On this National Small Business Week, we salute our community partner Entrepreneurship for All (EforAll). EforAll is a nonprofit organization that partners with communities to help under-represented individuals successfully start and grow their own businesses through intensive training, mentorship, and a professional support network. Through financial and hands-on support from organizations like BankFive, EforAll's local chapters - EforAll SouthCoast, EforAll Rhode Island, and EforAll Cape Cod - are helping to accelerate economic and social impact in our communities through inclusive entrepreneurship.
We feel a special synergy with EforAll, as BankFive was started by entrepreneurs in 1855 who wanted to provide accessible and affordable financial services to their employees and neighbors. Similarly, both BankFive and EforAll are dedicated to providing our neighbors with a brighter financial future. Our partnership - which includes both financial, leadership, and mentoring support - illustrates our dedication to the creation, sustainability, and development of small businesses in our area. Furthermore, EforAll works to foster a more inclusive ecosystem for entrepreneurs in our local communities, which aligns directly with BankFive’s core values.
BankFive has been involved with the organization since EforAll South Coast launched its first Business Accelerator program in 2016. In 2021, BankFive became EforAll’s Southern New England Regional Sponsor, kicking off a three-year partnership of providing $100,000 in annual support across the EforAll South Coast, EforAll Rhode Island, and EforAll Cape Cod programs.
EforAll’s impact is evident in the local communities it serves. More than 1,100 businesses have been started by EforAll alumni, and more than $54M in revenue was generated from EforAll businesses in 2021. What’s more, EforAll businesses have demonstrated staying power – likely attributable to the intense business training and mentorship offered through its Business Accelerator program. More than 70% of EforAll businesses are still active 3 years after launching.
If you’re interested in getting involved with EforAll, we urge you to do so. For up-and-coming entrepreneurs, applications are currently being accepted for Business Accelerators. Applications will be accepted until May 11th for the Summer 2023 Business Accelerator programs offered by EforAll South Coast and EforAll Rhode Island, and applications will be accepted until August 9th for EforAll Cape Cod’s Fall 2023 Business Accelerator. And there are many opportunities to volunteer with EforAll as well. For more information about becoming and EforAll mentor, visit https://eforall.org/volunteering/become-a-mentor/, or contact your local EforAll organization:
EforAll South Coast - 1-833-336-7255 x7202 - soco@eforall.org
EforAll Rhode Island - 1-833-336-7255 x7212 - rhode-island@eforall.org
EforAll Cape Cod - 1-833-336-7255 x7204 - cape@eforall.org
Pictured (L-R)- EforAll Rhode Island 2023 Winter Accelerator alumni Thrive Tribe Cafe: Jessica Xavier, Andres Hincapie, and Jax Smith; EforAll mentor: Deirdre Jannerelli, BankFive)