Nonprofit Supports Community Entrepreneurs Amid Pandemic

Nonprofit Supports Community Entrepreneurs Amid Pandemic

It’s understandably an anxious time for Main Street businesses, even as downtowns prepare to reopen. But what about the entrepreneurs who are still hanging onto their dreams of starting a retail business? It stands to reason that hopelessness – or at least a plan B – would start to set in.

“Quite the contrary,” says Bob Brennan, chairman of the National Expansion Council and one of the directors of a nonprofit organization called Entrepreneurship for All (EforAll) based in Boston, Massachusetts. “I don’t get a sense of desperation from our people at all, because our entrepreneurs have been dealing in the land of scarcity for a long time. They don’t have VC funds. They know they can’t start a business by investing ahead of revenue. They know they need to make their dreams work right now, not a year from now.”

According to Brennan, EforAll is a growing nonprofit organization that partners with communities to help under-resourced entrepreneurs start and grow a business through intensive business training, mentorship and an extended professional support network. To date, EforAll alumni have launched more than 350 businesses and created more than 680 local jobs. EforAll is currently limited to nine Massachusetts counties and towns as well as Longmont, Colorado, but its model is built for expansion.

And what is that model? A business leader creates an EforAll chapter in a newly sanctioned community, collects applications from would-be entrepreneurs with a dream and a business plan, and starts an engine that includes pitch contests, accelerators and ideas for accessing grant money.

Brennan, for example, brings more than 30 years of executive experience to his role at EforAll, including stints as the CEO of Iron Mountain and Veracode. Pandemic crisis or not, Brennan says his interactions with applicants and program alumni are grounded in good business ideas, marketplace reality, life experiences and a desire to give back to underserved communities. Some of the applicants’ plans, such as high-touch businesses like beauty salons, have been delayed by the crisis, but none of them have been withdrawn or permanently derailed.

“I tell them that business is a game of misses, not hits,” he said. “You manage the misses. I try to keep people engaged when they face setbacks.”

Brennan and other mentors in the Massachusetts program are most attracted by two things: the positive effect on underserved communities and the potential generational impact. He spoke to one applicant who said that even if his idea was not accepted into the program, at least his kids would see that he tried to strike out on his own and start a business.

Of the businesses launched by EforAll participants, 75 percent are owned by women, 56 percent are owned by people of color, 54 percent are owned by immigrants and 56 percent are owned by people who were previously unemployed. Its accelerator is a year-long program offered twice a year at no cost to participants. Practical, in-person sessions with content specialists cover early-stage business challenges, such as creating a value proposition, bookkeeping, pricing and social media. Each entrepreneur is matched with a team of mentors and can win seed money each quarter. EforAll also holds pitch contests that are open to everyone.

Several corporations have partnered with EforAll to further its missions. It recently received it a $60,000 grant from Santander Bank to support programs in Lowell-Lawrence, Holyoke and Roxbury.

“Santander Bank is committed to helping communities prosper by providing philanthropic support to organizations, like EforAll, that are committed to creating strong, vibrant and inclusive economies in the communities where we live and work,” said Seth Goodall, executive director of corporate social responsibility at Santander Bank and an EforAll board member.

Lowell-Lawrence was the site of EforAll’s first program, which launched in 2012. A Spanish language business accelerator program in Lawrence – EparaTodos – followed in 2014. EforAll began operating in Holyoke in 2018 and in Roxbury in 2019.

Brennan and his colleagues are looking forward to adding more communities to the EforAll roster and continuing to mentor applicants.

“I tell them a few things that have been important to me,” he noted. “Don’t live beyond your means. Ask good questions, don’t make statements. Don’t trust your mood. Be open about what you don’t know.”

This Week in B2B: Standards, Regulations and Next-Gen Back Offices

The intersection of technology, leadership and regulation is reshaping B2B in profound ways.

CFOs are stepping into more strategic roles, leveraging advanced tools to drive transformation. Meanwhile, technological integration is streamlining operations across sectors, from construction to travel.

Most crucially, B2B payments continue to evolve with the need for speed and efficiency, while regulations aim to create a more transparent and interconnected financial system.

For those firms able to identify the trends, 2025 is sure to be a pivotal year.

