$25 Million National Program Supports Programming, Re-skilling, and Upskilling for Students of Color; Includes Partnerships with Major Employers and The Aspen Institute
Riverside City College (RCC) and Bank of America announced today a new $1 million jobs initiative partnership to help students of color successfully complete the education and training necessary to enter the workforce and embark on their path to success in Southern California. This grant is part of Bank of America’s ongoing work in the region to address the underlying issues facing individuals and communities of color who have been disproportionately impacted by the current health crisis.
“We remain committed to helping address the barriers to sustainable employment that exist for many communities of color,” said Bank of America Inland Empire market president Al Argüello. “This program helps support Black and Hispanic-Latino students by creating a collaborative approach to job training that will enable them to make a real and meaningful impact in their communities now and over the years ahead.”
“This generous grant from the Bank of America reflects our long-standing partnership, united as we are in providing opportunity to students and strengthening the regional economy,” RCC President Gregory Anderson said. “This gift will streamline pathways to academic and career success, particularly for students of color.”
This year, the bank also provided nearly $420,000 in grants to Inland Empire nonprofits that are connecting individuals to skills and employment in the region. The initiative is part of the bank’s recent $1 billion, four-year commitment to advance racial equality and economic opportunity, which includes a $25 million commitment to enhance up-skilling and reskilling for Black and Hispanic-Latino individuals.
“Bank of America is bringing balance to a serious issue – a systemic decline in funding and attention to our community colleges. Riverside City College is vital to providing the advanced training needed by students to adjust new economic realities,” said Riverside Mayor Rusty Bailey. “Companies like Bank of America clearly recognize that investment in our educational institutions translates into a higher number of individuals completing their coursework and securing higher-paying jobs.”
Including Riverside City and Los Angeles Trade Tech colleges, the $25 million, nationwide initiative partners with nearly two dozen community colleges that serve predominately Black and Hispanic-Latino students, public Historically Black Colleges and Universities (HBCUs) and public Hispanic Serving Institutions (HSIs). Bank of America is also partnering with and providing funding to the Aspen Institute to convene the participating higher education institutions for technical and programmatic assistance and to share best practices.
Today, less than 40 percent of community college students earn a certificate or degree within six years of enrollment. For students of color, graduation and completion rates are particularly low – 28.8 percent for Black students and 37.1 percent for Hispanic students. Although HBCUs and HSIs are a mix of public and private institutions, the ongoing challenges brought on by the coronavirus, have exacerbated their financial struggle as they seek to serve students from the most vulnerable communities.
With the support of Bank of America, RCC will strengthen its existing pathways that maximize opportunity for many more students to achieve their academic and career goals. Programs and curricula will provide skills, certificates, and degrees that lead to high-demand family-sustaining jobs, with a particular emphasis on careers in health care. This funding will also create new systems for tracking and creating networks with graduates and employers.
“As the Executive Director of Critical Care at Riverside University Health Systems, I have had the ability to get to know and see the excellent Registered Nurses who received their training in RCC’s School of Nursing,” said Chief Nursing Officer Leah Patterson. “In my new role, I look forward to many more years of getting to know and work with this program.”
Saybridge Technologies’ Board of Directors Announces Byron J. Paul as CEO
The SyBridge Technologies’ Board of Directors is pleased to announce that Byron J. Paul has joined SyBridge Technologies (“SyBridge” or the “Company”) as Chief Executive Officer and will also serve as a member of the Board of Directors. Mr. Paul will build upon the Company’s strategic vision of becoming a global technological leader in value-added design and manufacturing solutions ranging from design and prototyping to production-as-a-service and aftermarket services for customers. Mr. Paul brings extensive experience in industrial technology and a 20+ year track record of driving profitable growth in complex, global enterprises.
Mr. Paul was most recently Group President at Signode Industrial Group where he led a global portfolio of businesses focused on end-of-line packaging technologies and warehouse automation solutions. He previously served as President of Destaco, a leading designer and manufacturer of precision engineered components for industrial automation and robotics applications. Mr. Paul has also held senior leadership roles at John Crane, a leader in rotating equipment solutions, and at the Boston Consulting Group. Mr. Paul holds an MBA from the Kellogg School of Management at Northwestern University and a Master of Public Administration from Harvard University’s Kennedy School of Government. He also attended the University of Western Australia where he earned a Bachelor of Commerce with first class honors in accounting and finance.
