20 Black and brown-owned N.J. companies just got a big boost

Tennyson Donyéa | NJ.com

A new program that will benefit Garden State entrepreneurs says that it will address a long-standing issue for Black and brown business owners — a lack of access to funding.

Despite raking in $700 billion last year, businesses founded by Black and brown entrepreneurs don’t have access to capital the same way non-minority owned companies do, according to a report by Vogue Business. Only about 1% of venture capital dollars go to Black and brown founders, the report said. On top of that, minority-owned companies have been hit especially hard by the coronavirus pandemic, according to the National Bureau of Economic Research.

Ernst and Young (EY), a global professional services company, announced Monday a program designed to buck this trend: the EY Entrepreneurs Access Network.
Twenty New Jersey companies have been selected to participate in the program,.

“Nearly one in three small businesses in New Jersey is minority-owned. The economic impact of Black and Latinx entrepreneurs is significant, but they don’t receive the support needed to grow and scale,” said Anthony Sgammato, EY Iselin Office Managing Partner.

Participants will join a business growth program, which includes a class-based setting and learning materials ready on-demand; access to webcasts featuring business leaders; and more, according to the company.

The program lasts for a full year and each company’s curriculum is curated to meet the individual firm’s needs and maturity, EY said. Entrepreneurs will have access to mentors and skill-based training, the company said.

An EY spokesperson declined to say how much money the company would be investing in the program.

“Minority entrepreneurs receive so little support, even though they show immense revenue potential. But closing this gap requires more than capital alone,” said Nit Reeder, Entrepreneurs Access Network Program Director. “EAN is not a ‘fund and forget’ program. Our curriculum provides tools and access to an ecosystem.”

The 20 New Jersey participants include:

To learn more about the Entrepreneurs Access Network, click here.

Read full article here. 

Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn

WHAT CAN CHOOSE New Jersey DO FOR YOU

Relocation & Expansion Services

We provide customized RFI responses, demographics, detailed market assessments and other complimentary business relocation and expansion services. When your company chooses to grow in New Jersey, we also will help you publicize your good news.

Site Visits

We’ll make your property search seamless, so you find the site that best meets your relocation or expansion needs.

Economic Development Connections

Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.

Catherine Scangarella
Chief Business Development Officer