Clinton Fdn. Begins NYC Small Business Project
NEW YORK - Building on its long-term commitment to economic advancement, the William J. Clinton Foundation has launched a strategic partnership with Seedco Financial Services to support businesses whose operations impact underserved communities in New York City. The Foundation’s Clinton Economic Opportunity Initiative (CEO), which supports entrepreneurs in underserved communities, and Seedco Financial, a non-profit which provides affordable financing and business assistance to organizations in economically distressed areas, will work together over an 18-month period, through their respective programs, to support up to 20 small businesses by providing them with access to loan financing, advisory services, and other resources to help these companies succeed and grow.
“Small businesses are critical drivers of America’s economic recovery, especially in underserved communities,” said President Clinton. “I am pleased that my Foundation is building on its work supporting entrepreneurs nationwide through this new partnership with Seedco Financial to help small businesses in New York City preserve existing jobs, create new ones, and empower entire communities.”
The Clinton Economic Opportunity Initiative supports entrepreneurs in underserved communities through two main programs. The first, the CEO Consulting Program, is a partnership that has been in operation since 2002 with Booz & Co. and New York University Stern School of Business to provide pro bono consulting services, including strategic baseline assessments, to small business owners. The second, CEO’s Entrepreneur Mentoring Program, is a partnership with Inc. magazine in five cities nationwide which recruits entrepreneurs and business leaders to mentor promising entrepreneurs.
In partnership with the Goldman Sachs 10,000 Small Businesses initiative, Seedco Financial has developed the Growth Opportunity Loan and Services Program (GOLS) with $20 million in funding for loan financing. The program provides loans of up to $750,000 each to small business owners in New York City through a loan fund administered by Seedco Financial, and access to comprehensive, hands-on assistance from professional services firms (i.e., accounting, marketing, IT, human resources, operations, and legal) at a reduced cost. An initial set of five New York City small businesses have been pre-qualified through the GOLS program to receive affordable loans and consulting services.
The partnership between the Clinton Foundation and Seedco Financial aims to support high-growth small businesses in New York City by jointly enrolling qualifying businesses into GOLS, the CEO Consulting Program and the Entrepreneur Mentoring Program.
“Seedco Financial is excited about its partnership with the Clinton Economic Opportunity Initiative to further support the development, expansion, and capital access for small business owners throughout New York City,” said Lesia Bates Moss, President of Seedco Financial. “We believe our efforts will support job growth and help build sustainable businesses.”
The initial set of five small businesses pre-qualified for loans through GOLS will receive completed baseline assessments from teams of Booz & Co. consultants and NYU Stern students through the CEO Consulting Program in late August. They include a diverse array of businesses from three boroughs in New York City: Make My Cake in Manhattan; LaVar Hair Designs in Manhattan; Linda the Bra Lady LLC in Manhattan; Borinquen Beer Wholesalers in the Bronx; and One Caribbean Radio in Brooklyn.
About the Clinton Economic Opportunity Initiative
The Clinton Economic Opportunity Initiative (CEO) is an effort to help families and individuals in the Unites States succeed and businesses in underserved communities grow. CEO advances this mission by helping people access lower-cost financial services and the support they need to develop and sustain good financial habits. CEO also promotes entrepreneurship through business-to-business public service and mentoring.