The New Jersey office of the SBA (Small Business Administration) held its Emerging Leaders Initiative Class of 2016 Kickoff event on April 19 at Rutgers Business School. The event marks the start of the 3rd Emerging Leaders class, an intensive entrepreneurial training class for small businesses across New Jersey.
Historically, the SBA has placed much emphasis on helping small businesses on the brink of growth; many of whom reside in challenged and economically distressed cities. Its 64 field offices across the country work closely with the small business communities, offering programs such as the Emerging Leaders Initiative.
While the program has no out-of-pocket expenses for New Jersey small business owners, the rigorous course requires a commitment of 100 hours of class time by the participants. In return, they’re given the opportunity to work with mentors, attend workshops, and develop important connections across the New Jersey entrepreneurial ecosystem.
The program isn’t for startups; according to SBA New Jersey District Director Al Titone. Participating businesses must have annual revenues of over $400,000, a minimum of 10 employees, and have been operating for at least two years.
“We don’t put together a business plan, but a growth strategy plan,” stated Carla Fallone, one of the programs instructors. “The key is to help CEOs understand that they should work on their business instead of in their business.”
One current 2016 participant, software company owner Srini Vaidy, owner of VIGNA Inc., entered the program for a variety of reasons.
“I want to enhance my skills and increase sales and revenue,” he said. “We’ve reached a plateau, and we need a mentor to help with the company.”
The SBA initiative is currently in its 9th year, and over the course of that time, it has trained and helped over 3,000 small business owners in underserved communities, according to SBA Regional Administrator Kellie LeDet.
“The bottom line is that this program is helping inner city companies to increase their revenues, create more jobs and help drive local economic growth in their communities,” LeDet said.
The New Jersey Emerging Leaders is in its 3rd year, and past graduates have come from all across the state, including East Brunswick, Hopewell, Newark, Westfield, and many more.
To learn more about the program, visit https://www.sba.gov/about-sba/sba-initiatives/sba-emerging-leaders-initiative.
