By fall of 1996, the basic structures of MILE were in place. In their borrowing circles, the women help each other move forward with their projects, especially with the development of their business plans. In order to qualify for a loan, each participant must present an acceptable business plan, including such elements as management information, a production plan, a marketing plan and a financial plan. The loans granted, out of funds supplied by DeLuca, are smaller than those ordinarily handled by banks. In addition to these weekly meetings, participants also attend a weekly meeting at which DeVito and mentors from the local business community are present.
Mentors share their expertise with the women.
For example, when Dolores Camillo had tax questions, she was matched up with mentor Jim Scofield, a certified public accountant. Paula Murphy, a skin care consultant with Mary Kay for 12 years, is one of the mentors. She finds the position deeply rewarding. The Milford Bank provides assistance for participants with the financial nuts and bolts of running a business. They're not used to the paperwork, the forms they have to file.