Black Money: A Conversation with Paul Jones from ProsperUs Detroit

Justin Minott from the African American Alliance of CDFI CEOs interviews Paul Jones, CEO and President of Omaha 100, focusing on her journey, mission, and the impact of her work. Here is a brief recap of this powerful conversation:

Justin: Paul, first and most important question, who is Paul Jones at the core?

Paul: I'm an advocate for small businesses, especially small businesses that come from communities I came from. Having ventured out from Detroit to explore business opportunities, I've navigated the ups and downs of multiple ventures, learning invaluable lessons along the way. One thing I like to throw out there is that one of my longest periods of my entrepreneurship tenure was in West Africa. I scaled the business and that fueled my mission to support small businesses when I returned home in 2017. 

Then I came into this whole concept of what Community Development Financial Institutions (CDFI) were. I was a seasoned entrepreneur who didn't know what CDFI was. I didn't know about the nonprofit, space or the industrial complex, the philanthropic money. Which led me to this question: how do we make sure that we democratize these resources so it helps other people? How do we promote this as a pathway towards, to economic liberation, towards wealth generation opportunities. That’s me in a nutshell.

Justin: What makes you come alive?

Paul: Enabling people and enabling that spirit. I love figuring out how we make sure those resources are aligned with where those talent pools are. I think if our mission is to close the wealth gap, we have to focus on the most marginalized communities and make sure that those resources, the entrepreneurs who are out there in the grind, have a way to convert their hustle into a business. And once you have a business, then you can start talking about generational wealth. Because the talent is there, but the funding is not.

Justin: That was beautiful. I love the line about how the talent is there, but the funding or the resources are not. And matching the funding to the talent, which segues into where I wanna go next. This is all about black liberation. What does black liberation mean to you?

Paul: To me, economic liberation means having the financial freedom to support your family, build generational wealth, and pursue your passions and you don't have to do it within the systemic pathways that are out there. It's about generating income through business or real estate, freeing yourself from the daily grind of just paying bills. Essentially, economic liberation is the opposite of servitude and survival mode—it's about thriving and living on your own terms.

Justin: So what is ProsperUs doing about it? Bring us a little bit more into that journey now a couple years at Prosperous Detroit and tell us about coming on board and what that's been like for you.

Paul: I recently became the CEO of ProsperUs, 7 months ago, following roles with another CDFI and as executive director of Goldman Sachs’ 10,000 Small Businesses Program in Detroit. My entrepreneurial journey began in 2004, culminating in a successful telecom venture in West Africa, which highlighted for me the power of economic liberation through entrepreneurship. But, before that, from 2004 to 2018, I was an entrepreneur. I was surviving based on my ability to create and generate something for myself and and and my employees.

Now to answer your question about ProsperUs, ProsperUs is an amazing organization committed to an "entrepreneur first" approach, focusing on supporting those in marginalized communities who often face barriers to accessing resources. So we ask, “How do we work with our entrepreneur in a meaningful way?” “How do we support the entrepreneur in their journey?”. We provide capital with flexible underwriting, business training, and support directly in those LMI and marginalized communities where entrepreneurs are comfortable. Our goal is not only to help individuals navigate the system but also to drive transformative radical change in the economic landscape. We wanna help entrepreneurs navigate the system, but we also advocate on behalf of the entrepreneurs and try to drive change to change the system itself.

Justin: As a CDFI, what does it look like to radically advocate in this space on the advocacy side?

Paul: So first, it takes an intentionality of reaching business owners who have been most separated from resources. At ProsperUs, we focus on intentionally reaching business owners who are often excluded from traditional resources. Last year, despite being a tiny CDFI, we approved over $1 million in loans to 50 businesses, with an average loan size of $25,000. This year, we aim to approve over $2 million for 100 businesses. To make a real impact, we need to be intentionally proactive in lending, deeply involved in the community, and willing to take on higher-risk entrepreneurs. We have to be prepared to be that 1st dollar in, and be non extractive along the way. We can't just keep on doing the same thing the same way and expect different results. It’s crucial to not only adapt our lending practices but also use our insights to influence policy and collaborate with philanthropic and government partners.

For example, we had an organization, Michigan Central with my homie Alondra, and we put together a program where they did interest rate buydowns. So we’ve essentially utilized interest rate buydowns to offer 0% loans in certain communities and combined these with SSBCI loan guarantees to provide flexible, risk-tolerant financing. This approach allows us to support riskier ventures while protecting our balance sheet. Ultimately, our goal is to be radically supportive by adapting capital to meet community needs, going beyond simply approving loans to ensuring our support leads to meaningful change. It just takes some intentionality.

Justin: How would you advise someone in this mission-first space to start thinking in some of the ways that you've been able to at ProsperUs?

