Today we’d like to introduce you to James Peterson.
Hi James, thanks for sharing your story with us. To start, maybe you can tell our readers some of your backstory.
My partner and I had a flooring company in Philadelphia that we moved to Baltimore in the late 90’s. We grew that company and the manufacturing company was sold in 2011 and the installation company was sold in 2013.
After the companies were sold, I became a SCORE mentor, sharing my entrepreneurial knowledge so that people who had the same upbringing that I had and are now trying to start a business, could avoid all of the mistakes that I made.
In 2015, after the Freddie Gray incident, I was chosen to fill a position created by the city of Baltimore, that entailed me going into the most violent parts of Baltimore to work with the people in those communities to understand what it takes to start and run a business and to build equity and understanding in those communities.
When I created the 0 to 100 Small Business Accelerator, I needed a partner and that partner was M&T Bank. After partnering with M&T Bank for several years, a position with M&T Bank opened up and I was asked to apply. I now work for M&T Bank in the capacity of VP Small Business Ambassador. My primary responsibilities are to engage, educate and empower minority and women business owners.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
The road has been anything but smooth. Working with underserved, minority small business owners in Baltimore is deeply fulfilling, but it comes with some very real and complex challenges. One of the biggest is access to capital. Many of these entrepreneurs don’t have personal or generational wealth to fall back on, and when they go to traditional banks, they’re often turned away due to credit issues, lack of collateral, or thin financial histories. Some end up resorting to high-interest loans or predatory lenders, which can do more harm than good.
In my accelerators I incorporated a pitch competition that provides un-encumbered start-up / growth funds. Another way that I have found to be more helpful when it comes to lending is to partner with CDFI’s (Community Development Financial Institutions) to be able to provide an alternative to traditional lending criteria.
Another challenge is breaking the “Hustler” mentality. Many in these communities know how to work hard and many are good at making money, but it takes more than that to build a sustainable, scalable business. Building sustainable, scalable businesses can’t be done alone, you will need help from others in the economic ecosystem, that help may include, financial help, technical assistance, resources and mentorship.
As you know, we’re big fans of you and your work. For our readers who might not be as familiar what can you tell them about what you do?
I work for M&T Bank. M&T Bank is a regional bank that is headquartered in Buffalo, NY and has a very strong presence in Buffalo, NY and Baltimore, MD. due to their partnership with each cities professional football team.
M&T Bank prides itself on being a community bank. My roll was created to assist with our community relations and partnerships.
What I’m most proud of is the creation of the small business accelerator. Myself and a couple of other M&T Bank employees developed what was known as 0 to 100 small business accelerator and now is known as Multicultural Banking Small Business Accelerator. We have now graduated over 500 small businesses in the Mid-Atlantic area alone.
What sets me a part from others is that, just a few years ago, I was in the same space that many of the people we help everyday, is in now.
What has been the most important lesson you’ve learned along your journey?
It is extremely difficult to be successful all by yourself.
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