MENTORING PROGRAM OBJECTIVE
The African Caribbean Business Council, in partnership with Entreprenuer works
The African Caribbean Business Council, in partnership with Entreprenuer works, has launched our business mentoring Program which aims to offer technical assistance and access to funding for our member organizations. The Business Mentoring program will initially be comprised of three businesses selected from the African business community and two from the Caribbean business community. The number is expected to increase to 10 with 6 African businesses and 4 Caribbean businesses during the next stage and this number would become sample capacity for ACBC Peer Group. The core purpose of the business mentoring peogram is to drive success in these businesses by assisting the entrepreneurs to address specific business issues. African and Caribbean businesses often lack financial education, access to capital, access to City Services such as permits, licenses, zoning, taxes, etc or business plan development and other supportive services. These areas are where ACBC Mentorship program becomes of utmost advantage as it brings a one-to-one solution to these problems. Methodology:
1. Select five firms initially and thereafter 10 be a part of the small business Peer lending group run by Entrepreneur Works
2. Onboard and mentor the businesses throughout the process: ACBC would select five or ten persons or businesses depending on the size of the Peer Group to mentor each of the members in the Peer Group.
– ACBC mentors will be selected based on expertise in the areas of need of the selected businesses
– ACBC will implement a formal mentoring process, utilizing an online mentoring platform to track mentoring relationships
3. Identify individual business goals and devise a documented plan to address goals
– Sales and marketing
– Financial education
– Other (determined by ACBC)
4. Oversight and Accountability
– ACBC will monitor business and mentor progress by an assigned member of the ACBC executive body, using the online mentoring portal Mentorsphere.
– ACBC will communicate weekly with Entrepreneur Works on the progress of the peer Group, and add support as needed to the selected entrepreneurs and their business
Business selection criteria:
– Businesses must be registered and paid members of ACBC
– Businesses must qualify as “small business” in accordance with the definition provided by the State of Pennsylvania, Delaware and New Jersey
Entrepreneurship works Program
Peer Loan Program
Entrepreneur Work’s signature loan program allows clients who are members of an Entrepreneur Works Peer Group to apply for a loan without a credit check, without collateral requirement, and without the approval of the loan committee. A member of a Peer Group submits his loan request to his Peer Group, and the Group as a whole decides whether to approve or reject the loan request. If approved by the Peer Group, Entrepreneur Works makes the loan to the member.
Entrepreneur Works Peer Loans FAQs
All loans are administered and serviced by Entrepreneur Works Fund, Inc. Entrepreneur Works Fund, Inc. is a registered 501(c)(3) and a separate corporate entity from Entrepreneur Works, Inc.
Entrepreneur Works provides loans to entrepreneurs for start-up purposes and to meet the financing needs of an existing business. Usage of loan proceeds includes:
Machinery and Equipment
Furniture and Fixtures
Real Estate for Business
ACBC’s Entrepreneurial support Partnerships
ACBC has forged partnerships with a number of loacl, national and global entrepreneurship support organizations through which resources will be harnessed to deliver outstanding entrepreneurial support and guidance.
– Wharton Small business Incubator
– Global Entrepreneurship Week (GEW)
(ACBC gets percentage discount 10%-15% on all Entreprenuer Works programs)