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M&T Bank Launches Multicultural Small Business Innovation Lab

July 05, 2022, 06:00 AM
Filed Under: Banking News
Related: M&T Bank

M&T Bank announced plans to launch its Multicultural Small Business Innovation Lab in Bridgeport, CT. This seven-week program is designed to help local multicultural business owners thrive, grow and pursue new ideas by providing guidance and skills to expand and operate their businesses. The program will accept as many as 50 entrepreneurs.

M&T will be partnering with the University of Bridgeport Innovation Center. Classes will be held at the University's John J. Cox Student Center. The Innovation Lab will cover topics including, but not limited to, creating a business plan, credit fundamentals, marketing, legal entity formation and pitch tips. The program will conclude with a pitch competition, awarding grants of up to $6,000 funded by M&T.

This program, previously launched in M&T's New York and Pennsylvania markets, has been customized to best fit the Connecticut business community. M&T held multiple meetings with state and local community leaders to incorporate their locally informed input. In recognizing that multicultural businesses face a unique set of challenges, the curriculum is specifically tailored to help diverse businesses become strong, long-lasting economic players and achieve financial empowerment.

Entrepreneurs interested in participating in the program must complete an online application by Aug. 5, 2022, and meet the following eligibility requirements:

  •  Black/African American, Hispanic/Latinx or Asian American;
  •  In business no more than three years; and,
  •  Annual business revenue of $150,000 or less.

The M&T Bridgeport Multicultural Small Business Innovation lab will kick off on Sept. 21, 2022, and will close with a pitch competition on Nov. 2, 2022.

"This program will have a positive impact not only on local businesses, but on the entire community, benefitting the area's multitude of talented and diverse entrepreneurs," said Frank Micalizzi, M&T Regional President and Head of Commercial Banking for Bridgeport, CT. "Through our conversations with state and local officials, community leaders, academic institutions and many local business owners, we have worked together to deliver a proven approach that can help these businesses thrive and grow."   

"We at M&T know that when diverse, local businesses thrive, the whole community is uplifted," said David Femi, head of M&T Bank's Multicultural Banking & Diverse Market Strategy. "The investment we make in these multicultural entrepreneurs is one of the most meaningful actions we can take to financially empower the communities we serve. M&T takes great pride in helping small businesses —when they are given the proper resources and support, there is no limit to what they can achieve."

The launch of the Connecticut Multicultural Small Business Innovation Lab is part of M&T's bank-wide mission to build a culturally fluent bank that understands the needs of the communities it serves and provides the resources to address those needs. In 2020, M&T created its Multicultural Banking & Diverse Market Strategy segment to specifically prioritize the needs of multicultural communities, businesses and individuals.


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