We know that fostering local entrepreneurship is integral to the development of vibrant and economically inclusive communities.
(PRWEB) October 31, 2016
On November 1, 2016, at the Liberty House Restaurant in Jersey City, New Jersey at 6:00 p.m., Rising Tide Capital will honor longtime corporate partner, JPMorgan Chase as a “Champion of Inclusive Economies,” alongside inventor Joy Mangano–whose story was featured in the Oscar-nominated film “Joy,” and The Blackstone Foundation at the 5th annual Start Something Champions Gala. This gala marks the culmination of The Start Something Challenge (SSC), New Jersey’s largest business pitch competition, which JPMorgan Chase has supported since its inception.
Over the past 5 years, nearly 400 entrepreneurs from 100 towns and cities across New Jersey have entered the competition, which has invested approximately $125,000 in grants to its winners’ businesses. At the gala, the winners of this year’s SSC will be recognized and receive $25,000 in grants and prizes.
“At JPMorgan Chase, we are committed to addressing complex social challenges in the communities where we live and work,” said Richard Fonte, New Jersey Market Manager for Business Banking at JPMorgan Chase. JPMorgan Chase’s support of Rising Tide Capital isn’t limited to the Start Something Challenge. They have also funded the organization’s Business Acceleration Services, a suite of business support services that include business coaching, micro and small business loan assistance, and access to a variety of business resources including business incubators, legal services and a network of reliable and vetted small business professionals.
Added JPMorgan Chase’s Fonte,” We know that fostering local entrepreneurship is integral to the development of vibrant and economically inclusive communities. That’s why we recently announced our the expansion of our Small Business Forward program, a three-year $75 million initiative to support women, minority, and veteran-owned small businesses around the country. When we support our communities and their businesses, we all win.”
“Since 2004, Rising Tide Capital has been doing the work of inclusive entrepreneurship, working to equip talented men and women to build strong businesses that can fundamentally change their communities,” said Alfa Demmellash, CEO and co-founder of Rising Tide Capital. “JPMorgan Chase has been a steadfast partner in this critical work for almost as long as we have existed. They haven’t simply provided funding, they have also provided volunteers who participate at every level of our organization, from our Strategic Advisory Board to our classrooms. This is why we are so proud to honor them as our Champion of Inclusive Economies--they understand that for a healthy economy to exist, every layer of it needs to be strengthened.”
The proceeds from the gala will underwrite scholarships for entrepreneurs from urban, underserved communities to participate in Rising Tide Capital’s nationally recognized Community Business Academy, an intensive and targeted 12-week training on how to start, grow, and sustain a business. Within two years of graduating from this program entrepreneurs see a 64% increase in their business sales and a corresponding 47% increase in household income. They also experience a 56% reduction in the use of public assistance resulting from the ongoing support and resources offered by RTC.
The 5th Annual Start Something Champions Gala, takes place from 6:00 p.m. to 9:00 p.m. at the Liberty House Restaurant in Jersey City. For more information regarding tickets or sponsorship, please click here; or, contact Amanda Parker at aparker@evergreenpr.com or 908.322.1100.
About Rising Tide Capital
Headquartered in Jersey City with offices in Orange and Newark, Rising Tide Capital, Inc. is a 501(c)(3) non-profit organization founded with the mission to empower entrepreneurs to create and grow small businesses, which transform lives and communities. The organization’s vision is to build a replicable model for high-quality entrepreneurial development services that can be adopted locally in other low-income communities. Learn more at http://www.RisingTideCapital.org.