By keeping interest rates low and providing training and other support, CDFIs and technical assistance programs help small businesses—especially minority- and women-owned—succeed. Companies like Prudential Financial fund capital and service providers.
"My dad wasn't enthused about my starting a business in Newark," said Dennis."Sometimes you have to go against your parent's advice and go with your gut." Dennis' gut proved to be correct."If I weren't in Newark, I wouldn't have had the opportunity to partner with all these organizations and what they offer."
Rising Tide leverages its nearly 20 years of experience serving 8,000 entrepreneurs in 12 states to provide tailoredRising Tide Capital has a track record of success. Entrepreneurs who have gone through its programs have a five-year business survival rate of 87% compared to the . CDFIs are mission-driven, not profit-driven. They were created to lend to underserved communities and are funded by the U.S. Treasury, banks, corporations, foundations, religious institutions, and individuals. Key to the success of CDFIs isn't just the low-cost funding but pairing that funding with training and wrap-around services. Assistance is provided by the CDFI, and partner organizations, like Rising Tide, which offers complementary services.
When Dennis started in 2017, her packaging could have been better. With the help of Infinite Design, she improved the packaging. With a loan from GNEC, she bought a packaging machine in 2020, which allowed her to bring packaging in house.
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