Training and Technical Assistance

Small Business Academy

Financial Literacy Training

Proficiency in the basic tenets of finance and budgeting as well as fundamentals of the U.S. banking system is highly advantageous for for small business entrepreneurs desiring long-term success. In order to participate in the IDA and Microloan programs, the Economic and Development Institute requires the successful completion of our 6-hour Financial Literacy course. The course is designed to provide clients with a comprehensive view of personal savings, hands-on budgeting and expense tracking. In cases where participants require English language assistance, language-specific classes in clients' major linguistic groups are scheduled (Spanish, Somali, Arabic, Amharic, Russian). One-on-one language support is also made available from one of our bilingual staff members. Successful completion of the class is contingent upon scoring 80% or higher on the post-test and the creation of a realistic budget. The Institute assesses a $25 training fee for class participants.

Microenterprise Development Training

Graduates of the Financial Literacy course who are interested in starting their own microenterprise move on to Microenterprise Development training. Participants without documented business business education or experience are required to complete this 24-hour course using a curriculum entitled "Self-Employment: From Dream to Reality" to determine their fitness as an entrepreneur. Additionally, this course teaches how to define and communicate the business concept, choose price points, understand profitability, analyze competitive trends, manage cash flow, determine legal structure, understand insurance requirements, and obtain licensure. Students also develop a business plan. Like all of the Institute's programs, courses in Microenterprise Development Training integrate principles of Vocational English as a Second Language. One-on-one support is available from one of our bilingual staff members as necessary. Successful completion of the class is contingent upon scoring 80% or higher on the post-test and the development of an acceptable business plan and two year cash flow projection. ECDI assesses a $75 training fee for class participants.

Home-Based Childcare

This training is designed to address the additional certifications, financial planning, and paperwork involved with starting and maintaining a home-based daycare. It guides the participant through the business planning process, highlights state guidelines and regulations for home-based day cares, directs childcare providers in the development of a contract and other necessary forms, and connects childcare providers with governmental resources for their business, including information regarding state licensing. The training will also guide the participant through the process of creating a structured program and a safe and suitable home childcare environment. ECDI assesses a $25 training fee for class participants.

Food-Based Business Training

Like childcare businesses, there are unique legal challenges and technical aspects of running a food-related business and selling packaged or prepared foods to the public. In order to address these issues, with SBA PRIME funding, ECDI facilitates clients access to online food business courses offered by Rutgers Food Innovation Center (FIC). Rutgers FIC offers three courses for food entrepreneurs, including "Food Business Basics", "Growing Your Business", and "Farmers' Markets Best Practices". Training fees vary, refer to class schedule.

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