The Cayuga Economic Development Agency (CEDA) is launching a new small business development series – the “Microenterprise Program”. The program will be offered to low-to-moderate-income citizens of the City of Auburn and provide them with the information and resources they need to be successful business owners. The eight, one-hour virtual training sessions will not only provide in-depth education on business plans, financial literacy, basic business functions and funding, but will also introduce the participants to a network of professionals, mentors and resource partners.
Prospective entrepreneurs, existing entrepreneurs, and small businesses (open 2 years or less) that qualify are encouraged to apply for the Microenterprise Program. To be eligible, applicants must meet the following criteria:
- Meet the Microenterprise status of 5 employees or less, including applicant as one of the owner/operator(s).
- Reside in the City of Auburn
- Meet the Low-to-Moderate Income Requirement (see application form)
DOWNLOAD the application, and submit completed applications to Meg Goloub (mgoloub@cayugaeda.org) no later than February 8, 2021.
The program includes eight, hour-long sessions covering business function from inception to succession planning. Instructors will be comprised of CEDA Staff, SCORE Mentors and local professionals. In addition to the actual training courses, participants will be asked to complete support work, such as worksheets, webinars and research. This additional work will enhance understanding and aid in the creation of a viable business plan. Participants will also have one-on-one mentoring for the specific needs of their business. Credit counseling and financial planning will also be encouraged.
Session topics:
- Business Plan
- DBA’s, LLC & Insurance
- Risk, Cash Flow, Funding
- Business Finance: Bookkeeping, Financial Literacy, Taxes
- Business Operations: Regulations, Inventory, HR
- Growth Strategies: Goals, Expansion, Retention
- Marketing & Social Media
- Succession Planning
At the completion of the project, grants of up to $5,000 will be awarded to the participants who have completed the program, have a compelling and complete business plan, and have participated in the supplemental mentoring. Businesses seeking WBE, MBE, VOSB, or DBE certification are highly encouraged to apply.
Funding for the Microenterprise Program grants has been made available through the City of Auburn Community Development Block Grant CDBG program, administered by the City of Auburn Office of Planning and Economic Development. Program sponsorship is also provided by Tompkins Trust Company.
