M&T Bank awards $250,000 to 20 minority and women-owned small businesses in Southwest Philadelphia
PHILADELPHIA CREAM, March 10, 2022 /PRNewswire/ — M&T Bank has awarded $250,000 to 20 minority and women-owned small businesses Southwest Philadelphia struggling with the economic repercussions of the Covid-19 pandemic.
The bank financed grants between $7,500 and $15,000 that will help business owners comply with COVID-related safety protocols, hire more community employees, cover operating expenses, or fund storefront improvements in accordance with the storefront improvement program. the city. The average charitable award was $12,500.
Launched in 2021, the Southwest Philadelphia Small Business Grant Program is a partnership between the Woodland Avenue branch of M&T, the neighborhood nonprofit Southwest Strong Community Association and philadelphia creamEntrepreneur Works, a New York-based community development financial institution that benefits entrepreneurs of color in the city’s 19142, 19143, and 19153 zip codes.
“Like many communities in the city, Southwest Philadelphia was hit hard by the pandemic and rocked by the social unrest that followed by George Floyd death,” said Bernie’s Shieldsregional president of M&T for Greater Philadelphia. “As part of this community, M&T wanted to do something impactful to face the moment. The Small Business Grant Program is a step in the right direction – and there will be more support to follow.”
The next step is to help grant recipients find additional resources, write business plans, budget, and more. Entrepreneur Works, which supported Greater Philadelphia small businesses and entrepreneurs through access to microloans and other business resources for more than 25 years, will provide each winner with up to four hours of business training. M&T contributed another $12,000 grant to finance this support.
“We are thrilled to partner with M&T Bank and Southwest Strong to invest these much-needed resources in small businesses in Southwest Philadelphia,” noted Leslie Benoliel, CEO of Entrepreneur Works. “These grants provide welcome relief and are used to help businesses get back on track and position themselves for future growth, which is needed to drive a more equitable economic recovery in the South West and other communities of philadelphia cream.”
Of the 20 winners, 19 belong to black entrepreneurs and one belongs to Hispanics. Women own 13 of the small businesses that received grants under the program. All generated less than $150,000 turnover in 2020.
Winners of the Southwest Philadelphia Small Business Grant Program include:
- from Amari
- B&S Soul Food & Catering
- Beyond Babysitting Early Childhood Education Center
- Chester Mini Market
- Chocolate City Hair Studio and Day Spa
- Cosset Beauty Lounge
- Famoijan & Son Tax Services
- Ferguson faces of the future
- Coffee and beignets of the four seasons
- happy center
- Jam Rock Restaurant
- Mane creations by Alex Foxx
- Metro Financial Services Inc.
- Conscious Arts Dance Academy
- Nafisa’s kitchen
- Parkside Impression Sign Shop
- Promise and Possibility Learning Academy
- Prosperity of Sekpeh
- Southwest Fresh Hair Studio
- White Seal Laundry & Dry Cleaners
Samuel Perry opened Southwest Fresh Hairstudio on Saybrook Avenue in Southwest Philadelphia in 2017. When the pandemic began, Perry halted plans to renovate and expand his store. Now with a $15,000 grant from M&T, Perry said he planned to return to work at his store.
“Navigating a business as a first-time entrepreneur is not without its challenges, but closing my shop doors due to the pandemic was never something I had planned,” Perry said. “Proving their commitment to supporting the community, M&T helped me manage my finances, secure a Paycheck Protection Program loan, and resurrect my dream of growing my business.”
M&T is Greater Philadelphia the US Small Business Administration’s (SBA) most active lender and recently received 35 Greenwich Excellence and Best Brand awards for the customer service it provides to corporate clients.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in new York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Colombia. Trust-related services are provided by M&T’s affiliates of Wilmington Trust and M&T Bank. For more information on M&T products and services, visit www.mtb.com.
About the Southwest Strong Community Association
Southwest Strong brings together businesses and organizations located in Southwest Philadelphia together to secure resources and revitalize the community through beautification efforts, business promotion, financial education and small business development. For more information about the community association, visit www.southweststrong.com.
About Entrepreneur Works
For more than 25 years, Entrepreneur Works, a nonprofit organization, has been dedicated to creating pathways of opportunity for talented but underserved entrepreneurs. Through philadelphia cream region, Entrepreneur Works clients start and grow small businesses, create jobs for themselves and their communities, and strengthen the local economy. Entrepreneur Works provides access to affordable loans, business training, and one-on-one advice to hundreds of entrepreneurs each year, empowering small business owners of all backgrounds to thrive and build sustainable communities. For more information, visit www.myentrepreneurworks.org.
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SOURCE M&T Bank