SUNY Westchester Community College and Wells Fargo have just launched a new program that offers free financial awareness and literacy education training to small business owners and entrepreneurs who are seeking to be approved for business loans from local Community Development Financial Institutions (CDFIs).
The 20-hour classroom program, which is being presented over two 10-week periods at the College’s new White Plains Education and Training Center (WPETC), is designed to assist small businesses in the creation of a sound financial plan. Topics covered will include banking services, time management, financial management, recordkeeping, business credit, risk management, insurance, tax planning and reporting, selling your business, succession planning and managing cash flow.
“The changing economic landscape brought about by the Covid pandemic has had a devastating effect on the ability of small businesses to thrive,” Teresita Wisell, vice president of workforce development and community education at SUNY Westchester Community College, said in a statement. “This effect has had a greater impact on minority-owned businesses and entrepreneurs, who face additional obstacles in acquiring capital and credit to start or expand their businesses. This program will assist business owners in creating a sound financial plan, guiding their growth and addressing the repair of the owner’s credit score where needed.”
“Wells Fargo is proud to sponsor this program, because we believe in the college’s mission to help provide financial awareness and literacy education at no cost to small businesses and entrepreneurs,” said Catherine Domenech, vice president, New York community relations at Wells Fargo. “We know the last few years haven’t been easy, especially for small business owners who are trying to make ends meet during the pandemic. This program will be crucial in helping these small businesses and entrepreneurs achieve financial success and create long-term economic growth here in Westchester County.”
As part of the program, offered in English and Spanish, the college has partnered with Community Capital New York (CCNY), a local CDFI, to serve as the main business recruiter by identifying small businesses that would benefit from a loan to grow their operations. These business owners will be encouraged to sign up for the financial education trainings as a condition to a successful application for a loan with CCNY.
For more on these and future classes or to register, contact the WPETC at firstname.lastname@example.org or 914-606-7550.