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. 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.”
Head of Consumer and Business Banking
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