The Need We Fill
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Owing to unemployment, underemployment, and low-wage work, many urban communities have large numbers of poor and working-poor families. These families struggle with financial self-sufficiency and often have difficulty covering basic expenses like rent and electricity. The emotional and psychological stress of financial insecurity — and the anxiety and depression that so often develops — is at the root of what keeps poor communities poor. |
- Where we are headquartered, an estimated 75,000 men and women in Jersey City struggle with financial self-sufficiency owing to unemployment, underemployment, and low-wage work.
- An estimated 6,400 of these men and women turn to entrepreneurship as a way to supplement their income, but often lack the skills and resources they need to be successful. According to research by the Kauffman Foundation, 8.5% of low-income individuals (ages 16-65) are interested in pursuing entrepreneurship.
- While resources already exist to help small businesses, these resources are inadequate to meet the educational needs of most struggling entrepreneurs in low-income communities, who often become frustrated and further alienated from mainstream services.
Rising Tide Capital has established programs to provide basic business-management training and year-round guidance and support — specifically designed for the educational needs of struggling entrepreneurs in distressed communities.
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