These supporters make the Microenterprise Technical Assistance Program possible:
United Way of El Paso County
Consulado General de Mexico en El Paso
GECU Foundation
City of El Paso
County of El Paso
Horizon City
City of Socorro
PNC Bank
Sunflower Bank
SBA/PRIME
IRS/VITA
Sponsorships:
Raiz Federal Credit Union
FirstLight Federal Credit Union
Service Partners:
El Paso Public Library
City of Socorro
LiftFund
Internal Revenue Service
Paloma Medina p.medina@pvida.net
Erika Gardea e.gardea@pvida.net
microenterprise technical assistance program (mtap)
Project Vida’s Microenterprise Technical Assistance Program (MTAP) encourages business development and economic expansion throughout the City of El Paso, El Paso County, and Hudspeth County. The City and County of El Paso, local financial institutions, foundations, corporations, and public agencies provide operational support for MTAP. There is no cost to microenterprise owners to participate in the program.
MTAP uses the Small Business Administration’s (SBA’s) definition of a microenterprise or micro-business: a business with five (5) or fewer employees, at least one of whom is the owner working full-time in the business. Applicants for MTAP must meet income guidelines as designated by Housing and Urban Development (HUD).
MTAP provides qualifying microenterprise owners the assistance they need to stabilize and grow their businesses, and become and remain profitable. The program offers assistance with multiple aspects of business start-ups, business and financial education, business development, and business events and networking.
MTAP’s Economic Development Specialists offer direct, one-on-one technical assistance, often at the client’s business location. On-site visits help Specialists learn about the business and evaluate its needs. Owners do not need to close their businesses during working hours to attend technical assistance trainings elsewhere. Specialists help owners create business plans and determine financial projections with a clear description of the owner’s future goals and strategies to achieve them.
A key element of MTAP is helping owners prepare for and access loans, if and when the business is ready and able to take on loan debt and repayment. Project Vida partners with local micro-lending organizations, credit unions, and banks to help support the capital needs of client microenterprises.
MTAP also offers monthly area meetings with other microenterprise owners for networking, promoting vendor and customer relationships, and overall business development. Monthly meeting topics may include marketing strategies, financial statements, use of current technology, taxes, and many other relevant business issues.
El Paso Collaborative services
The El Paso Collaborative is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI). CDFIs provide equal access to capital and lending opportunities for micro- and small businesses, business start-ups, home improvement, short-term mortgage and refinancing for affordable housing, and community facility loans for not-for-profit agencies.
The Collaborative also provides financial literacy and financial development services to current and prospective borrowers. Loans may range from $1,000 to $50,000. Larger loan requests may be considered. Interest rates do not exceed 10 percent. Loan terms range from one to five years.
CREDIT BUILDING PROGRAM
In coordination with Project Vida’s Microenterprise Technical Assistance Program (MTAP), El Paso Collaborative offers loans to help MTAP client businesses establish credit and/or assist with minor business expenses. Collaborative staff help loan recipients prepare a plan for improving their credit. Loan funds must be used directly for business expenses. Loan amounts for this program range from $1,000 to $5,000.