What does NBW mean in BUSINESS
NBW is an abbreviation for Neighborhood Business Works. It is a program established by the U.S Small Business Administration to assist and support primarily low-income neighborhoods in promoting economic development through the creation of businesses. The NBW was created in 1994 to spur job growth, business start-ups, and stability in areas that have suffered from disinvestment and have higher rates of poverty and unemployment.
NBW meaning in Business in Business
NBW mostly used in an acronym Business in Category Business that means Neighborhood Business Works
Shorthand: NBW,
Full Form: Neighborhood Business Works
For more information of "Neighborhood Business Works", see the section below.
Program Details
The NBW program provides loans, grants, technical assistance, business training courses, counseling services, and much more to potential business owners interested in developing a business plan or starting their own venture. Loans are available for up to $750,000 with no upfront fees while grants can be used for operational costs such as marketing materials or equipment purchases. Technical assistance includes one-on-one advice from experienced business consultants who help entrepreneurs with structuring their small business plan and formulating legal documents such as contracts or incorporation filings. Business training courses provide information on different aspects of entrepreneurship such as accounting basics or venture capital financing. Finally, counseling services include mentorship opportunities as well as monthly group workshops with topics ranging from marketing strategies to website development.
Benefits
The NBW program encourages budding entrepreneurs to take advantage of the resources made available by the SBA in order to establish profitable businesses within disadvantaged communities. Not only do these local businesses create jobs and bring money back into the local economy but they also provide social benefits such as connecting neighbors with community groups and fostering relationships between local stakeholders which in turn helps lead to positive socio-economic change. Furthermore, since all these resources are offered at no cost (or little out of pocket cost) individuals who otherwise would not have been able to pursue their entrepreneurial dreams now stand a chance of success due largely in part to the NBW program.
Essential Questions and Answers on Neighborhood Business Works in "BUSINESS»BUSINESS"
What is Neighborhood Business Works (NBW)?
Neighborhood Business Works (NBW) is an initiative sponsored by the City of Philadelphia that encourages economic development in targeted commercial corridors across the City. NBW prioritizes investments to businesses, commercial property owners, and developers, to help create vibrant neighborhood centers.
What types of projects does NBW provide funding for?
NBW provides funding for a wide variety of projects, including business expansion or relocation, building renovations and expansions, purchase and repair of vacant properties, business incubation and technical assistance programs.
How do I apply for an NBW grant?
To be eligible for a grant from the NBW program you must first submit a pre-application. If your pre-application is approved then you will be invited to submit a full application which will be reviewed by the Program Manager(s). You can find more information on the program website at www.phila.gov/nbw or contact us directly here (contact info).
Is there a minimum or maximum amount awarded through the NBW program?
Yes, NBW awards grants ranging from $15,000 to $300,000 based on project scope and financial need.
Are there any eligibility restrictions for an applicant receiving funds from NBW?
Yes, all applicants must be non-profits or for-profit businesses located within one of Philadelphia's target neighborhoods. Additionally, applicants must demonstrate that their activities are consistent with Philadelphia's priorities as defined in its Five Year Plan. More information on eligibility requirements can be found here (eligibility link).
How long does it take to receive an award after submitting my application?
Generally speaking it takes 4-6 weeks to review applications; however this timeframe may vary depending on the volume of applications received as well as other factors such as complexity of project proposals. Once your application is accepted you will receive notification via email regarding next steps in the process. For more information please visit (link).
Is it possible to extend my project timeline if necessary?
Yes, requests for extensions can be submitted in writing at least 30 days prior to the expiration date listed on your award agreement letter. Extensions are considered on a case-by-case basis and may require additional documentation such as progress reports to verify completion of specific tasks outlined in your award agreement letter. Please note that any changes pertaining to your project scope or budget must also be submitted in writing within 30 days prior to expiration.
Can I submit multiple applications under one account?
Yes, multiple applications may be submitted under one account; however each application must contain unique details related to specific projects or programs being proposed. Additionally, each application should include feasible timelines and reasonable budgets commensurate with proposed activities.
Final Words:
In conclusion, Neighborhood Business Works (NBW) is an innovative program funded by the SBA designed to promote economic development within lower-income neighborhoods through helping aspiring entrepreneurs gain access to vital resources such as grants or technical consulting services at minimal cost. By connecting local individuals with invaluable knowledge and resources needed for starting a successful business venture NBWs aims to combat poverty and high unemployment rates while simultaneously creating jobs within struggling communities across America.
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