Santander US Cultivate Small Business Program Completes Sixth Cohort with $300,000 in Grants to Entrepreneurs
December 16 2022 - 10:17AM
Business Wire
Food-related entrepreneurship program engages
97 small-business owners from new program markets: Dallas, Miami
and Philadelphia
Santander Holdings USA, Inc. (“Santander” and “Santander US”)
today announced the completion of the sixth cohort of Santander’s
Cultivate Small Business, which served 97 entrepreneurs and awarded
$300,000 in capital grants to eligible graduates. The cohort’s
graduates are the program’s first from the Dallas, Miami and
Philadelphia markets. The program also operates in Massachusetts,
New Jersey and New York.
Launched by Santander Bank N.A. in 2017, Cultivate Small
Business helps early-stage entrepreneurs build and sustain
businesses in the food industry, with a focus on supporting woman-,
immigrant-, and BIPOC-owned businesses in low-to-moderate income
neighborhoods. The program is completely free for eligible
entrepreneurs and provides an immersive, 12-week MBA-level learning
experience, mentorship from industry experts and financial grants.
By the end of 2022, the program will have served 360 businesses and
distributed $1.2 million in untethered capital directly to
entrepreneurs.
“Entrepreneurs create jobs and strengthen our communities. We
are pleased that Cultivate Small Business is now supporting small
business owners in three additional major markets, extending
sustainable business initiatives in more parts of the country,”
said Patrick Smith, Head of Consumer and Business Banking for
Santander US. “Along with our program partners, we bring invaluable
training, networking and capital to highly-driven entrepreneurs –
many of whom who traditionally lack critical resources to take
their businesses to the next level. We look forward to seeing their
next chapters.”
Santander’s partners for the most recent Cultivate cohort
include Babson College, CommonWealth Kitchen, the Initiative for a
Competitive Inner City, Impact Ventures and the small business
development centers at Temple University and Florida International
University. Graduates eligible for capital grants have met specific
program goals including attending classes, completing a business
pitch, and submitting a final action plan with growth or
sustainability milestones.
Cultivate Small Business’ sixth cohort included 97 small
business owners from Philadelphia, Dallas and Miami and was
comprised of:
- 88% BIPOC-owned businesses
- 80% of entrepreneurs represent LMI communities
- 67% woman-owned businesses
- Business years in operation: 1 - 16 years
- Prior year revenue range: $3,700 - $1,200,000
About Santander US
Santander Holdings USA, Inc. is a wholly owned subsidiary of
Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), a
global banking group with 159 million customers in the U.S., Europe
and Latin America. As the intermediate holding company for
Santander’s U.S. businesses, SHUSA is the parent organization of
financial companies with approximately 14,600 employees,
approximately 5 million customers, and $160 billion as of December
2021. These include Santander Bank, N.A., Santander Consumer USA
Holdings Inc., Banco Santander International, Santander Securities
LLC, Santander Investment Securities Inc., and several other
subsidiaries. Santander US is recognized as a top 10 auto lender, a
top 10 multifamily lender, and a top 20 commercial real estate
lender, and has a growing wealth management business with more than
$41 billion in assets under management. For more information on
Santander US, please visit www.santanderus.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221216005275/en/
Media: Nancy Orlando mediarelations@santander.us
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