The Urban League promotes Minority Small Business Development. We realize that starting a business is hard work.
One of the biggest barriers to starting and growing a successful company is having a good understanding of what it really takes to be successful. Only 13% of the businesses in Connecticut are minority owned. The Economic Empowerment Center (EEC) will help aspiring entrepreneurs and small business owners get empowered by introducing them to new business opportunities, proper management skills, financing options, and more.
Those who qualify for the program will receive individual attention and group management assistance designed to:
- Increase their business acumen
- Increase the ability to operate their businesses profitably
- Increase their market share
- And offer living wage employment opportunities to area residents
Compared to other business owners, minority business owners are disproportionately affected by a lack of financing. They often rely on personal debt and family financing, versus business loans, equity, and other forms of financing to operate and grow their businesses. This results in a lack of size, scale and capabilities when compared to majority owned businesses.
This is where the Economic Empowerment Center can help empowering business owners with the knowledge, resources and systems to become successful entrepreneurs, job creators, expand the economy and build economic stability.
Components of the program include:
Back Office Support – In addition to administrative support, program participants will receive assistance creating bid proposal, securing access to capital and apply for surety bonding.
Management Skill Evaluation - Each program participant is evaluated to determine what types of assistance are necessary and its source
Strategic Group Deployment - Pairing outside resource providers with clients, according to skill level, ensuring that each client receives the necessary assistance from the proper resource.
Relationship Building - Each Center has relationships with outside resources in order to offer management and technical assistance in idea development, operations management, business plan development, marketing, procurement and financing.
Business Management Training - Clients receive group training sessions on business management topics to advance their entrepreneurial skills along with information on new business and new financing options opportunities.