A New England-based nonprofit focused on boosting entrepreneurship in under-represented communities is turning its focus to Rhode Island.
After officially launching its new chapter last month, EforAll Rhode Island has now hired a new executive director and announced its first accelerator program for local businesses. The new program, set to start May 12, is open to Rhode Island residents at no cost. It provides immersive business training, mentorship and access to an extensive professional network.
EforAll got its start in neighboring Lowell, Massachusetts, in 2010 and has since grown to 13 locations across the country.
Johnston resident Laura M. Guillén joined EforAll as executive director to oversee its English and Spanish languages programs in Rhode Island.
"We're excited to work with individuals across a wide range of industries, including restaurants, online and storefront retailers, personal and financial service providers, nonprofits, and more, with entrepreneurs in different stages of their business plans," Guillén said in an email.
According to the Small Business Association, over half of Rhode Island’s private workforce is employed by small businesses. While Hispanic people make up 14% of the workforce in Rhode Island, only 10.5% of those owned small businesses.
To kickstart EforAll’s efforts, the Rhode Island Foundation committed a three-year, $150,000 grant to support EforAll’s programs. In addition, the R.I. Commerce Corp. awarded a $56,667 Innovation Network Matching Grant to EforAll in December of 2021.
In a statement, Neil D. Steinberg, Rhode Island Foundation CEO and president, said the new nonprofit would supplement other small-business programs already in the state and provide additional resources.
Guillén said the accelerator is the first of two free programs to be offered annually in Rhode Island. This accelerator will also be available later this year in Spanish through EparaTodos.
"BIPOC entrepreneurs need and deserve a strong support system that can help to lift them above structural barriers, so that they have the opportunity to compete on the same playing field," Guillén said. "While Rhode Island is already a welcoming environment for innovation, programs like EforAll can take that support to the next level through tailored training, resources and access to capital to build the strongest business community the Ocean State has ever seen."
EforAll Rhode Island’s Summer 2022 Accelerator Program is now accepting applications. Guillén said anyone with a dream to start or grow a business is encouraged to apply.
