Entrepreneur Markeeta Stokes is launching the Philadelphia African American Services for Entrepreneurs (P.H.A.S.E.) One, a non-profit small business development corporation. PHASE One aims to serve as a micro lender (lending increments of $500 or $1000) to startups during initial business development. The goal is to help entrepreneurs to accelerate to the next step of launching new businesses in a successful way.
To qualify for the business loan, participants of the grassroots program will have to agree to repay the loan within a 12-month period. During this time, chosen program participants will enjoy access to a variety of business seminars to strengthen their knowledge on how to build and grow a successful business.
“At end of their 12-month period small business owners will have established a better credit rating by paying their account on time, receiving the capital needed to move forward. Participants will also be equipped with the skills necessary to survive as a business owner. Working with PHASE One will reduce the odds of the businesses failing over time,” according to Tokes, who is the founder of the Daily Grind Multimedia Group.
The organization seeks to offer each client a solid chance at business ownership by providing them with business specific training, access to capital, and the opportunity to improve their credit score during the process. PHASE One will assist with startup necessities such as business planning, licensing, marketing, and advertising.