Program Update
Santander’s Cultivate Small Business
Santander’s Cultivate Small Business program is designed to help early-stage entrepreneurs, especially women, Black, Indigenous, and People of Color (BIPOC), working to build and sustain food-related businesses in diverse neighborhoods. ICIC is one of Santander’s strategic partners in the initiative, which also includes Babson College and CommonWealth Kitchen.
2023 Impact Snapshot: Cultivate Small Business
Santander’s Cultivate Small Business provides entrepreneurs with the key ingredients for success in their businesses, including 12 weeks of industry-specific education, professional networks, and mentoring as well as capital grants. Since launching in 2017, the initiative has offered eight cohorts that have engaged more than 450 participants.
170
Number of participants
76%
Low and/or Moderate Income (LMI)
75%
BIPOC-owned/led businesses
78%
Woman-owned/led businesses
Alumni Spotlight
“Participating in a program that provided such a thorough and detailed curriculum and content was one of the most fulfilling experiences and time well spent. Every topic was explored in a very open and honest manner. The issues that mattered most to construction businesses were highlighted on a consistent basis. The material shared with the class reinforced the subject matter and allowed us to take a deeper dive on our own time. The material is still available today as a valuable resource to us all. Every single class focused on key topics and matters that resonated. We were also paired with a mentor who I stay in touch with on a consistent basis. He provides constructive feedback and reassures me of the strength and stability of our operations. It is so important to have a person to voice opinions and concerns to. We now have the knowledge that can generate millions, so thank you ICIC and BFG for the great work you are doing for the small business community.”
Pattanan Mint Ketthin, Founder and CEO
Rootastes
Boston, Massachusetts
therootastes.com
Santander’s Cultivate Small Business Cohort 2 (2018)
“Before the CSB Expert Session on cost of goods sold (COGS) with Al Kanbar, I was going into way too much detail in my COGS calculations, in a way that was both unwieldy and impractical. Al quickly broke down that I was deep in the weeds and needed to pull back to a more holistic approach. With his invaluable advice, I reorganized my chart of accounts and streamlined my financial reporting; now I actually generate useful data and have won back countless hours of my time to focus on building my business in other ways.”
Nima Etemadi, Co-Founder and CEO
Cake Life Bake Shop
Philadelphia, Pennsylvania
cakelifebakeshop.com
Santander’s Cultivate Small Business Cohort 6 (2022)