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Five Local Business Owners Complete First Phase of Asset Builder’s Small Business Capitalization Program

Post Date:06/14/2019

Five local business owners have successfully completed the first phase of the Asset Builder’s Small Business Capitalization Program.

Business owners:  

  • Marcus Rideaux, Rideaux’s Hair Etc.
  • Jeremy Shelton, Kingdom Kuttz
  • Gregory Jason, Grand Cleansing, LLC
  • Vincent Reynaud, Transformers Lawn Care
  • Sarah Bercier, Sarah Rose Studios

Dr. Ann Williams served as their instructor and Edwina Medearis, owner of Medearis’ Costumes, was a guest speaker. 

The Asset Builders Program is known for helping residents in the five-parish area with low-to-moderate incomes to save to buy homes. With the addition of the Business Capitalization Component, the program is also able to help existing business owners capitalize on their investments.

A partnership of the Calcasieu Parish Police Jury Human Services Department, Project Build a Future, the Lake Charles North Redevelopment Authority, the Southwest Louisiana Economic Development Alliance, the Louisiana Small Business Development Center at McNeese State University and First Federal Bank. Matches are handled through a federal Individual Development Account (IDA) run by Asset Builders of Southwest Louisiana, along with First Federal.

These five business owners will now continue on with the program. They are now completing elective courses, saving money, and meeting with a business planning counselor at the Louisiana Small Business Development Center at McNeese State University.

Those eligible for the program are business owners in the five-parish area who meet the following criteria: They must live in Allen, Beauregard, Calcasieu, Cameron, or Jeff Davis parishes; must be one year active in business; must have a gross household income that is less than 200 percent of the federal poverty line and $10,000 or less in personal/business assets; must have a business banking account, EIN, Schedule C (if applicable), and occupational license (if required by their local government); and they must attend a program orientation and a series of CORE Training classes.

Those accepted into the program would open IDAs to capitalize on their existing businesses. IDAs are savings accounts that match the deposits of participants - up to a pre-determined maximum. The match program can be as brief as six months or as long as two years. First Federal Bank and JD Bank are the banking partners in this initiative.

Since the program began in late 2017, a total of 27 business owners have completed the program.

To apply, pick up an application at Project Build A Future, 2306 3rd St.in Lake Charles, or contact Alyssa Hebert at 337-439-7191 or alyssah@projectbuildafuture.org. Applications will be processed in the order they are received.

A program orientation is being held from 6-7 p.m. Tuesday, Feb. 12 at the Allen P. August Multipurpose Annex, 2000 Moeling St. in Lake Charles. The orientation will cover information such as eligibility criteria, eligible uses of the grant funds, and required course work.

For more information about the program, visit www.assetbuildersswla.org

 

Business Cap Program 1

 From left to right: Marcus Rideaux, Sarah Bercier, Dr. Ann Williams (instructor), Vincent Reynaud, Jeremy Shelton and Gregory Jason just completed the first phase of the Small Business Capitalization Program.


 

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