Mr. Paul stated, “I am thrilled to be joining a world-class team at SyBridge Technologies. They have done an outstanding job expanding SyBridge Technologies’ global reach, growing from three sites in 2019 to 16 locations today. I look forward to partnering with the Board and Crestview Partners as we embark on the next phase of growth to build an unrivaled leader in digital manufacturing.”
Jason Luo, Chairman of SyBridge Technologies and Crestview Operating Executive noted, “Byron is a committed leader with a proven track record of successfully growing businesses and we are excited to partner with him as we plan to execute on the Company’s next chapter of growth.”
Mr. Paul succeeds Tony Nardone who has departed the company to pursue other interests. “We appreciate the many contributions Tony has made to SyBridge and wish him well in his future endeavors,” said Mr. Luo.
Tips on Accessing Capital as an Under-resourced Small Business Owner
Interview with Peter E. Jackson, MBA, Vice President, Sr. Business Consultant at J.P. Morgan Chase
By Josaline Cuesta, California Program Director, Small Business Majority
Entrepreneurship is essential to a thriving and equitable economy. Yet, too many of our smallest businesses—especially those owned by people of color, women, rural business owners, and other under-resourced communities—face significant hurdles in accessing capital from banks and other traditional financial institutions.
Small Business Majority prides itself on partnering with experts in the field to mitigate the unnecessary impacts of inequitable access to capital and help to break down systematic barriers.
Peter E. Jackson, MBA is Vice President, Sr. Business Consultant at J.P. Morgan Chase. His work in California has been integral to creating pathways for minority and women entrepreneurs to access capital successfully. I sat down with Peter for a Q&A to discuss his experiences, share his expertise and tips, and learn more about expanded opportunities for capital in a unique community.
Do you believe there is a barrier to accessing responsible capital for small business owners? If yes, do you believe that a certain group of small business owners are more susceptible to experiencing challenges? Why?
From where I sit, one of the biggest hurdles facing minority small businesses is access to financial education. Many Black and Latino business owners we work with through the Chase mentorship program, believe it or not, cite access to education as their top need, e.g., understanding working capital, credit readiness, financial planning, managing debt and cash flow, etc. Working knowledge of these principles is the foundation of building a small business. That means having your bookkeeping and financial operations to help you make your best case when seeking funding/capital from any lender. Not having this in order may delay any financing for your business. There are also questions to ask yourself, e.g. ‘Am I in a healthy financial position to pay back a loan or is a bank loan the right financing option for my business needs at this time?’ This is where a banking relationship or banker can come in handy.
Often, minority entrepreneurs may not have had the best relationship with a bank or may not have had a parent or close individual to seek guidance from related to entrepreneurship – the list goes on. The pandemic exacerbated many of the underlying racial disparities that already existed in the U.S., including the banking system. As a firm, we recognize these challenges and do everything we can to address them.
In 2020, JPMorgan Chase announced a $30 billion racial equity commitment to create an inclusive economic recovery and help Black and Latino small businesses, families, and local communities create and sustain generational wealth. We’re creating the infrastructure to help more minority-owned businesses grow and recover through new programs, products, and hiring. This service is free, and business owners do not have to be Chase customers to receive coaching and mentorship.
Information about the JP Morgan Chase Minority Owned – Business Program is available at: https://www.chase.com/es/business/minority-businesses
What stories have you heard about the ease of accessing capital for small business owners? Can you please share a few typical challenges and some success stories? Did any success stories involve innovation? Did owners have to think outside the box to gain continued access to capital?
Yes, thinking out of the box is an everyday part of what we as Sr. Business Consultants do. Every business owner comes from a different place financially and operates their business differently. An example of this was a local smoothie bar owned by a Latina entrepreneur in Fontana, California. I discussed her goals and challenges, and she needed to obtain a small working capital loan to hire a part-time employee to extend her business hours and add signage. I helped her calculate and understand her break-even to determine the right price she needed to charge for her product to be able to pay for an additional employee and add a sign to the front of her store. This was important because she established new sales goals to drive more revenue. Also, the loan underwriter could see her business now had sufficient income capacity to borrow and pay back a loan by charging enough to support the loan payment. Business owners often borrow without a plan to demonstrate they can repay the loan or without consulting their CPA to ensure they leave enough money in their business to borrow. Part of my role is to help small business owners understand their business finances and how to leverage them to scale and grow their businesses.
What are some ways to increase small business funding to expand access to capital?
