RICHMOND, VA - We are delighted to announce that seven of our 12 graduates are Open for Business - Daniel's Fine Custom Upholstery, David Pastran, Galgui-G Insurance, Djibril Niang, MedPlan, George Frazier, Saving with Solar, Alan Griffin, SHiRL Selah (counseling services), Ty D Tots, Tyra Robinson, and Yes to Success, Dwayne Bennett. Sixteen more businesses are now growing through our current class.
We're providing support in the communities where it's most needed, as the majority of our students come from lower income households. We're proud of our diverse classes, with 97% of our students launching a women- or minority-owned business. Our graduation rate of 75% is on par with the national data; and with 58% of our alumni in business, we're showing a very strong launch rate. (Please see table below.)
According to the Aspen Institute, this type of business equity represents income mobility and asset building in under-resourced communities. These new small businesses represent an income increase of 2.5x to 10x. When an initial loan was awarded 97% remain open through economically difficult times, and 5.6 jobs are created. Furthermore, the Association for Enterprise Opportunity has identified that the average such business owner has 2.5 times more personal assets, and the business contributes an average of $3,678 in annual returns to the tax base.
For more information, to donate, or to volunteer Email Dale Fickett or @DaleFickett