Santander US Cultivate Small Business Program Completes Sixth Cohort with $300,000 in Grants to Entrepreneurs

Rhea-AI Summary

Santander Holdings USA has completed its sixth cohort of the Cultivate Small Business program, supporting 97 entrepreneurs in Dallas, Miami, and Philadelphia. This initiative awarded $300,000 in capital grants to graduates, bringing total funding to $1.2 million since 2017. The program focuses on women, immigrant, and BIPOC-owned businesses in low-to-moderate income areas, providing 12 weeks of training and mentorship. By the end of 2022, it will have assisted 360 companies.

Patrick Smith, Head of Consumer and Business Banking, emphasized the importance of supporting small business owners to strengthen communities.

Positive

• 97 entrepreneurs graduated from the sixth cohort, expanding the program to Dallas, Miami, and Philadelphia.
• $300,000 awarded in capital grants directly to eligible businesses.
• Total of $1.2 million distributed since program inception in 2017.

Negative

• None.

Food-related entrepreneurship program engages 97 small-business owners from new program markets: Dallas, Miami and Philadelphia

BOSTON--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221216005275/en/

Media:

Nancy Orlando

mediarelations@santander.us

Source: Santander Holdings USA, Inc.

FAQ

What is Santander's Cultivate Small Business program?

The Cultivate Small Business program helps early-stage food entrepreneurs, particularly women, immigrant, and BIPOC-owned businesses, providing training, mentorship, and capital grants.

How much funding has been awarded through the Cultivate Small Business program?

The Cultivate Small Business program has awarded a total of $1.2 million in capital grants since its launch.

How many entrepreneurs participated in the latest cohort of the Cultivate Small Business program?

The latest cohort included 97 entrepreneurs from Dallas, Miami, and Philadelphia.

What are the demographics of businesses supported by the Cultivate Small Business program?

In the latest cohort, 88% of the businesses were BIPOC-owned, 67% were woman-owned, and 80% represented low-to-moderate income communities.

When was the Cultivate Small Business program launched?

The Cultivate Small Business program was launched in 2017.