Powered by Silver Lining & Funded by Wells Fargo, the program will give 700 US-based SMBs from marginalized communities the support they need to succeed.
“Having access to a trusted expert in business and financial planning can be a game-changer for a small business owner.” — Jenny Flores, Head of Small Business Growth Philanthropy at Wells Fargo
NEW YORK, NY, US, December 8, 2021 /EINPresswire.com/ — Today, we are proud to officially announce a new collaboration between Silver Lining and Wells Fargo to launch The American Small Business Growth Program with a singular focus: to give 700 US-based small business owners from marginalized communities the structure, support, and access they need to grow their business and ultimately, succeed.
Small business owners struggle to manage capacity and cash flow at the best of times. COVID-19 has presented a fresh set of obstacles that have increased the challenges for almost every small business owner in the US. The traditional models of technical assistance that have been available to small business owners in the past do not adequately address their current needs. Wells Fargo has granted Silver Lining $1,500,000 to launch The American Small Business Growth Program to address that reality by leveraging Silver Lining’s comprehensive, technology-enabled, data-driven small business growth process that is based in behavior change science and that will give small business owners the type of support that is necessary for them to succeed.
Since 2005, Silver Lining has helped over 11,000+ self-funded small business owners in 35+ countries set and hit their ﬁnancial goals through its proprietary small business growth program, the Silver Lining Action Plan – SLAP™. Small business owners who use SLAP™ have an 80% chance of hitting their financial goals. Additionally, with the recent launch of Silver Lining Finance, small business owners can access unsecured term loans based 100% on their SLAP™ behavioral data, not their credit scores, cash flow, or other traditional underwriting models. Early data is optimistic, showing higher than industry average approval rates, diversity rates, and repayment rates.
“I am so excited for the launch of this initiative with Wells Fargo. Being able to bring SLAP™ to 700 US-Based small business owners will give us the chance to have a meaningful impact on small business owners and their local communities and economies in every state in the USA. Not only can we help those small business owners, but we will be able to show, with data and through real stories, the importance of small business in America’s economic recovery.” says Carissa Reiniger, Silver Lining’s Founder & CEO.
The $1,500,000 grant from Wells Fargo will allow Silver Lining to:
– Bring SLAP™ to 700 small business owners from marginalized communities across the US.
– Give each of those 700 small business owners optional access to an unsecured SLAP™loan pending qualification criteria that is 100% based on their behavior.
– Host 4 Free SLAP™ Bootcamps so that an unlimited number of small business owners in the US have the opportunity for free support to build a 12-month growth plan for their business.
– Share the stories of small businesses in America through a docu-series produced by small independent filmmakers across the US, featuring many of the 700 participating small business owners.
– Give all of the participating SMBs a chance to win one of ten all-expenses-paid vacations as well as monthly prizes and rewards, using fun gamification and incentives as a way of encouraging good behavior and rewarding the participating small business owners for doing the things that will help them grow and hit their goals.
– Launch the SLAP™ Program in Spanish to increase access for the Hispanic communities.
“Having access to a trusted expert in business and financial planning can be a game-changer for a small business owner,” said Jenny Flores, head of small business growth philanthropy at Wells Fargo. “At Wells Fargo, we’re working to expand the capacity of organizations like Silver Lining to reach more entrepreneurs and accelerate their growth.”
To learn more about The American Small Business Growth Program or to apply for one of the 500 spots, please visit: https://smallbizsilverlining.com/wellsfargo