Momentum 360: Financial Academy for Microenterprise
About the Program
Every thriving business needs a financial accounting system and proper financial records. That's why the City of Durham is collaborating with La-Tasha Best-Gaddy of Infinity Bridges, Inc. and Cherelle James of My Local CFO, Inc. to provide personal, high-quality financial education to local business owners.
Momentum Financial Academy aims to help microbusinesses create and organize their financial recordkeeping systems. For four weeks, you'll work side-by-side with a cohort of other microbusinessesto learn essential financial strategies. The program also includes confidential one-on-one counseling sessions where you can ask specific questions about your business!
Graduates of the program will have the opportunity to apply for up to $20,000 in grant funding that can be used for business-related expenses. Participants who do not have an established accounting system can also apply to receive a software subscription as part of the program.
Eligibility Requirements - What is a Microenterprise?
A microenterprise, also known as a microbusiness, is defined as a business that has five or fewer employees, one or more of whom owns the enterprise. Your business must be considered a microenterprise to be eligible for this program. Other requirements include:
Businesses located within Durham County
Business is currently operating
Business is for-profit, including but not limited to: sole proprietorships, independent contractors, and home-based businesses
Business is considered low-to-moderate income by the U.S. Department of Housing and Urban Development. Learn more here.
What You'll Learn
Recordkeeping and cash flow reporting
Tax planning methods
Business profit and loss projection
The ins and outs of accounting systems such as Quickbooks Online
How to improve the overall financial health of your business
Momentum Financial Academy will be conducted via online meetings from Oct. 18 – Nov. 10, 2022. We will meet on Tuesday and Thursday every week, and each session will last two hours from 8am - 10am. The cohort will meet in a virtual classroom setting, and each participant will have the chance for one-on-one interaction with the instructors as well.
Proud to Partner With:
Applications for the current cohort closed on September 18.