City's Minority Business Development Holds Third Money Smart for Small Business Program Graduation

Mayor Dwight C. Jones and the City’s Office of Minority Business Development recently held a graduation ceremony for the third round of participants who have successfully completed the City’s Money Smart for Small Business program. The Money Smart program is a nationally acclaimed, comprehensive financial education curriculum developed jointly by the Federal Deposit Insurance Corporation and the U.S. Small Business Administration, to assist minority and emerging small businesses in specific areas that will increase their ability to be sustainable and successful.

“The Money Smart for Small Business program provides small and minority owned businesses with a wealth of business resources and knowledge which strengthens the diversity of businesses, consumers and employers. Entrepreneurship and a vibrant small business community are vital components in our efforts to reduce poverty and the city’s unemployment rate,” said Mayor Dwight C. Jones.

Since the program’s 2012 inception, the 10-module training curriculum provides introductory training for small businesses in the basics of organizing and managing a business and prepares entrepreneurs for more advanced training and technical assistance. The modules are: organization types, time management, financial management, record keeping, banking services available for small businesses, credit reporting, risk management, insurance, tax planning and reporting, and selling a small business and succession planning.

“I would like to personally thank Wells Fargo, State Farm, Money Management, and all of our partners who volunteered their time and teaching talents to this program,” said Pat Foster, interim director of Minority Business Development. “We are proud of all of the Money Smart program’s graduates and the overall program success as we celebrate its third year.”

The Office of Minority Business Development will offer additional Money Smart for Small Business programs this year in addition to other technical assistance classes and individual counseling. For more information, contact Minority Business Development at (804)646-5947 or visit www.richmondgov.com/MBD.