Thriving Small Business Loan Program
Traditional financing and loan guidelines don’t always work for small businesses. So Prosper Portland created the Thriving Small Business loan program, which has been structured to address access-to-capital issues faced by underrepresented populations, including businesses owned by women and people of color and businesses owned by those in low-income areas. The program also connects entrepreneurs with targeted business support services such as business coaching, legal assistance, and classes (referred to as technical assistance). The program provides flexible financing and rewards startup and early phase companies that engage in technical assistance programs.
The Thriving Small Business Loan Program provides up to 100% financing for small businesses. It provides interest rate reduction of up to five percent for borrowers who successfully complete technical assistance during the term of the loan (2.5% reduction for completing 15 hours of technical assistance, balance upon completing 30 hours).