M&T Bank has stepped up in support of the Buffalo operations of Entrepreneurship for All (EforAll), a national nonprofit that works in communities across the country to accelerate economic and social impact through inclusive entrepreneurship. M&T has announced that it has committed $300,000 towards the Buffalo chapter of EforAll, which will be allocated over the course of three years, along with additional support by M&T employees who will serve as mentees.
The infusion of funding will be used to help historically underserved communities to start and grow their businesses. The local effort is bolstered by a partnership between EforAll and the Buffalo Niagara Medical Campus (BNMC), which resulted in EforAll opening a Buffalo office in 2021. Participating entrepreneurs now have access to many of the resources (including networking and business development) required to establish themselves in their respective markets – something that might have previously been out of reach for many of them.
“When starting a business, people often rely on their network for connections to information and resources that help them navigate the ambiguity that accompanies entrepreneurship,” said M&T Western New York Regional President Eric Feldstein. “Many people in our community find themselves at a disadvantage because they don’t have that experience in their social circle – and disproportionately these would-be entrepreneurs are from diverse racial, ethnic, or cultural backgrounds. We’re committed to making a difference in people’s lives and helping entrepreneurs pursue dreams of starting businesses that uplift our community. Our collaboration with EforAll will help ensure every Western New Yorker knows entrepreneurship is attainable and there’s support available to help them throughout their journey.”
Each entrepreneur that participates in the 12-week program is expected to meet with his or her mentors (three per mentee) for at least 90 minutes per week. After that initial round of programming ends, the meetings are held once a month, as the entrepreneurs begin to spread their wings.