EDIT EDIT EDIT
Local Impact[]
We provide our services to aspiring entrepreneurs and small business owners throughout the Greater New Haven area, fueling the economic development of a historic city already in the process of rapid transformation.
New Haven, the second-largest city in Connecticut, witnessed a steep economic decline following World War II as factories closed and unemployment rose. It wasn’t until the mid-1990s that the city began to see real growth stemming from a focus on urban renewal. There is still, however, much progress to be made. New Haven has the second-highest poverty level in the state, with 26.7% of residents living below the poverty line, according to 2010 census data. A fifth of households earn less than $10,000 in income, and the city unemployment rate, though falling, remains consistently above the national average.
Elmseed works to promote the development of the Greater New Haven area by cultivating small businesses and supporting sustainable growth and economic self-sufficiency through entrepreneurship. By providing capital to those who would otherwise lack access to it and by offering the assistance of personally invested consultants, Elmseed empowers would-be entrepreneurs to realize their full potential.
As students of Yale University in the city of New Haven, we are equally invested in its development. We are members of the very same community in which we see our efforts yield real and tangible results: the opening of a new daycare; the expansion of a successful transportation business; the flourishing of a small Middle Eastern restaurant. The goals of New Haven and Elmseed are inextricably linked – to create jobs, promote sustainable and lasting economic growth. And to help individuals realize their dreams. It is our hope that together, we can achieve them – and, in doing so, shape a brighter and more prosperous future for New Haven.
Diversity[]
Elmseed‘s marketing is particularly targeted to underserved communities in New Haven’s diverse population. According to the US Census Bureau, in 2010 the New Haven County population was 67.5% non-Hispanic white, 15% Hispanic, 11.8% Black, and 3.5% Asian/Pacific Islander. The Hispanic populations experienced significant growth from 2000 with a 56.1% increase. The expansion of Elmseed’s client services department to include Spanish-speaking consultants has been an integral part of our minority outreach since 80.7% of Hispanics in the greater New Haven area speak a language other than English in their homes.
The poverty rate of the average neighborhood where New Haven’s Hispanic and Black communities live is 20.1% and 19.7%, respectively, as opposed to the 6.7% poverty rate in white neighborhoods. Minority representation in the business world is disproportionate as well, with the Hispanic community owning 4.4% of firms and the Black community owning 5% in New Haven. Elmseed aims to close business disparities and income gaps by tailoring its efforts to specifically target New Haven’s minority population. Currently, over 70% of Elmseed’s client base consists of minorities. We hope to continue our efforts to foster economic growth and to develop small business within these minority communities.