Rising Tide Capital Creating Better Access to Capital and Financial Literacy for Entrepreneurs

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RTC’s growing relationships with microlenders continues to fill a void in microfinance

"There is a lack of resources available to educate small business owners on how to get loans and stay in good standing with lenders." Said Roger Cervantes, Senior Program Manager at RTC, "RTC is filling that void."

A major problem small business owners face, is gaining access to capital. To help remedy this, Jersey City nonprofit, Rising Tide Capital (RTC), partners with microlenders like the Greater Newark Enterprises Corporation (GNEC), to bridge the gap between entrepreneurs and microlenders. RTC continues to create innovative ways to leverage their relationships with microlenders to increase the readiness of new and struggling business owners for the loan application process.

"There is a lack of resources available to educate small business owners on how to get loans and stay in good standing with lenders." Said Roger Cervantes, Senior Program Manager at RTC, "RTC is filling that void. It's one thing to get the loan; it's another to know how to properly invest that loan in your business, and build responsible habits and maintain good credit."

RTC provides entrepreneurial training, including assistance with building business plans, creating cash flow statements and marketing plans. The nonprofit focuses on proper training so that new and struggling businesses can make smart choices in the loan application process—when to apply for a loan, and which organizations to consider.

"RTC is not a microlender. However, we have the resources to sit our entrepreneurs down with micro-lending experts to make sure they're thoroughly prepared to apply and obtain loans to grow their business." Cervantes said.

A perfect example of the success of these relationships is Geoffrey Allen. Geoffrey recently was given a loan through GNEC for his company Property Maintenance Guys (PMG). A Fall 2011 graduate of RTC's Community Business Academy, Geoffrey completed the RTC Credit to Capital program and had since received two loans.

"It's a step in the right direction," Allen said. "PMG has grown so much, it's been hard to keep up with the demand from my customers. The loan will help me get a new van and more tools to increase both productivity and efficiency."

With the assistance of RTC and GNEC Allen has created jobs in his community and expanded his business to serve both commercial and residential properties.

"GNEC helps us help our entrepreneurs by providing additional technical support and improving their access to capital," Cervantes said. "This creates more access to wealth for our communities, which aligns perfectly with our vision of economic empowerment."

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Tatyerra Spurlock
Rising Tide Capital
+1 (201) 432-4316 Ext: 117
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Esther Fraser
@RisingTideOrg
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