BrightStreet<\/a>, a new nonprofit aimed at helping entrepreneurs who are often shut out of traditional financing. <\/p>\nColston, a Super Bowl champion turned investor and business mentor, joined city leaders and founders in the symbolic demolition to underscore the organization\u2019s mission: removing obstacles such as limited access to loans, technology, training and mentorship. <\/p>\n
Micro-businesses \u2014 companies with fewer than 10 employees \u2014 account for roughly 95% of all businesses in New Jersey, New York and across the U.S., according to organizers. Yet they are denied funding at more than twice the rate of larger firms, and nearly half operate in low-income communities where capital and guidance are scarce.<\/p>\n
BrightStreet plans to address that gap by offering affordable loans, financial education and hands-on support to startups, solopreneurs and micro-enterprises \u2014 particularly those historically excluded from mainstream lending. Three entrepreneurs in the nonprofit\u2019s first cohort received oversized ceremonial checks at the launch event and shared stories of struggling to secure capital despite viable business plans.<\/p>\n
At the launch of BrightStreet, several entrepreneurs were announced as early recipients of funding, including local business owner Undra Duncan and businesswoman Jennifer Lopez. <\/p>\n
Al-Shakise Anderson was also among those receiving support, as BrightStreet begins its effort to provide capital to businesses that may not qualify for traditional loans.<\/p>\n
Organizers said the funding will help them grow their companies, create jobs and expand their reach.<\/p>\n
\u201cThis opportunity means everything to me,\u201d said Duncan, the creative director of Undra Celeste New York. \u201cThis isn\u2019t the first time I\u2019ve gotten funding, but it is the first time I can visually see that funding and structure are in unison.\u201d <\/p>\n
Newark Mayor Ras Baraka, who during the event presented a proclamation to commemorate the creation of BrightStreet, showed his enthusiasm for the launch.<\/p>\n
\u201cSmall and microbusinesses are the backbone of Newark\u2019s economy \u2014 often started by hardworking residents juggling jobs and dreams without access to capital. So by providing the loans and grants they need to grow, Bright Street is not only fueling opportunity but becoming a permanent part of Newark\u2019s history and future,\u201d Baraka said during his proclamation. \u201cWe\u2019re married now!\u201d<\/p>\n
Colston, who has built a post-football career investing in and advising startups, said his involvement with BrightStreet reflects a broader commitment to economic empowerment. He has frequently spoken about the parallels between sports and entrepreneurship \u2014 discipline, teamwork and access to resources \u2014 and the need to create pathways for founders from underrepresented communities.<\/p>\n
The nonprofit, founded by Rob Falzon and backed by partners including TD Bank and Prudential, will provide capital and technical assistance that traditional lenders often decline to offer \u2014 a model they hope can be replicated in other urban centers.<\/p>\n
As the last of the foam bricks tumbled to the floor, Colston paused to look at the scattered pieces before stepping back into the crowd of entrepreneurs. <\/p>\n
\u201cTalent thrives with the right support \u2014 responsible capital and mentorship that turn small businesses into lasting enterprises and strengthen entire communities,\u201d Colston said. \u201cBrightStreet is about making sure more entrepreneurs get that chance.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Former NFL standout and entrepreneur Marques Colston swung a sledgehammer to help knock down a 200-brick wall to…\n","protected":false},"author":2,"featured_media":294049,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[138,336,111,139,69],"class_list":["post-294048","post","type-post","status-publish","format-standard","has-post-thumbnail","category-entrepreneurship","tag-business","tag-entrepreneurship","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/294048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=294048"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/294048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/294049"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=294048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=294048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=294048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}