Noah Sheinbaum, CEO
A Letter from Our CEO
As you well know, times are tough in our country, and New Haven is no exception. Many residents continue to find themselves out of work, without a stable source of income. Despite these challenging times, the entrepreneurial spirit is alive and well in the Elm City, and Elmseed is experiencing record numbers of inquiries from entrepreneurs at all stages of business development. Through our loans, consulting services, and business training classes, we are helping our clients achieve their entrepreneurial goals.
Over the past nine months, Elmseed has worked with over 85 clients seeking to start or expand small businesses. Some are lifelong entrepreneurs, while others see starting a business as an alternative to a fruitless job search. Some need individualized attention and support to craft a successful business plan, while others need fast access to capital to make their dreams a reality. Across the board, demand for our services continues to grow, and we have adapted to meet this demand. Just this past month we introduced a new product, credit building loans, to help individuals with no, or poor credit, enter onto a fiscally responsible path towards financial stability.
This year has been a series of firsts for Elmseed and our clients, and we are pleased to see the hard work and dedication of our staff and clients paying off. This past summer, for the first time in our organization’s history, we had three full-time summer managers, allowing us to maintain full operational capability over that time. We consulted with over 50 clients, in both Spanish and English, and successfully completed 22 client projects, including two loan applications. Thanks to their work, Andrew Young was able to purchase the HD video camera and computer he needed to launch Young Digital, a digital media production company. And Lisa Wigfall will be able to purchase the necessary equipment to open her gluten-free bakery, Healthy Delectables. With these additions, Elmseed’s loan portfolio expanded to 12 loans in the past 12 months, totaling $39,000. This simply would not have been possible without your support.
On the evening of Thursday, October 25th, we will gather staff, alumni, partners, clients, and supporters in New York City to celebrate Elmseed’s ten years of fostering business success in New Haven. This will be an opportunity for us to reflect on how far our organization has come, and to celebrate the success of our clients. We hope that you will join us to launch this exciting new tradition.
Whether or not you can make it, I hope that you will consider supporting Elmseed this year in whatever way you can. As a small organization with a small operating budget, Elmseed is able to ensure that at least 75 cents of every dollar we receive goes directly into the community as a microloan, to assist the people for whom it is intended. Thank you for your continued commitment to Elmseed and the people we serve.
Sincerely,
Noah Sheinbaum
CEO and Co-Executive Director
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To Learn More about Elmseed, Our Mission, and Our Clients, Please browse our 2011 Prospectus
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Please help us support small businesses and local New Haven entrepreneurs today. Your donation will enable Elmseed to give loans to more New Haven entrepreneurs, empowering individuals and promoting business development in the New Haven community. The money you give will be continue to cycle through the community; as loans are repaid, we are able to turn that money around and ensure that it goes right back to seeding another business.