SBA looking for inner city firms to take part in Emerging Leaders initiative
By Jonathan Greene
Published: February 22, 2016
The United States Small Business Administration’s New Jersey District Office is recruiting emerging business leaders from inner cities like Paterson across New Jersey for a seven-month executive intensive entrepreneurship education series to arm small businesses owners with the requisites to expand and grow their firms.
Business owners interested in the advanced training series must have been in business for at least three years, have annual revenue of at least $400,000, and have at least one other employee than self, according to the SBA.
“Our primary goal is to get inner city small business owners, who are poised for next-stage growth, and provide them with the necessary support, resources and skills to help them to achieve long-term success,” Al Titone, SBA’s New Jersey District Director, said.
Titone said between now and March 4, 2016, the SBA is looking for 20 best and most qualified small business owners hailing from Newark, Asbury Park, Atlantic City, Camden, Dover, East Orange, Elizabeth, Englewood, Hackensack, Hillside, Irvington, Jersey City, Morristown, New Brunswick, Neptune, Passaic, Paterson, Perth Amboy, Plainfield, Trenton, and Willingboro.
The executive intensive entrepreneurship education for the third Emerging Leaders class will start in April in Newark. There’s no out-of-pocket expenses for participants, but the initiative requires 100 hours of classroom time per participant.
Small business owners will be given the opportunity to work with experienced mentors, attend workshops, form connections with peers, city leaders, and members of the financial community.
“The results are in and the Emerging Leaders initiative has shown that it has a proven track record of helping small businesses in underserved communities,” Kellie LeDet, SBA Regional Administrator, said. “Nationwide, 68 percent of the 2014 graduates of this program have increased their revenue. Members of the same class have seen an average value of $1.9 million in secured government contracts and have received an average size loan of $128,000 by participating in this class.”
LeDet oversees the SBA’s programs and services for all of New Jersey, New York, Puerto Rico and the U.S. Virgin Islands. She said the Emerging Leaders executive-level training series is entering its ninth consecutive year and is now available in 51 cities and communities in the country.
3,000 small business owners have been trained through the initiative, according to the SBA. “When 95 percent of the alumni tell us they would recommend the Emerging Leaders program to fellow business owners, you know that the right blueprint is in place to help these small companies to achieve their next level of growth,” LeDet said.
The 2016 Emerging Leaders initiative in Newark is being co-sponsored by the Center for Urban Entrepreneurship and Economic Development (CUEED), Greater Newark Enterprises Corporation (GNEC), M&T Bank, New Jersey Business and Industry Association (NJBIA), New Jersey Small Business Development Center (NJSBDC), the Statewide Hispanic Chamber of Commerce of NJ (SHCCNJ), and UCEDC.
“The bottom line is that this program is helping inner city companies to increase their revenues, create more jobs and help drive local economic growth in their communities,” LeDet said.
To check eligibility requirements or application information visit the SBA’s website sba.gov/emergingleaders. The online application for the 2016 Emerging Leaders initiative in Newark can be found at http://www.interise.org/sbaemergingleaders.