DETROIT, Aug. 22, 2016 /PRNewswire-USNewswire/ -- The
leaders of the U.S. Small Business Administration (SBA), W.K.
Kellogg Foundation (WKKF) and microlender Justine PETERSEN today
announced the formation of the Aspire Entrepreneurship Initiative,
a groundbreaking new $2.1 million
partnership to expand access to entrepreneurial education and
microloans for formerly incarcerated individuals, with a specific
focus on those who are parents. Initial rollout for the initiative
is planned for Detroit, MI,
Chicago, IL, Louisville, KY and St. Louis, MO.
"Entrepreneurship and small business ownership are proven paths
toward wealth creation and financial independence especially for
people who might otherwise feel trapped by their circumstances"
said SBA Administrator Maria
Contreras-Sweet. "America remains a land of opportunity,
a place where we believe in second changes for those who have paid
their debt to society. Entrepreneurship can be a ladder of
opportunity for citizens who have paid that debt but are still
struggling to find employment after incarceration. With the
training and startup tools provided through this partnership, these
American citizens can finally start to rebuild their lives and
restore their relationships with their families and
communities."
"At the Kellogg Foundation we know that children thrive when
their families are economically secure," said La June Montgomery Tabron, president and CEO of the
W.K. Kellogg Foundation. "It is vital that parent returning
citizens have the opportunity to create economic prosperity for
their families. One path to that success is creating more
opportunities for entrepreneurship by opening access to the capital
and training needed for parents to become small business owners in
their communities. By giving parents a second chance, we are also
giving their children an opportunity to succeed."
"At the heart of the American dream is opportunity," stated
Robert Boyle, Founder and CEO of
Justine PETERSEN, "And the dynamic partnership of the SBA, W.
K. Kellogg Foundation and Justine PETERSEN provides the necessary
programmatic infrastructure for such opportunity to be afforded and
ultimately realized. We at Justine PETERSEN are inspired and
excited about bringing entrepreneurial opportunity to returning
citizens and their families."
SBA will oversee strategic planning for the pilot initiative,
work with its microlending partners to make capital available for
program participants, and leverage its policy research expertise to
craft a comprehensive evaluation design for assessing the pilot's
effectiveness. Justine PETERSEN will deliver the intensive,
cohort-based entrepreneurial education program and the Kellogg
Foundation will fund the pilot initiative and provide matching
revolving loan funds and evaluation support. The Kellogg
Foundation will also partner with the SBA to produce a white paper
summarizing the insights produced by the pilot
initiative.
Background
An estimated 60 percent of formerly incarcerated individuals
remain unemployed one year after their release, raising the risk of
recidivism and resulting in lost lifetime earnings. This cycle has
major implications for American families as nearly half of all
U.S. children have at least one parent with a criminal record. In
2015, SBA expanded its Microloan Program to small business owners
currently on probation or parole. This partnership expands on that
policy change to give parents the opportunity to generate income
and create economic prosperity for their families.
ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)
The U.S. Small Business Administration (SBA) was created in 1953
and since January 13, 2012 has served
as a Cabinet-level agency of the federal government to aid,
counsel, assist and protect the interests of small business
concerns, to preserve free competitive enterprise and to maintain
and strengthen the overall economy of our nation. The SBA
helps Americans start, build and grow businesses. Through an
extensive network of field offices and partnerships with public and
private organizations, the SBA delivers its services to people
throughout the United States,
Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov
ABOUT THE W.K. KELLOGG FOUNDATION
The W.K. Kellogg Foundation (WKKF), founded in 1930 as an
independent, private foundation by breakfast cereal pioneer,
Will Keith Kellogg, is among the
largest philanthropic foundations in the
United States. Guided by the belief that all children should
have an equal opportunity to thrive, WKKF works with communities to
create conditions for vulnerable children so they can realize their
full potential in school, work and life. The Kellogg Foundation is
based in Battle Creek, Michigan,
and works throughout the United
States and internationally, as well as with sovereign
tribes. Special emphasis is paid to priority places where there are
high concentrations of poverty and where children face significant
barriers to success. WKKF priority places in the U.S. are in
Michigan, Mississippi, New
Mexico and New Orleans; and
internationally, are in Mexico and
Haiti. For more information, visit
www.wkkf.org.
ABOUT JUSTINE PETERSEN
Justine PETERSEN (jP) was created in 1997 to connect
institutional resources with the needs of low-to-moderate income
families and individuals in order to build assets and create
enduring change. Furthering the legacy of St. Louis social worker Justine M. Petersen, jP partners with mainstream
financial institutions, public entities and philanthropic
organizations to impact the lives of families throughout
the United States through credit
building, home ownership and small business development. Learn
more at www.justinepetersen.org.
Cosponsorship Authorization #16-6010-124. SBA's participation
in this cosponsored activity is not an endorsement of the views,
opinions, products or services of any cosponsor or other person or
entity. All SBA programs and services are extended to the
public on a nondiscriminatory basis.
Release Number:
16-60
Contact: Cecelia Taylor
(202) 401-3059
Internet Address: www.sba.gov/news
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SOURCE U.S. Small Business Administration