Wells Fargo Making an Impact in the Esperanza Neighborhood
We are honored to partner with Wells Fargo on making a difference in the lives of residents in New Brunswick!
Because of their support of the Esperanza Neighborhood project, we are able to build out economic supports to small businesses that spur on growth along the French Street Corridor.
At New Brunswick Tomorrow, we’ve partnered with Wells Fargo to help small businesses build their assets, such as property, equipment, and technology. We’re doing this through a micro-grants program, distributing direct cash assistance that do not need to be repaid, in an effort to help entrepreneurs build wealth through their businesses without taking on additional debt. Our vision is to bring a renewed sense of community along one of the most frequented commercial corridors in the City and reach up to 20 small businesses in our inaugural year.
Three out of four small business owners say owning their physical assets, or improving equity in their assets, is a top priority, and most believe owning all their physical assets debt-free would significantly improve the financial health of their business, according to a 2021survey conducted by Rutgers University Master program externship.
Small businesses play an important role in New Brunswick economy and it is a benefit for our city to provide every tool needed to help them succeed. So, starting this year (2022),our small business plans include:
- Starting new businesses – Support individuals to formalize their small business, everything from registering their business and learning business best practices, to individuals who are more advanced (with access to capital), such as an artisan who is ready to buy equipment, or a painter who needs to buy a van.
- Stabilizing businesses – Provide capital to established small businesses that need to stabilize coming out of the pandemic, like a restaurant that needs to lower debts to focus on growing their business and eventually owning their retail location.
- Accelerating business expansion – Work with successful small businesses to expand locations, such as a retailer that opens a second location.
Time and time again, Wells Fargo has proven itself a committed partner for improving the lives in our hardest hit communities. Thank you, Wells Fargo, for helping families and small businesses in New Brunswick and across the state.