From JPMorgan Chase’s standpoint, here’s what we are doing to expand access to capital for underrepresented communities. We have committed $396 million (page 23-25) in small business philanthropy to grow Black, Hispanic and women-owned small businesses and create a more inclusive recovery from the COVID-19 pandemic, including:
- ~$42.5 million to expand the Entrepreneurs of Color Fund (EOCF) in more U.S. cities, the program will offer low-cost loans and technical assistance to small businesses through LISC and CFDI network
- Philanthropic investments to build the capacity of diverse-led nonprofits across the globe and support the signature Ascend Program
- Policy solutions through the JPMorgan Chase Policy Center to improve U.S. Small Business Administration (SBA) program to better meet the needs of minority- and women-owned small businesses.
Within Business Banking, we plan to provide an additional 15,000 loans -totaling $2 billion- to small businesses in majority-Black, -Hispanic and Latino communities over the next five years. To further expand access to credit to minority business owners, we’re:
- Exploring targeted adjustments to how the firm evaluates credit applications
- Introducing new products, including a digital lending platform, to better support the needs of small Black, Hispanic and Latino-owned businesses seeking quick access to capital.
What are some of your recommended, trusted community resources or training opportunities within the Inland Empire that will help with understanding ways to access legitimate capital?
- Mentorship, dedicated coaching, and education are critical to helping people get credit ready. Look into Chase’s 1:1 coaching for minority entrepreneurs across 21 U.S. cities, where they work with a senior business consultant to help them scale. Visit www.chase.com/businessconsultant to learn more.
- Visit the Inland Empire Center for Entrepreneurship (IECE), an SBDC program within California State University, San Bernardino, which delivers a wide range of programs, technical assistance, and services to existing small business owners or aspiring entrepreneurs in the community. Every state has a small business development center offered through U.S. SBA and colleges/universities.
- Lastly, I think AmPac, UCR, and the University of La Verne also have some of the strongest community resources that speak to access to capital, readiness, training, grant programs, microfinancing, etc.
Peter will join other financial experts for a Small Business Majority hosted event on September 14, 5:30pm PT. “Breaking Barriers: Accessing capital as women business owners of color” is a free event to learn tips for remaining resilient in business and how to navigate non-predatory debt financing options that will help grow or strengthen your woman-owned small business to help build generational wealth.
Stater Bros. Markets Appoints Rebecca Calvin to Senior Vice President and Chief Marketing Officer
Stater Bros. Markets is pleased to announce the appointment of Rebecca Calvin to the role of Senior Vice President and Chief Marketing Officer, due to the upcoming retirement of the company’s well-respected and current Executive Vice President and Chief Marketing Officer Dennis McIntyre. She will report to Chief Executive Officer Pete Van Helden and serve on the company’s Executive Leadership Team. She will begin her new role on Monday, September 26, 2022.
Calvin will lead the company’s marketing efforts which include the Sales and Merchandising, Integrated Marketing, eCommerce, and Food Strategy and Innovation departments. She will be responsible for strengthening Stater Bros.’ ability to meet the evolving needs of grocery shoppers in the diverse Southern California market through smart and effective product, pricing, and promotion strategies.
“I am very excited that Rebecca has chosen to join the Stater Bros. team and I look forward to working side-by-side with her to make Stater Bros. the premier shopping destination for groceries in Southern California,” said Stater Bros. CEO Pete Van Helden. “On behalf of all our teammates, I would also like to take this opportunity to thank Dennis for nearly 45 years of dedicated service to our company. His passion and enthusiasm have made a significant impact on the current and future success of Stater Bros.”
Calvin arrives at Stater Bros. with several years of experience in the grocery industry, most recently serving as Senior Vice President and Chief Merchandising Officer at The Save Mart Companies, where she led merchandising, space planning, pricing and promotion execution, and their private label program. Before joining The Save Mart Companies, she began her career in the grocery industry with Daymon Worldwide as a category buyer. She served as Vice President of Grocery, Frozen, and Dairy at Mariano’s before continuing on to merchandising and category management roles in the Kroger family of companies.
Calvin graduated from the University of Wisconsin-Oshkosh with a Bachelor of Science Degree in Biology with a Minor in Business Administration and is a graduate of the Cornell University Food Executive Program. She has earned a Six Sigma Green Belt Certification and currently serves on the Western Association of Food Chains (WAFC) Board of Directors. Earlier this year, Calvin was recognized as one of Retail Today’s “50 Outstanding Women in Retail.”
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