Wells Fargo funds initiative to support immigrant entrepreneurs
Renaissance Economic Development Corp. (REDC) has kicked off a new program to help small business owners improve online visibility, attract new customers and integrate digital tools into their daily business operations. The Local Business Digital Transformation Program is made possible through generous support from Wells Fargo. The initiative is designed to help immigrant small businesses emerge from the pandemic stronger and more resilient, prepared to build their customer base online.
During the 9-month program, small business owners will receive free group and individual counseling from marketing professionals to establish and/or strengthen their online presence, increase digital sales and employ technological tools to streamline operations and enhance the customer experience.
“Our small businesses know full well the importance of online commerce, but it’s difficult if not impossible for many of them to find the time and resources to devote to building their digital presence,” said Jessie Lee, managing director of Renaissance. “This is why we’re so excited to launch this program to help them access the expert guidance they need to modernize their operations. We’re grateful to Wells Fargo for continuing to invest in immigrant, minority and women-owned businesses in New York City.”
To be eligible for this program, businesses must be located in the five boroughs of New York City. Gross revenue on the most recent tax return must fall between $50,000 and $500,000 and businesses must have 20 or fewer full time employees.
Renaissance Economic Development Corporation was founded more than 20 years ago by Asian Americans for Equality, one of New York’s leading community development organizations. During the pandemic, Renaissance was the first group to launch an emergency loan fund for small businesses, dispersing $3 million to 157 businesses. Renaissance facilitated $3.2 million in PPP loans to 180 small businesses and administered $2 million in emergency grants to Queens small businesses.