Paul: You don't have to choose between being mission-driven and scaling up as a CDFI;  I believe you can—and should—do both if you're genuinely committed to supporting entrepreneurs. I think that's a mandate, you know? It’s crucial to combine both approaches: understand your community’s needs, then design lending products that are non-extractive and foster innovation. It's not just about providing funds but ensuring they are used effectively. Many received PPP and EIDL loans without adequate support and it was a sugar rush because they didn't have the back end support. At ProsperUs, we emphasize not just the loan transaction but also providing ongoing technical assistance and relationship-building to ensure sustainable success for entrepreneurs. We do the transaction, then we build relationships.

Justin: What is one domino that you feel like moves some of the rest. Think of it as a theory of change, right, that if we (blank), then a lot of this would move. What would you say is one major opportunity zone, problem area that you face?

Paul: I don't follow the rules, so I'll give you 2. First thing is the 1st dollar in. It’s making the initial loan accessible and less burdensome, as we saw during the pandemic where grants were simple but loans were overly complex. We need to streamline capital deployment to foster innovation and provide radical support, especially for those with financial trauma. Second, offering flexible, patient capital that encourages scalability and growth. Many business owners who have those great ideas come from our communities where they cannot afford to lose $25,000 or $50,000. Right? They have to hustle and they can't even afford to take the risk and they stay in this hustle mindset because they don't have flexibility. As we say in Detroit, Detroit hustles harder. Providing such capital helps them move beyond a constant hustle and enables real progress.

Justin: Mindset wise, how does that inform your work as a lender and elaborate to the entrepreneurs who are on this journey right now. What are the pieces of advice that you would have for our business owner listeners, especially here, this black business month?

Paul: First, it's hard for me to overstate how much I not only appreciate what entrepreneurs are doing, but how much we as a society need you. Entrepreneurs are crucial to our economy, creating over 50% of private-sector jobs. You are part of the solution, not the problem, and if a support organization says otherwise, they're misaligned.

The second thing I would say is that there are resources out there. Resources are available to help you succeed. In Detroit, ProsperUs can assist, and the African American Alliance Black CEOs offers support nationwide.So, start by looking at our rolodex, looking at the map, and figuring out which one of us are in your community. Whether you aim to stay a gig worker or dream of going public as an IPO, define what success means to you and communicate that to those who can support you. Seek out the right resources and capital tailored to your goals. The capital is there.

Justin: How do you break out of that hustle mindset? Like, what does that look like to move from, you know, j.o.b. (just over broke) even in your own business, self employed to business owner mindset. What are some of the the key levers?

Paul: At the end of the day, it takes intentionality. Determine how much you wanna make and be intentional about it. It takes that self awareness to go into a situation and build what it is you wanna create for yourself. 

Justin: How does a BSO with a sunsetting program, provide strategic services and referrals for business owners?

Paul: I think that that goes back to the mindset that a lot of times you say it takes a village to raise a kid. Supporting a small business requires an entire ecosystem, not just individual programs. I would challenge lenders to actively engage with local business support organizations and build relationships to facilitate warm handoffs. This approach prevents business owners from repeatedly proving themselves and ensures they receive relevant and effective support tailored to their journey.

Justin: Paul, what is one thing that very few people know about you?

Paul: One thing that I guess very few people know, is that I lived and worked in 4 or 5 different continents and it provides a different perspective. It's not only our work that we're doing locally, but how we're performing globally. 

Justin: Tell us a little bit more about this global perspective and what it adds. Also talk about something that you may see on the horizon from a global perspective.

Paul: So first, I would say that we have a lot of work to do, but the fact that we acknowledge that there are needs and then we broadcast that is really critical. And then we're advocating for more resources. We’re more intentional about the work. We're more committed to solving the issues. 

Justin:  What's on the horizon? Where do you see your vision for the future? 

Paul: Radical support and holistic radical support. Radical support means providing more than just capital; it involves holistic, non-extractive funding and extensive technical assistance for businesses. At ProsperUs, we're exploring how to offer these services and integrate them into the broader ecosystem. It’s having the conversations and a lot of funders and philanthropic partners are about it. And I want to say thanks for sharing this platform. You guys are doing great things and thanks for letting me hang out with you and all of our other LinkedIn friends out there. Hit me up on LinkedIn. So if there's anything you guys want to chop it up with, I love to share and explore and collaborate.

Justin: Shout out to everybody who made the time to be here with us. You could have been anywhere else, but you chose to be here. I have a few requests for you all: 1. Connect with Paul. Make sure you're following the work that they're doing at Prosperous Detroit. 2. Share this interview because it multiplies the effect and the eyeballs that get on Paul and his work. And we wanna make sure that he's getting in front of the right folks, so share this interview with your network, and 3. Keep changing the world. You're doing a great job. Alright. Paul, thank you again. I appreciate you. 

Thank you for reading! You can watch the full interview HERE. Be sure to connect with Paul and follow ProsperUs Detroit to stay connected to the impact.