Gillian Sarjeant-Allen, the executive director of Rising Tide Capital, said she has seen how much underserved communities have been impacted by COVID-19.
“Black-owned businesses, in particular, are statistically proven to be at the greatest risk of shutting down because of historic economic marginalization compounded by the devastating and lengthy financial and health impacts of the pandemic,” she said.
Because of this, she was thrilled that Rising Tide Capital, a national nonprofit headquartered in Jersey City, was recently selected as one of PayPal’s Nonprofit Community Partners to distribute a portion of its $5 million small business grant program.
PayPal’s $5 million fund is part of a larger $530 million commitment to provide immediate financial relief, sustained support and long-term investment to expand economic opportunity for Black and underrepresented minority businesses and communities.
Rising Tide’s collaboration with PayPal is part of the organization’s initiative to expand its private partnerships in order to provide direct financial support and technical assistance to small businesses that were most adversely affected by the COVID-19 pandemic. Other partners include Russell Berrie Foundation, Valley National Bank, the New Jersey Economic Development Authority, Stand Together Foundation and Financial Independence Initiative.
Since expanding its partnerships, Rising Tide has facilitated more than 220 grants ranging from $500 to $3,000 with the goal of providing relief faster than traditional funding models. The organization also said it has provided technical assistance to hundreds of small- and microbusiness owners.
According to Rising Tide officials, this support includes assistance navigating the application processes for the Paycheck Protection Program, NJEDA grants and Small Business Administration loans as well as strategic advisory services, digital coaching, marketing planning and facilitating access to other funding opportunities.
Sarjeant-Allen said every bit of funding counts — and that Rising Tide is grateful for the support.
“To address the dire needs of New Jersey’s most vulnerable small and microbusinesses, we made an effort to expand our partnerships to include direct and immediate grants to our network of entrepreneurs as well as other small businesses in New Jersey,” she said. “We’re grateful to the funders who heeded our call and joined our partner network. Thanks to their financial investment, we are able to address some of the unique and growing needs of Black-owned and other underserved small businesses during this time of crisis.”
Small business owners who are interested in learning more about Rising Tide’s financial and technical assistance programs can visit www.risingtidecapital.org.