IN THE NEIGHBORHOOD : Long Beach: Opportunity Knocks for Would-Be Entrepreneurs
Acquiring the knowledge and capital to get a small business started and make it successful is difficult, especially for those without much exposure to the world of finance. In Long Beach, would-be entrepreneurs can get help from a partnership formed by the city and the California affiliate of the national American Woman’s Economic Development Corp., which was established in 1976 in New York to train and counsel women to run their own firms. The Neighborhood Entrepreneurial Program uses city and federal funds to provide training and support for aspiring business owners who live in disadvantaged areas throughout the city. The prgram is free to participants, who must to make a long-term commitment to launch a business. Only those who can attend every class during the 18-week course are encouraged to apply. Graduates are eligible to participate in an ongoing support group and “micro-loan” program designed to provide up to $5,000 in start-up capital.
HOW THE 2-YEAR-OLD PROGRAM WORKS:
TARGET NEIGHBORHOODS
The program seeks out low- and moderate-income, ethnically diverse and culturally isolated areas of Long Beach, shown at right. Average family income in the four target areas is below $20,000, more than half of the adults speak no English and unemployment is more than twice the citywide rate of 9.5%.
Total population of targeted communities: 45,661
Population of targeted communities by race and ethnicity:
Hispanic: 52%
Asian: 24%
Black: 14%
White and other: 10%
RECRUITING
In addition to posting announcements throughout the area, multilingual canvassers walk through communities to bring information about the program door-to-door. Those interested complete an application that includes brief essay questions, obtain a recommendation from a religious or community leader and are interviewed by AWED staff. Seventeen residents from the Washington School and MacArthur Park neighborhoods were selected for the first class.
TRAINING
*Instruct trainess on everything from how to shake hands, make cold sales calls and pay taxes to how to establish a good relationship with a banker, obtain a business license and write a business plan. (Teachers include area entrepeneurs, City of Long Beach staff and AWED employees.)
*Tutor those who need it in basic math, reading and English-language skills.
*Those who attend all classes and complete all assignments are eligible for AWED’s year long “micro-loan” program.
SUPPORT
Of the 17 graduates in the first class, 15 have joined the support group offered by AWED that includes ongoing workshops and counseling sessions. Eight have secured a total of more than $20,000 in loans. No one has missed a loan payment.
TO GET INVOLVED: Call (310) 983-3747.
