JERSEY CITY, N.J., Sept. 26, 2019 /PRNewswire-PRWeb/ -- September 25, Rising Tide Capital (RTC) announced the launch of its Rising Tide Network — a national initiative to share its proven model of investing in distressed communities by leveraging the power of transformative entrepreneurship. Organizations across the country will partner with Rising Tide Capital to adapt and implement its award-winning model of training and empowering economically disadvantaged entrepreneurs to build sustainable businesses that directly benefit their neighborhoods.
The first cohort of Rising Tide Network expansion partners includes ASPIRE Community Capital in Charlotte, North Carolina; Lowcountry Local First in Charleston, South Carolina; and Sunshine Enterprises in Chicago, Illinois, where the program was piloted. This fall, ASPIRE Community Capital and Lowcountry Local First will welcome their first classes of entrepreneurs, while Sunshine Enterprises will teach four new cohorts. Additionally, RTC will increase its footprint in its home state of New Jersey with the launch of 13 cohorts of its signature Community Business Academy (CBA) in central and northern regions of the state.
The nationwide expansion follows the successful 6-year pilot program on the South Side of Chicago with Sunshine Enterprises. RTC trained and supported Sunshine Enterprises in implementing its flagship program, the Community Business Academy. Through this process, Sunshine Enterprises learned how to identify, train, and provide resources to local entrepreneurs and how to offer ongoing follow-on services to help them start and grow sustainable businesses. Sunshine Enterprises has since graduated 675 entrepreneurs from this program. Within two years, Sunshine Enterprises' graduates experience an average increase of 139% in business revenue. In 2018, these graduates also created 104 full-time jobs, increased average household income by 23%, and accessed more than $1 million in loans.
"Our programs are now live in 12 communities in 4 states, equipping hundreds of entrepreneurs with the tools, skills, and knowledge needed to start and grow successful businesses," said Alfa Demmellash, Co-Founder and CEO of Rising Tide Capital. "The Rising Tide Network is the culmination of 15 years of our team's hard work and persistence, which has helped so many entrepreneurs realize their dreams of owning their own businesses and impacting their communities. We estimate that 4 million Americans are living at or below the poverty level who want to start or grow a business, but do not have access to the support systems they need. Entrepreneurship should be accessible to anyone who can benefit from it, regardless of age, gender, race, class, or geography. We are ready to work with new partners across the country to help them empower economically vulnerable entrepreneurs in their communities with the resources and training to fulfill their passions and build wealth."
The average Rising Tide Capital entrepreneur is a single mother of 2, making at least $20,000 less than what is needed to achieve self-sufficiency. The cornerstone of Rising Tide Capital's model is the Community Business Academy, an intensive 12-week training program for entrepreneurs on how to start, grow, and sustain a business. The program began in 2006 with 15 participants, and since then, the Academy has produced over 3,000 graduates in New Jersey and the surrounding regions. Additionally, the training program continues to yield impressive results; within two years of graduating RTC's entrepreneurs achieve a 112% increase in their business sales, a 58% increase in household income, and a 48% reduction in the use of public assistance.
RTC is currently seeking new partners from around the country to join the Rising Tide Network. For more information, contact Network Director Chris Breitenberg at [email protected].
About Rising Tide Capital
RTC is a 501(c)3 nonprofit organization headquartered in Jersey City, New Jersey with a hub in Newark. The organization is also in the South Side of Chicago through a replication partnership with a local nonprofit. RTC has four primary programs: the Community Business Academy, the Start Something Challenge, Credit to Capital, and Business Acceleration Services. All of these programs are aimed at helping entrepreneurs to achieve self-sufficiency, thrive, and deliver value to their communities. RTC's model is unique in that it offers ongoing mentoring and support to ensure sustainability. RTC's work has been recognized by President Obama at the White House, the World Economic Forum, CNN, and many more. RTC serves around 1,000 entrepreneurs annually with services in English, Spanish, and Arabic in Newark, Jersey City, East Orange, Elizabeth, Union City, and New Brunswick.
To learn more about RTC, visit http://www.risingtidecapital.org.
SOURCE Rising Tide Capital Inc
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