M&T Bank is bringing its first Multicultural Small Business Innovation Lab to Niagara County, giving 35 businesses with diverse ownership the opportunity to enhance their operations.
The five-week free education program will begin in May and conclude with a pitch competition featuring a $10,000 prize package.
M&T is partnering with Niagara University on this program. Classes are held on NU’s campus with the involvement of NU professors and administrators on topics such as cash flow management, marketing, social media, and brand management.
M&T has organized Multicultural Small Business Labs in many markets since launching the program in Buffalo four years ago. “We have seen many successful small business entrepreneurs graduate from this program,” said Eric Feldstein, president of the bank’s Western New York region.
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Past participants have hired employees, purchased goods from local suppliers and mentored other entrepreneurs, he said. “This has a really big impact beyond the individual business.”
This program is limited to 35 participants. “So we can make intentional connections with each participant in the community,” said Rashida Dowell, community activation and business development manager at M&T Bank.
Registration will be accepted on a first-come, first-served basis until April 22nd.
To qualify, Niagara County businesses must have been in business for less than three years and have annual business revenues of $350,000 or less. The principal owner must be a resident of Niagara County.
And business owners must be “multicultural,” a term that M&T says includes categories such as racial and ethnic minorities, refugees, immigrants, LGBTQ+, and people with disabilities. .
Dowell said the program goes beyond weekly classes and works with the communities in which it operates. Local business support organizations will be invited to the graduation ceremony, and networking events will also be held to help business leaders connect.
In past programs, participating companies have built their own “ecosystems” among themselves, Feldstein said. “We have seen many graduates partner and collaborate with other small business entrepreneurs and promote each other.”
M&T decided to launch this program several years ago as a way to help multicultural small businesses access the resources they need to grow. The bank has implemented the program twice in Buffalo, but has expanded the program to other markets within M&T’s jurisdiction.
The Niagara County program concludes with a pitch contest, with first place receiving $5,000, second place $3,000 and third place $2,000.
Program classes are held on the Niagara University campus.
Buffalo News file photo
While the prize money is a boost, Feldstein said even small businesses that didn’t qualify for prize money in past programs have “accelerated their growth.”
“What we found is that regardless of the financial winner, the people who graduate are the real winners,” he said.
