Flow Management, Commercial Real Estate, Graphic Design, Human Resources, Legal, Marketing, Website Development, Food Consulting, and more. If you need support in areas not listed, fill out the intake form and we will respond to your unique needs.

How do I apply for the Business Services program?  

Anyone can apply for business services at the link provided here. 

What costs are associated with the Business Services program?

We ask you to pay a fraction of the service cost. Generous grants allow us to cover up to 75% of the cost. 

What is the Financial Coaching Program?

The financial coaching program is an individualized, comprehensive approach to address participants’ personal finances, such as having access to in-house personal financial coaches to assess credit, budget, debt, and other personal financial goals. Our approach is to get a full picture of your needs and provide personal feedback specific to you and your household’s financial needs.

Who can apply to the Financial Coaching program?

Current and past participants of our entrepreneur training program and individuals in the microlending pipeline are eligible for financial coaching services. We do request that individuals are over 18 years old and live in Detroit, Hamtramck, or Highland Park. You are also eligible if you meet the previous criteria and own a business located in Detroit, Hamtramck or Highland Park. (Inkster services are coming soon.)

What makes a strong Financial Coaching Program candidate?

We look for applicants who wish to improve their personal financial status and are committed to addressing their budgeting and credit concerns with demonstrated interests to meet their financial goals. Coaching is an active process, and participants must be prepared to take action on goals set in sessions.

How do I apply for the Financial Coaching Program?

There are three ways in which you could be referred to the program:

1. If you are in the microlending pipeline, a loan officer might facilitate your referral to financial coaching.
2. During Entrepreneur Training, the financial coach will introduce coaching opportunities to participants during Week 7 of the program. If participants are interested, they can connect with the coach following the introduction.
3. The business coaches could refer someone directly to the financial coaching program.

Shortly after the referral, you would be sent a link to schedule your initial meeting with a ProsperUs financial coach. Before your first meeting, you will be asked to complete some preliminary documents and a client authorization form.

What will I learn in the Financial Coaching Program?

The program is designed to support you on how to understand areas of personal financial health. Depending on your individual needs, this could include the connections between personal finances and your business finances (global cash flow and debt service), creating and managing household budgets, interpreting and monitoring credit reports, setting and achieving personal financial goals, and forming empowered habits with household finances.

What is the Credit Builder Loan?

A credit builder loan is designed to support people who have little or no credit history and/or have had challenges maintaining an effective credit score. Credit builder loans do not require great credit for approval, but they do require that the borrower has sufficient income to make payments.

ProsperUs partners with One Detroit Credit Union to offer a Credit Builder Loan of $300. The borrower is required to make 12 consecutive monthly payments of $25. Each of those on-time payments will be reported to credit bureaus and will help to positively impact the credit score of the borrower. If a borrower is unable to make on-time payments, ProsperUs will end the loan agreement rather than reporting negatively to bureaus.

A credit builder loan provides small business borrowers with an opportunity to improve their personal credit by demonstrating positive debt repayment history while at the same time saving money. Ideally, this product will be one of the first steps on the borrower’s lending journey, but is not be limited to first-time borrowers.

What are the associated costs?

There are no costs associated with the program. Participants may incur costs related to their own personal finances when taking steps outlined in the coaching program, but that will be determined in collaboration with a coach and managed by the participant.

What is the Lending Program?

The Lending program makes capital (money) available to people who wouldn’t be able to apply via traditional funding routes. ProsperUs is a non-traditional lender that makes high-risk loans of up to $50,000. We work with you through the application process to help you get approved, and offer additional support through our Business Services program as needed. We regularly collaborate with other funders for loans larger than $50,000. 

Who can apply to the Lending program?

Anyone over 18 years old who lives in Detroit, Hamtramck, or Highland Park can apply. You can also apply if you own a business located in Detroit, Hamtramck or Highland Park. We will ask for various materials when you apply so please review the Micro-Lending Readiness Checklist. You DO NOT need to take the Training program to apply.

What makes a strong Lending program candidate? 

ProsperUs’s Lending program is designed to help low-income entrepreneurs who would not be able to get a loan at a regular bank. A strong candidate demonstrates an understanding of their business model, knows what support they need and operates with a sense of urgency. We will also look for certain information listed on the Micro-Lending Readiness Checklist. A realistic, well-organized business plan helps and is required if your business has no previous financial transactions. 

How do I apply for the Lending Program? 

To begin the application process please fill out this intake form. Once you submit the intake form, a member of the ProsperUs team will help you with the next steps, all the way through getting your loan approved. 

How long does the loan approval process take? 

Depending on how quickly you can get ProsperUs the required information (see the Lending Readiness Checklist) the loan approval process can take anywhere from two weeks to two months. 

What are the associated costs?

If you qualify for a loan there is a fee. The fee is $25 for loans under $25,000 and $50 for loans between $25,000 and $50,000.

What is the Credit Builder Loan?

A credit builder loan is designed to support people who have little or no credit history and/or have had challenges maintaining an effective credit score. Credit builder loans do not require great credit for approval, but they do require that the borrower has sufficient income to make payments.

ProsperUs partners with One Detroit Credit Union to offer a Credit Builder Loan of $300. The borrower is required to make 12 consecutive monthly payments of $25. Each of those on-time payments will be reported to credit bureaus and will help to positively impact the credit score of the borrower. If a borrower is unable to make on-time payments, ProsperUs will end the loan agreement rather than reporting negatively to bureaus.

