By Josalyn Perez
Baltimore Watchdog Staff Writer
Anne Arundel County has launched a new business program that provides mentorship resources for small, minority-owned businesses.
The Inclusive Ventures Program (IVP), managed by the Anne Arundel Economic Development Corporation (AAEDC), is designed to help expand and grow small businesses in the county by providing a 6-week virtual course of seminars and other training programs for entrepreneurs in such topics as building a sustainable organization’s infrastructure, leading people and planning for growth, marketing and selling, essentials of accounting, human resources, taxes and preparing for capital.
The program will provide a certificate of completion with a $5,000 grant. The grant is provided by the AAEDC’s fund balance, which is approximately $85,000 to start the program.
“The grant will help participants buy equipment, upgrade technology, enhance their marketing and make any other investment that will help grow their business,” said Rosa Cruz, the AAEDC vice president of communications.
The IVP started Jan. 29. The AAEDC is aiming to continue the program and offer two cohorts per year.
The AAEDC began the program after doing listening sessions in 2019 where various minority business owners talked about challenges they were facing.
“When the pandemic hit, many small minority businesses were especially impacted,” Cruz said.
The IVP should help businesses become stable as the economy continues to open.
The AAEDC has budgeted a set amount to pay for the instructors, mentors and grants, which will limit the IVP to 10 participants.
“We are talking to potential other partners so we can possibly expand the fall cohort to 15 participants,” Cruz said.
Applicants are reviewed by a panel of three people: Keasha Kaythe, the IVP program manager; Will Holmes, the facilitator of the virtual cohort; and Steve Primosch, the vice president of finance.
The cohort targeted businesses of less than $150,000 in revenue. The fall cohort will likely target businesses with much higher revenue levels.
“By keeping the class uniform in terms of revenue size, participants are better able to learn together as they may have the same challenges,” Cruz said.
Lisa Ennis, the owner of Eccentrics Salon in Odenton who has been in business for 27 years, and Johnetta Thurston, founder of JDA Management Consulting, were part of a similar program at Morgan State University.
Ennis said the program taught her to focus on her target market and create ways to go after it.
Thurston is part of the IVP as a human resources consultant. She encourages other minority business owners to take advantage of this opportunity.
“It helps you think of your business with a growth perspective,” Thurston said.
Thurston said that as a business owner, it is difficult to recognize the areas your business needs to focus on.
“You think you know it all. I suggest going with an open mind and ready to learn,” Thurston said.
The IVP will offer a variety of resources, including education, mentorship, access to capital, and consultations with experts such as:
● Johnetta Thurston, founder of JDA Management Consulting, who will serve as the IVP’s human resources consultant;
● Carlos “CJ” Santos, an associate with law firm Nemphos Braue, LLC and a board member of the Maryland Hispanic Chamber of Commerce; and
● LaKia Bourne, owner and CEO of Synergy Accounting Services.
These consultants will mentor participants about issues unique to each business on topics related to legal issues, accounting/taxes, and human resources. These counseling sessions are complimentary to the participants.
“This program helps them [the entrepreneurs] be prepared for the future and grow their business,” Cruz said.
It is not known yet when participants will be able to apply for the fall cohort.