M&T Bank will bring its Multicultural Small Business Innovation Lab to Niagara County for the first time, offering as many as 35 businesses with diverse ownership a chance to boost their operations. The free five-week educational program is scheduled to start in May and wrap up with a pitch competition featuring a $10,000 prize package. M&T is partnering with Niagara University for the program. The classes will be taught on the NU campus, with involvement by NU professors and administrators, on topics like cash flow management, marketing, social media and brand management. M&T has organized the multicultural small-business lab in a number of its markets since launching the program in Buffalo four years ago. “We have really seen success among many of small-business entrepreneurs that have graduated from this program,” said Eric Feldstein, the bank’s Western New York regional president. People are also reading… Past participants have gone on to hire employees, buy from local suppliers and even mentor other entrepreneurs, he said. “This really has an amplifying effect above and beyond that individual business.” The program will be limited to 35 participants “so we can really have that intentional connection with each of them within that community,” said Rashida Dowell, M&T Bank community activation and business development manager. Registration is available through April 22, on a first-come, first-served basis. To be eligible, Niagara County businesses must have been in operation for no more than three years, with annual business revenue of $350,000 or less. The principal owner must be a Niagara County resident. And the ownership of the business must be “multicultural,” a term M&T says includes categories such as racial and ethnic minorities, refugees, immigrants, LGBTQ+ and people with disabilities. Beyond the once-a-week classes, the program taps into the community where the program is taking place, Dowell said. Local business support organizations are invited to attend the graduation, and there’s a networking event to help the business owners make connections, she said. In past editions of the program, participating businesses have created their own “ecosystem” among themselves, Feldstein said. “We have seen many graduates that have gone on to partner with other small-business entrepreneurs to collaborate and promote one another.” M&T decided to launch the program a few years ago as a way to help multicultural small businesses tap into the resources they needed to grow. The bank has twice held the program in Buffalo, but has expanded it to other markets in M&T’s territory. The Niagara County program will conclude with a pitch competition, awarding $5,000 for first place, $3,000 for second and $2,000 for third. While the prize money provides a boost, Feldstein said that in past programs even small businesses that didn’t win money “have gone on to accelerate their growth.” “What we’ve found is that, irrespective of the monetary winners, those that have graduated are really the winners,” he said.
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