A credit builder loan provides small business borrowers with an opportunity to improve their personal credit by demonstrating positive debt repayment history while at the same time saving money. Ideally, this program will be one of the first steps on the borrower’s lending journey, but is not to be limited to first-time borrowers.

Which cryptocurrencies do you accept?

The Giving Block’s donation platform supports +100 cryptocurrencies. Click on the names below to learn more about the most popular ones, from general information to donation stats.

Bitcoin (BTC), Ethereum (ETH), and USD Coin (USD), were the most-donated cryptocurrencies to nonprofits on The Giving Block in 2021. While Bitcoin used to be the dominant cryptocurrency for charitable giving, the Crypto Philanthropy landscape has become more diverse over time.

Other accepted cryptocurrencies include:

0x (ZRX), 1inch (1INCH), Aave (AAVE), Alchemix (MIST), Amp (AMP), Ankr (ANKR), ApeCoin (APE), API3 (API3), Audius (AUDIO), Avalanche (AVAX), Axie Infinity Shards (AXS), Balancer (BAL), Bancor Network Token (BNT), BarnBridge (BOND), Basic Attention Token (BAT), Binance USD (BUSD), Bitcoin Cash (BCH), Bonfida (FIDA), ChainLink (LINK), Chiliz (CHZ), Civic (CVC), Compound (COMP), Curve Dao Token (CRV), Dai (DAI), Decentraland (MANA), DeFi Pulse Index (DPI), Dogecoin (DOGE), Dogelon Mars (ELON), Enjin Coin (ENJ), Ethereum Name Service (ENS), Eulder Finance (EUL), Fantom (FTM), Fetch.ai (FET), Filecoin (FIL), Gala (GALA), Galxe (GAL), Gemini Dollar (GUSD), Injective (INJ), Keep3r (KP3R), Kyber Network (KNC), Lido (LDO), Liquity (LQTY), Litecoin (LTC), Livepeer (LPT), Loopring (LRC), Magic Internet Money (MIM), Maker (MKR), Maple Finance (MPL), Mask Network (MASK), Merit Circle (MC), Metis (METIS), Mirror Protocol (MIR), Moss Carbon Credit (MCO2), Numeraire (NMR), Orchid (OXT), PAX Gold (PAXG), Polkadot (DOT), Polygon (MATIC), Qredo (QRDO), Quant (QNT), Radicle (RAD), Rally (RLY), Raydium (RAY), Ren (REN), Render Token (RNDR), REVV (REVV), Saber (SBR), Samoyecoin (SAMO), Shiba Inu (SHIB), Skale (SKL), Smooth Love Potion (SLP), Solana (SOL), Somnium Space (CUBE), Spell Token (SPELL), STEPN (GMT), Storj (STORJ), SushiSwap (SUSHI), Synthetix (SNX), Tezos (XTZ), The Graph (GRT), The Sandbox (SAND), Tune.FM (JAM), UMA (UMA), Uniswap (UNI),  Wrapped Centrifuge (WCFG), Yearn.finance (YFI), Zcash (ZEC), Zebec Protocol (ZBC)

I need a wallet address to complete my donation. Where can I access this information?
You can generate a wallet address by using our widget above.

1. Choose the currency you wish to donate
2. Put in any amount for the pledge (don’t worry – receipts will match the actual amount donated).
3. Enter your donor information or choose to donate anonymously.

Once you reach the third page, the widget will generate a dynamic wallet address you can use to complete your donation.

Why is the wallet address different every time?
When using The Giving Block widget you’ll notice that a new wallet address is created every time. This is because The Giving Block uses dynamic wallet addresses.

This is done to protect your privacy and ours. Doing so helps prevents third parties from viewing all of your transaction history simply by copying and pasting the wallet address or TXID into a block explorer.

All addresses that are generated are associated with your donor information AND ours forever. This means that you can reuse the address as often as you’d like or you can generate a new one each time. It’s up to you. In some cases, users want to re-use an address because they’ve added it as a payout address in an app or smart contract.

Note that for ETH, after the first donation is sent, the address is converted to a smart contract.

Will I get a receipt with my donation?
In order to receive a receipt with your donation, you must enter your email when prompted to in our widget above. You will automatically receive a receipt from receipts@thegivingblock.com as soon as the transaction is confirmed on the blockchain. This changes depending on the blockchain – you can refer to this guide for estimates and more information. Please note that you will receive a receipt every time you donate with our wallet address to the receipt you enter when generating the address.

What happens if I want to donate using an unsupported currency?
Unfortunately, you cannot donate using an unsupported currency with The Giving Block widget. We do have some workarounds for large donations, please reach out using our contact form and let us know:

• The organization that you wish to support
• The cryptocurrency you wish to donate
• The amount that you wish to donate

And our giving team will discuss alternative arrangements for donating.

What is The Giving Block’s donation refund policy?
All cryptocurrency donations made via The Giving Block are nonrefundable. We work hard to ensure that every token that is donated is put to work as soon as possible. When we receive your donation, it is understood that this is made to support our mission and we are grateful for your support. As these donations are often immediately converted into fiat, we do not offer refunds on any donations that are made in cryptocurrency. We are not able give refunds if you changed your mind, sent the wrong cryptocurrency or made the wrong decision. The Giving Block does not, has not, and will never offer any form of cryptocurrency airdrop, goods or services in return for a donation.