The six-week program is designed to help
empower, develop, and uplift multicultural business owners, will
culminate in pitch competition
HARLEM, N.Y., Feb. 28,
2023 /PRNewswire/ -- M&T Bank's Harlem
Multicultural Small Business Innovation Lab, a six-week program
designed to provide local entrepreneurs with guidance, education,
and resources to help them start and grow businesses, is now
accepting applications. The program is designed to empower,
develop, and grow racially and ethnically diverse small businesses
within the Harlem community. Registration is open at
mtb.com/innovationlab.
The program culminates in a pitch competition among program
finalists, with first place earning a $16,000 prize, second receiving $12,000, and third receiving $7,000, all funded by M&T.
Held in collaboration with Carver Federal Savings Bank,
M&T's Harlem Multicultural Small Business Innovation Lab will
help participating entrepreneurs deepen their business expertise
and gain insights into creating business plans, establishing
credit, accessing capital, marketing, networking, and more. The
Lab's mission is to offer an opportunity for multicultural
businesses to increase their visibility, accelerate their business,
achieve success, and increase M&T's engagement with
multicultural business owners across its various markets. The
six-week program will be held at the Harlem Commonwealth Council
beginning Thursday, March 30, and
will run every Thursday evening through May
4.
"After the success of our other programs across the Northeast,
we are thrilled to launch the Multicultural Small Business
Innovation Lab in Harlem," said Blair
Ridder, M&T Bank New York City Regional President. "This
program is an important step in M&T's work to encourage and
support racially and ethnically diverse micro businesses in
pursuing their dreams. As a community bank, we want to uplift and
make a difference in Harlem and in all the communities we
serve."
Established and aspiring small-business owners who are
interested in participating in the program must complete the online
application by March 10. Acceptance
will come on a rolling basis for entrepreneurs who meet the
following criteria:
- Black/African American, Hispanic/Latinx, Asian American, or
other multicultural identities;
- In business no more than three years; and,
- Annual business revenue of $150,000 or less.
Local Impact of Last Year's Program
Since its first Multicultural Small Business Innovation Lab in
Buffalo in 2021, M&T has
launched the program in additional communities including
Harrisburg, Pa.; Bridgeport, Conn., and now Harlem. This
growing initiative has enabled the bank to meet the unique needs of
entrepreneurs while providing insights that have informed and
differentiated M&T's approach to serving multicultural
businesses. The bank plans to bring the program to even more cities
in 2023.
Brandon Ross, Chief Executive
Officer of Pawsome Pet Products, enrolled in M&T Bank's
Multicultural Small Business Innovation Lab in Bridgeport last year, winning a $6,000 grant for his product, The Pawsome Pet
Carrier. Continuing to grow in popularity, the pet carrier now has
a patent pending.
"Thanks to M&T Bank's Multicultural Small Business
Innovation Lab, I can successfully and confidently describe my
business, understand my shortcomings, as well as what I need to
learn to better position my company for success," Ross said. "This
is a great opportunity for entrepreneurs to learn skills, access
resources, and receive guidance to get their idea and business to
the next level."
The Curriculum and Pitch Competition
During the six-week Multicultural Small Business Innovation Lab,
small-business owners attend weekly two-hour sessions to learn
fundamentals such as effective business planning, establishing
credit, and gaining exposure to expert-level skills like presenting
to investors, understanding business valuation, and building
impactful brands.
The program will conclude with a pitch competition that will
award a total of $35,000 of funding,
split between three winners. Winning businesses are determined by
several factors, including the market or community needs the
business addresses, the effectiveness of its business plan, its
ability to adapt, and its potential for growth and community
impact.
"Investing in multicultural entrepreneurs is one of the most
meaningful and powerful actions we can take to help our communities
achieve financial empowerment and keep growing stronger," said
David Femi, head of M&T Bank's
Multicultural Banking & Diverse Market Strategy. "Our team at
M&T Bank is looking forward to continuing to help business
leaders access new skills, resources, and connections through
initiatives like our Multicultural Small Business Innovation
Lab."
For more information or to apply for the Harlem Innovation Lab,
visit mtb.com/innovationlab.
About M&T Bank
M&T Bank Corporation
(NYSE: MTB) is a financial
holding company headquartered in Buffalo,
New York. M&T's principal banking subsidiary, M&T
Bank, provides banking products and services in 12 states across
the eastern U.S.
from Maine to Virginia and Washington,
D.C. Trust-related services are provided in select markets in
the U.S. and abroad by M&T's Wilmington Trust-affiliated
companies and by M&T Bank. For more information about M&T
Bank, visit www.mtb.com.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for
Carver Federal Savings Bank, a federally chartered stock savings
bank. Headquartered in Harlem, NY, Carver was founded in 1948 to
serve African-American communities whose residents, businesses, and
institutions had limited access to mainstream financial services.
The U.S. Treasury Department has designated Carver as a Community
Development Financial Institution ("CDFI") because of its
community-focused banking services and dedication to its local
community's economic viability and revitalization. Carver is one of
the largest African- and Caribbean-American managed banks in
the United States. The Bank
recently expanded its online presence to include consumer checking
and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information,
please visit the Company's website at www.carverbank.com. Be sure
to connect with Carver on Facebook, LinkedIn, and Twitter.
© 2023 M&T Bank. Member FDIC.
NMLS# 381076 Equal Housing Lender.
Media Contacts:
David Samberg
(201) 368-4515
dsamberg@mtb.com
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SOURCE M&T Bank