Rising Tide Capital, a 501(c)(3) nonprofit that has earned national recognition for its efforts to transform lives and communities through entrepreneurship, celebrated its 18th anniversary by moving into a new headquarters in Jersey City.
The headquarters, located in the Greenville neighborhood of Jersey City at 311 Martin Luther King Jr. Drive, is an innovative four-story building that also includes affordable housing and a new inclusive entrepreneurship hub that will provide emerging founders with the support and resources needed to develop sustainable businesses that build their communities.
The building includes 5,000 square feet of ground floor mission space, classrooms, a courtyard, 10 units of affordable housing and a top floor coworking space with views of the New York City skyline.
The project was made possible by funding from the city of Jersey City, New Jersey Redevelopment Authority, New Jersey Economic Development Authority, New Jersey Clean Energy, Valley Bank and numerous individual donors and in-kind support from various small businesses and local entrepreneurs.
Rising Tide co-founder and CEO Alfa Demmellash said the building represents the organization’s success.
“311MLK marks the culmination of 18 years of extraordinarily hard work, commitment and collaboration that will help us expand and deepen our impact here at home and beyond,” she said. “At a time when investment in physical spaces, particularly in historically marginalized communities, faces significant challenges, Rising Tide Capital believes that community hubs for local entrepreneurs are an essential component for the rebuilding of equitable, resilient and inclusive local economies.
“This building is an example of what’s possible when private, public and philanthropic partners come together to invest restoratively. I hope many others follow their example to bring this model of place-based entrepreneurship support to new levels of transformative impact.”
Rising Tide said they hope the headquarters will help continue the economic resurgence of the Greenville section.
Jersey City Mayor Steve Fulop said Rising Tide has the full support of his administration and the city.
“I am fortunate to have a longstanding relationship with Rising Tide Capital since their earliest days, and, in that time, I have been in awe of the incredible progress they have made in serving Jersey City’s entrepreneurs and residents across the country,” he said.
“I am honored that Rising Tide continues to call Jersey City their home at 311 MLK Drive. Today, we are celebrating an exciting milestone in elevating our city’s legacy of inclusivity and opportunity.”
Rising Tide primarily works with entrepreneurs from historically marginalized communities who are seeking to start and grow strong businesses. The Rising Tide alumni network is comprised of 71% women, 93% people of color and 80% are low to moderate income. Within two years of graduating, Rising Tide’s entrepreneurs achieve a 95% increase in their business sales and a 63% increase in household income.
In addition to New Jersey, Rising Tide now operates in California, Florida, Illinois, Kansas, Louisiana, Minnesota, North Carolina, South Carolina, Texas, Virginia, upstate New York and New York City through partnerships with local nonprofits.
Rising Tide’s signature programs include the Community Business Academy, Credit to Capital and Business Acceleration Services, equipping entrepreneurs to pursue greater economic security and deliver value to their communities. The organization’s model is unique in its focus on consistent support over time for greater resilience and sustainability.
Rising Tide’s Community Business Academy now includes over 7,500 entrepreneurs with programs delivered in English and Spanish. The organization’s work has been recognized by President Barack Obama at the White House, the World Economic Forum, CNN and many more.