Alternatives Partners with Johnson School at Cornell

Johnson School – Alternatives Partnership to Support Microbusiness Owners

Alternatives is proud to announce BR MicroCapital, a new organization founded at the Johnson Graduate School of Management at Cornell University to support local microbusiness owners. BR MicroCapital (BRM) is a student-led organization that partners with Alternatives to offer customized client-support services and microloans to promising, self-employed entrepreneurs.

The business support program is structured to assist business owners think through their business strategies and tackle difficult business challenges. The lending program offers customized loans at favorable rates.  These programs are designed to work together, offering coaching support and lending where small injections of capital can make the difference between the success or failure of a microbusiness. The initiative is a partnership of Johnson School graduate students, Alternatives Federal Credit Union and the Center for Sustainable Global Enterprise at Cornell University.

Mike Pezone, BRM’s Director of Operations, said the organization is attempting to address a local need by providing specialized, targeted support to self-employed individuals who are often unable to access commercial services.  The organization’s goal is to foster business development and inclusive wealth creation while assisting local economic development efforts, he said. “The top priority of our coaches is to help clients meet their business objectives,” Pezone said. “Our goal is to partner with clients so they can progress along the learning curve of business development, leading to business growth and/or expansion.”

Pezone said the Ithaca community is flush with progressive and innovative programs to serve local entrepreneurs. His hope is that BRM can augment these efforts.  “As members of the Ithaca community and Johnson School students – we want to do our part,” he said. 

Tristram Coffin, CEO of Alternatives, said the program will dovetail with the credit union’s efforts to reach people with small-scale, revenue generating enterprises. “Alternatives has a strong track record of helping businesses that were considered too small for other lenders.  Behind every small venture is someone's big idea.  By combining the knowledge and dedication of the Johnson School students with the infrastructure and experience of Alternatives, we can provide something of unique value that helps aspiring business owners in our community succeed," he said.

If you are a self-employed local resident, BRM may be just the right service for you.  Preference is given to applicants who meet the following criteria:

• Tompkins County resident (or place of business within or near the county).
• Income level less than 75% of the Tompkins County median income.
  
• Have a business that has been operational for at least six months.
  
• Have limited access to the formal financial system due to poor credit history, lack of credit history, or limited collateral.
  

For more information, e-mail the BRM team or call Mike Pezone, Director of Operations, at 607-255-5551.