Rising Tide Capital received a $1.5 million grant from the Geraldine R. Dodge Foundation, the groups announced last week.
The grant, $500,000 over each of the next three years, will support the Rising Tide’s efforts in entrepreneurship education and workforce development initiatives focused on assisting historically marginalized communities across the state.
The highly regarded Rising Tide Capital, led by Alfa Demmellash, aims at helping women and women of color start their own businesses. It is based in Jersey City — but it has been making an impact nationally in recent years.
The grant will help to expand RTC programs in Trenton and around the state, bolstering entrepreneurship education centered on high-opportunity, licensed, credentialed, and certified career pathways.
In addition, the funding will provide one-on-one technical assistance, resilience coaching, and tailored business support to entrepreneurs while bolstering projects that integrate RTC’s established programs with those of its statewide partners, expanding the reach and accessibility of its services.
“RTC’s demonstrated track record in economic empowerment aligns seamlessly with the foundation’s mission to provide economic mobility and security for all New Jersey residents,” Dodge Foundation CEO Samra Haider said. “This partnership represents a significant investment in supporting entrepreneurship as a transformative pathway to addressing the wealth gap and catalyzing racial justice.”
Demmellash was grateful.
“I’m excited to share Geraldine R. Dodge Foundation is committing $1.5 million over the next three years to expand Rising Tide Capital’s Community Business Academy,” she said. “My deepest thanks to new Dodge President & CEO Samra Haider and the foundation board for this major vote of confidence in RTC and the power of inclusive entrepreneurship.
“Our partnership over the past 5+ years has been the proving ground for this increased investment and the timing couldn’t be better.
“With this investment, RTC will be able to grow its reach and impact. This is especially true for women, people of color, and others too often left out of economic opportunity. It’s a meaningful step in building a more just and resilient local economy.”
