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Support Growth of “home-grown” businesses and Immigrant Entrepreneurs

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What is an Initiative?

 

An Initiative is a coordinated effort designed to achieve a Goal. Initiatives contain Actions that, when executed together, will help the City achieve one or more of its Goals.

Goals related to this Initiative

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The City should seek new ways to assist residents interested in creating new businesses or expanding current ones. To do so, the City will have to place emphasis on supporting immigrant entrepreneurs: According to the Kauffman Foundation, immigrants are almost twice as likely to start businesses in 2012 as native-born Americans, and almost 20% of Trenton residents are Foreign Born (City Profile Report).
Overall, this initiative emphasizes fostering home-grown small business development through the sharing of resources and information, while providing existing businesses with outreach and critical ongoing support measures as well. In addition to the efforts identified in the Expand and Support Neighborhood Retail Initiative, the City should coordinate with potential economic development partners to create a microenterprise support program. This will likely require organizing the philanthropic community as a potential funding source. The City must also ensure that new businesses have information how to access the powerful NJ Economic Development Authority incentives for small businesses. These are powerful incentives that may be difficult for non-native English speakers to access without assistance. These efforts should be combined with a program to promote Trenton’s niche business and using that as a means of differentiating Trenton from surrounding communities.

Actions that support this Initiative

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Vision & Guiding Principles

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http://trenton250.org/vision-guiding-principles
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