Read more: The Five Not-So-Obvious Things That Will Change the Digital Economy in 2025

Integrating Technology

Digital advancements are reshaping business operations, particularly in back-office functions. PYMNTS covered how artificial intelligence (AI) has emerged as a critical tool for addressing bottlenecks, automating processes, and improving decision-making. Companies are investing in AI solutions to streamline tasks like accounts payable and receivable, data analysis and forecasting.

On Tuesday (Jan. 7), Fazeshift, an accounts receivable-focused AI agent, announced it had raised $4 million in seed funding.

In the construction sector, platforms like Knowify are integrating with tools like Intuit’s Enterprise Suite to offer solutions for project management and financial oversight. This integration demonstrates how technology can bridge the gap between operational and financial functions.

The travel industry is also benefiting from technology. Visa’s partnership with Qashio to develop B2B travel payment solutions, announced Monday (Jan. 6) illustrates how digital tools can enhance spend management, offering businesses greater control and visibility over travel expenses. Virtual cards and advanced expense management tools are becoming essential in a world where business travel is rebounding.

Advancements in B2B Payments

We covered here how real-time data and payment solutions are transforming liquidity management, allowing businesses to optimize cash flow and reduce risk. This shift is evident in the rise of virtual cards, which offer suppliers and buyers streamlined payment with enhanced security features.

Suppliers are playing a crucial role in driving virtual card acceptance, recognizing the benefits of faster payments and reduced administrative burdens. Payarc’s collaboration with AllPack Fulfillment, announced Tuesday (Jan. 7) is a prime example of how partnerships can bolster payment processing, enabling businesses to meet the demands of commerce.

Real-time data is also becoming indispensable for financial decision-making, while real-time payments are shifting traditional dynamics.

Jim Colassano, senior vice president, RTP Business Product Management at The Clearing House, said the ability to send money instantly, 24/7/365, has been gaining wide embrace across a variety of use cases and business users. 

“The feedback that we get, not only from consumers, but also from the business community, is that when you see it,” he said of instant payments, “when you actually experience it, both from an origination standpoint and from a receiving standpoint, you want to do more, you want this to be the payment mechanism that you would like to use.”

As highlighted in a recent report, leveraging real-time insights can improve liquidity performance, allowing businesses to adapt to changing market conditions with agility and confidence.

CFOs and Back-Office Leadership

All these advancements are having an impact on senior leadership, too. The role of the CFO is no longer confined to managing financial reports and ensuring regulatory compliance.

PYMNTS looked into why CFOs are expected to act as strategic leaders, guiding their organizations through complex challenges. Apple’s CFO transition, for instance, highlights the shifting expectations placed on financial leaders. With Apple’s emphasis on technological innovation, the new CFO will need to integrate financial strategy with broader business objectives, ensuring the company’s continued dominance in a competitive market.

CFOs are also adopting new playbooks to meet their transformation goals. A recent report on CFO strategies underscores the importance of choosing the right approach — whether building internal capabilities, buying third-party solutions, or forming strategic partnerships. This flexibility allows businesses to adapt to evolving needs while leveraging technology.

Regulatory Developments

As cross-border commerce grows, so does the need for standardized financial systems. The Bank for International Settlements (BIS) has been at the forefront of promoting the adoption of ISO 20022, sharing on Tuesday the next steps it will take for the adoption of global messaging standard. ISO 20022 is designed to enhance the efficiency and interoperability of cross-border payments. This initiative is crucial for businesses operating in a globalized economy, where seamless transactions are essential.

Regulations are also addressing challenges in merchant onboarding and risk management. New beneficial ownership rules, for instance, aim to improve transparency and reduce fraud, though they pose hurdles for businesses navigating these requirements. As organizations adapt to these changes, they must strike a balance between compliance and efficiency.

In the EU, Thursday (Jan. 9) was the deadline for compliance with Europe’s Single Euro Payments Area (SEPA) instant payment framework requiring financial institutions and payment service providers to be capable of receiving instant payments. SEPA Instant doesn’t just affect payment timelines but could spur a paradigm shift in treasury operations, with operational upgrades that could also extend to ERP and financial management systems.