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Dorchester Bay Economic Development Corporation is preparing to launch its HubHustle Collective Program during Small Business Week, May 4-10.
The program consists of two eight-week small business cohort programs. One program is designed for early-stage entrepreneurs and the other is for small subcontractors in construction.
In these cohorts, participants will gain the tools, training and capital to accelerate their growth. They will also help them with their strategy and to become loan-ready for future funding. Each cohort will also include eight local micro businesses.
For the program, participants must commit to their schedule of three days per week, four hours per day, which includes instruction, lunch and breaks. They are also expected to fully participate, turn in assignments on time and be ready to pitch their businesses by graduation.
Ideal candidates to apply for the HubHustle Collective Program have micro businesses in Dorchester and surrounding neighborhoods — including Roxbury, Roslindale, Hyde Park, Mattapan and Jamaica Plain — are in the early stages of launching or re-launching, and are
registered businesses generating revenue now or will be within three months post-cohort.
The small businesses will receive up to $8,000 in grant funding upon successful completion of the cohort program; immersive business training led by experts in marketing, finance, and capital readiness; one-on-one coaching and tailored technical assistance; and a customized roadmap with actionable steps for their businesses launch and growth journey.
Kimberly R. Lyle, the organization’s CEO, said in a statement that the organization’s role as a small business lender is more critical than ever.
“At Dorchester Bay Economic Development Corporation, we understand the unique challenges that entrepreneurs face, and these cohorts are a way to support them as they launch and build,” she said. “Dorchester Bay recognizes the important role that each of these businesses plays in our community’s economic growth, and we’re proud to provide the financial and technical assistance they need for success.”
Tia Jackson, director of small business said that the HubHustle Collective Program came together out of a desire to support local entrepreneurs.
“Small businesses are powerful job generators and essential for making basic goods and services accessible, yet micro enterprises in the neighborhoods we serve face critical challenges with limited support,” she said. “Our team was seeing an increase in need among a lot of aspiring entrepreneurs in our area. With businesses emerging post pandemic, we decided to launch an innovative cohort that would meet the needs of the entrepreneurs residing in our service area.”
Jackson also said that this program is important for the community, as there is a chronic under investment in micro businesses, especially in our neighborhoods.
“Public and private capital has historically bypassed low to moderate income communities in Boston, resulting in undeveloped business districts and leaving entrepreneurs with limited resources, tools, [and] infrastructure. These sources of capital rely on rigid, outdated and unnuanced metrics to determine loan and credit worthiness,” she said.
“Furthermore, aspiring BIPOC and low to moderate income micro entrepreneurs seeking to launch their businesses face a racial capital wealth gap and are disproportionately targeted by predatory lenders. Programs like these provide a powerful, supportive alternative to these funding sources,” she added.
Lastly, Jackson said that the organization hopes that their cohort participants will graduate and hit the ground running and operating their businesses.
“Our goal for cohort participants is that they graduate, begin operations, stabilize, earn revenue and are loan ready, meaning they can access more capital and that they are equipped with the knowledge and tools they need to grow and sustain their business, creating more jobs and spending power for our local economy,” she said.
The business cohort track will begin on Monday, May 5; however, the application period for this cohort has closed. The subcontractor cohort track will begin on Saturday, May 10.
For additional information, community members can reach out to the organization via email at smallbiz@dbedc.org
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