This week, the leaders of the SBA, W.K. Kellogg Foundation and microlender Justine PETERSEN announced the formation of the Aspire Entrepreneurship Initiative, a groundbreaking new $2.1 million partnership to expand access to entrepreneurial education and microloans for formerly incarcerated individuals, with a specific focus on those who are parents. Initial rollout for the initiative is planned for Detroit, MI, Chicago, IL, Louisville, KY and St. Louis, MO.
“Entrepreneurship and small business ownership are proven paths toward wealth creation and financial independence especially for people who might otherwise feel trapped by their circumstances” said SBA Administrator Maria Contreras-Sweet. “America remains a land of opportunity, a place where we believe in second changes for those who have paid their debt to society. Entrepreneurship can be a ladder of opportunity for citizens who have paid that debt but are still struggling to find employment after incarceration. With the training and startup tools provided through this partnership, these American citizens can finally start to rebuild their lives and restore their relationships with their families and communities.”