The U.S. Small Business Administration has announced that Newark will be one of four new cities selected to participate in its Emerging Leaders Initiative, an “executive-level” entrepreneurship training program for small business owners.
Along with other new additions in Washington, D.C., Miami and Wichita, Newark joins a list of 27 cities across the country participating in the program, which the SBA said has trained over 2,000 small business owners in underserved areas in its seven years of existence.
“Emerging Leaders has a proven track record of helping small businesses in underserved communities,” SBA New Jersey District Director Al Titone said. “Graduates of the program have increased their revenue, created jobs and helped drive local economic growth in their communities. Adding the City of Newark to the mix helps the SBA build on this success and provides even more entrepreneurs in underserved communities with the support, resources and skills to succeed.”
Though the seven-month, all-expenses paid program will be held in Newark, the SBA is also welcoming applications from small business owners in Jersey City, East Orange, Elizabeth, Englewood, Hackensack, Irvington, Passaic, Paterson and Plainfield.
In order to qualify, small business owners must already have three years of business under their belts, annual revenues of at least $400,000 and at least one other employee. A total of 15 participants will be selected.
“Over time, the Emerging Leaders initiative has been a catalyst for expanding opportunities for underserved communities,” Titone said. “We are excited about taking a proven formula and bringing it here to Newark.”
ALSO ON NJBIZ: