On May 9th New Jersey nonprofit Rising Tide Capital (RTC) was awarded a $75,000 Citi Microentrepreneurship Award at the 2013 Association of Enterprise Opportunity (AEO) National Conference in St. Louis, MO. RTC won in the category of “Microbusiness Development Organization” providing “Innovative Services” in low-income communities.
“We are so overwhelmed and honored to receive this award in recognition of the passion and dedication of Rising Tide Capital’s team. On behalf of the many inspiring, talented entrepreneurs we work with every year, we want to thank AEO and the Citi Foundation for investing in this work and this mission,” said Alex Forrester, co-founder and Chief Operating Officer who accepted the award on RTC’s behalf.
Founded by the Citi Foundation and administered in the United States by AEO, the Citi Microentrepreneurship Awards honor entrepreneurs and spotlight organizations which use innovation to create jobs and boost opportunity for individuals in low-income communities across the United States. The program is part of the Citi Foundation’s global microentrepreneurship awards program across 35 countries, which highlights the role of microentrepreneurship and microfinance in the economic empowerment of individuals.
Rising Tide Capital was founded in Jersey City by Harvard graduates Alex Forrester and Alfa Demmellash in 2004 to empower low-income individuals and communities through entrepreneurship.
The nonprofit provides hands-on, business training through its 12-week Community Business Academy (CBA) and year-around support for entrepreneurs seeking to start and grow successful businesses. Rising Tide Capital also collaborates with a number of microfinance organizations to meet the entrepreneurs’ need for capital. To date, 648 entrepreneurs have graduated from the CBA and they operate over 300 businesses. Learn more at www.RisingTideCapital.org.
What is AEO?
Association of Enterprise Opportunity (AEO) is a national membership organization that supports the development of strong and effective U.S. microbusiness initiatives to assist underserved entrepreneurs in starting, sustaining, and expanding businesses. For nearly two decades, AEO and its hundreds of member organizations have helped more than two million entrepreneurs support themselves and their families and contribute to their communities through business ownership. Learn more at www.microenterpriseworks.org.
What is the Citi Foundation?
The Citi Foundation supports the economic empowerment and financial inclusion of low- to moderate-income people in communities where Citi operates. The Foundation works collaboratively with a range of partners, including AEO, to design and test financial inclusion innovations with potential to achieve scale and support leadership and knowledge building activities. Learn more at www.citifoundation.com.
