The Greater Augusta Black Chamber & GABCC Foundation
Proudly Presents
Intensive Entrepreneurship Training Program
The initiative is part of the Bank of America’s $1.25 billion, five-year commitment to advance racial equality and economic opportunity by focusing on small business, jobs and up-skilling, health and housing.
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Funding
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Intensive Entrepreneurship Training Program
The GABCC Entrepreneurship program will be offered in the CSRA area as a comprehensive innovative approach to assist both new and existing entrepreneurs. This program provides four weeks of training and an additional six weeks of coaching and mentorship for new and existing minority-owned business owners and entrepreneurs. The initiative is part of the Bank of America’s $1.25 billion, five-year commitment to advance racial equality and economic opportunity by focusing on small business, jobs and up-skilling, health and housing. At the end of the program, guaranteed grants of $3,000 will be provided after all criteria are met within program guidelines.
$125,000 grant from Bank of America
Greater Augusta Black Chamber of Commerce Foundation
The Greater Augusta Black Chamber of Commerce (GABCC) and Foundation unveiled plans for their new Intensive Entrepreneurship Training Program, funded by Bank of America. This program will provide entrepreneurs and small business owners of color with the needed training and capital to be successful in an ever-changing business world.
Formed in 2017, GABCC is a historically Black chamber of commerce in the greater Augusta area that supports minority-owned, women-owned, disadvantaged, and black-owned businesses throughout the Central Savannah River area. GABCC has a growing partnership with Bank of America, which will provide further assistance to business owners in the CSRA area during unprecedented times.
“The partnership with Bank of America will help to carry out GABCC foundation’s mission to enhance the CSRA community through innovative, effective, and equitable programming,” said Ronic West, President, Greater Augusta Black Chamber of Commerce. “Our continued mission is to foster economic stability for businesses in the CSRA through advocacy, education, networking, discovery, and these strategic partnerships.”
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Capacity Builder Sessions
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Introduction to Entrepreneurship
After completing this module, participants will be able to: (1) Distinguish the myths and realities of small business ownership. (2) Start a self-assessment to determine their readiness to become business owners. (3) Set a plan of action gathering feedback from family, friends and potential customers.
Financial Management
After completing this module, the participants will be able to: (1) Understand the essentials of financial management and basic recordkeeping. (2) Apply financial management practices, rules, tools, and technology most relevant for small businesses. (3) Prepare for common business financing needs: start-up finance, working capital, and fixed asset loans.
Business Fundamentals
After completing this module, the participants will be able to: (1) Understand the external and internal factors which affect risk for a small business. (2) Recognize the common warning signs of risk for a small business. (3) Implement, monitor, and evaluate a risk management plan for their business.
Credit Reporting
After completing this module, the participants will be able to: (1) Understand how credit reports are used in the underwriting of business loans. (2) Apply common business practices and tools to help in proper credit reporting. (3) Develop strategies to build or improve their business’ credit. (4) Protect themselves from credit-related scams and know what to do if their business becomes a victim.
Tax Planning and Reporting
After completing this module, the participants will be able to: (1) Predict their businesses’ federal, state and local tax liabilities. (2)Prepare for tax obligations and establish proper accounts. (3) Obtain the proper licenses for their business and meet reporting requirements.
Banking Services
After completing this module, the participants will be able to: (1) Recognize the most common banking services for small businesses, including merchant services, payroll processing, business credit and others. (2) Understand how other small business owners decide which banking services to use. (3) Evaluate the applicability of each of banking service to their business needs.
Legal Structure
,,After completing this module, the participants will become familiar with the common types of business formations, including: The pros and cons of business structures: Sole Proprietorship, Partnership,
Limited Liability Company (LLC), Corporation,
S-corporation
Insurance 101
After completing this module, the participants will be able to: (1) Understand their business’ insurance needs. (2) Choose the insurance products that are best for their business.
Marketing/Branding 101
After completing this module, the participants will be able to: (1) Discover how to develop/build an effective brand (2). Learn various marketing methods and strategies to promote your brand (3) Explore case studies on companies that have created effective multi Brands across cultures and geographies (4) Understand how to value and capture returns on your brand,
Business Planning Basics
After completing this module, participants will be able to: (1) Convert a vague idea into a resource plan. (2) Understand how a business plan helps motivate stakeholders to support their business ideas. (3) Understand the importance of personal credit and a healthy relationship with lenders.
Intensive Entrepreneurship Training Program
PROGRAM OVERVIEW
GABCC programming includes business educational workshops, an annual pitch competition, providing technical assistance to business owners and much more. Since GABCC inception, it has held over 300 workshops, meetings, and events. GABCC efforts grew during the pandemic as it quickly transitioned all events online and begin to become one of the leading advocates to obtain capital to assist entrepreneurs and business owners with programs, such as the Intensive Entrepreneurship Training Program..
FUNDING AWARDS
The additional six weeks of coaching and mentorship are a critical component of the program to ensure that participants stay engaged, are taking actionable next steps, and have the support they need to succeed. At the end of the program guaranteed grants of $3,000 will be provided after all criteria are met within program guidelines.
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