EforAll receives enterprise zone contribution designation

LONGMONT — The Colorado Economic Development Commission has approved a North Metro Enterprise Zone Contribution Project designation for Entrepreneurship for All (EforAll).

Enterprise zone contribution projects encourage community participation and public/private partnerships resulting in job creation or retention and business expansion to revitalize enterprise zone areas. Colorado taxpayers making financial contributions to these projects earn tax credits by contributing to these targeted efforts.

EforAll is a small-business/non-profit accelerator fostering entrepreneurial growth. The organization’s approach is predicated upon the understanding that under-networked and under-funded groups face barriers to entry into entrepreneurship that impede their success. The heart of EforAll is a year-long business accelerator that starts with a 12-week intensive program covering a wide variety of critical aspects of starting a new business.

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With the Longmont launch, currently planned for later this year, EforAll’s goal is to support the local community, specifically marginalized populations, in launching local businesses and nonprofits that benefit the community. Its business support practices, from its accelerator program to its mentors, will give individuals the opportunity to launch ventures they would otherwise not be able. Its three-year goal for the Longmont program is to launch 75 small businesses in Longmont.

Based in Massachusetts, EforAll brings to Longmont a track record of success, having launched 349 startups that have raised $20.9 million in capital, generated $18.8 million in revenue, and created 626 jobs. EforAll focuses its efforts on fostering entrepreneurship in marginalized communities (women, minorities, immigrants, unemployed/under-employed). To date businesses launched out of EforAll are 73 percent women-owned, 57 percent minority-owned, 53 percent immigrant-owned, and 59 percent owned by previously unemployed or under-employed individuals.

“Receiving Enterprise Zone Contribution Project designation is a big win for EforAll,” said CEO David Parker. “Through public and private funding, we want to ensure our program will be launching businesses in Longmont for many years to come.”