2009 Headlines
Johnson School to offer support to local microentrepreneurs
BR MicroCapital to provide business coaching and financing for microbusiness development
January 20, 2009 | Ithaca, NY | An initiative started at Cornell University's Johnson School, BR MicroCapital (BRM), is offering lending and business support services beginning January 30 to catalyze microbusiness development in Tompkins County. Microbusinesses can range from home-based enterprises such as those in catering services to others in housekeeping or landscaping.
Unique among top-tier business schools, the student-run BRM serves as a bridge connecting the human capital and resources of a premier graduate business school with talented, community-based entrepreneurs. The program is designed for self-employed individuals who have been operating their businesses for at least six months and are interested in outside support. BRM coaches serve as a resource, providing guidance to help businesses thrive and continue to grow. Established in May of 2008, the student-led organization is based at the Johnson School's Center for Sustainable Global Enterprise and has partnered with the Alternatives Federal Credit Union (AFCU).
Along with its business coaching services, BRM offers loans where small injections of capital can make the difference between success or failure for a microbusiness. Eligible clients are self-employed people who either live in or have a business near Tompkins County; preference is given to those who earn less than 75 percent of the Tompkins County median income and have limited access to the formal financial system due to poor credit history, lack of credit history, or limited collateral.
Mike Pezone, BRM's Director of Operations, said the organization is addressing a critical local need by providing specialized, targeted support to self-employed individuals who are often unable to access commercial services. The organization's goal is to foster business development and inclusive wealth creation while assisting local economic development efforts, he said.
"The top priority of our coaches is to help clients meet their business objectives," Pezone said. "Our goal is to partner with clients so they can rapidly progress along the learning curve of business development, leading to business growth and/or expansion."
Pezone said the Ithaca community is flush with progressive and innovative programs to serve local entrepreneurs. His hope is that BRM can augment these efforts. "As members of the Ithaca community and Johnson School students – we want to do our part," he said.
Tristram Coffin, CEO of AFCU, said the program will dovetail with the credit union's efforts to reach people with small-scale, revenue generating enterprises. "Alternatives has a strong track record of helping businesses that were considered too small for other lenders. Behind every small venture is someone's big idea. By combining the knowledge and dedication of the Johnson School students with the infrastructure and experience of Alternatives, we can provide something of unique value that helps aspiring business owners in our community succeed," he said.
BRM will begin accepting applications on January 30. To learn more or obtain an application, contact Mike Pezone, Director of Operations at 607-237-5178 or BRM@johnson.cornell.edu.
Contact:
Mike Pezone
607-237-5178
map298@cornell.edu
Suzanne Cerquone
607-273-4611 x 454
scerquone@alternatives.org
