WASHINGTON, Aug. 19, 2016 /PRNewswire-USNewswire/ -- On Monday, August 22nd, the U.S. Small Business Administration (SBA), W.K. Kellogg Foundation (WKKF) and Justine Petersen will announce a groundbreaking new partnership to expand access to entrepreneurial education and microloans for formerly incarcerated individuals, with a specific focus on those who are parents. The announcement will take place at 5pm EST at WKKF's Detroit office. Initial rollout for the initiative is planned for Detroit, MI, Chicago, IL, Louisville, KY and St. Louis, MO.
An estimated 60 percent of formerly incarcerated individuals remain unemployed one year after their release, raising the risk of recidivism and resulting in lost lifetime earnings. This cycle has major implications for American families as nearly half of all U.S. children have at least one parent with a criminal record. In 2015, SBA expanded its Microloan Program to small business owners currently on probation or parole. This partnership expands on that policy change to give parents the opportunity to generate income and create economic prosperity for their families.
Who: SBA Administrator Maria Contreras-Sweet WKKF President and CEO La June Montgomery Tabron Justine Petersen Founder and CEO Rob Boyle
What: SBA, W.K. Kellogg Foundation, Justine Petersen Partnership to Train and Support Returning Citizens Interested in Entrepreneurship
Where: W.K. Kellogg Foundation Detroit Office 28 West Adams Avenue Suite 1650 Detroit, MI 48226
When:5:00pm EST, August 22, 2016
ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)
The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012 has served as a Cabinet-level agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov
ABOUT THE W.K. KELLOGG FOUNDATION
The W.K. Kellogg Foundation (WKKF), founded in 1930 as an independent, private foundation by breakfast cereal pioneer, Will Keith Kellogg, is among the largest philanthropic foundations in the United States. Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life. The Kellogg Foundation is based in Battle Creek, Michigan, and works throughout the United States and internationally, as well as with sovereign tribes. Special emphasis is paid to priority places where there are high concentrations of poverty and where children face significant barriers to success. WKKF priority places in the U.S. are in Michigan, Mississippi, New Mexico and New Orleans; and internationally, are in Mexico and Haiti. For more information, visit www.wkkf.org.
ABOUT JUSTINE PETERSEN
Justine PETERSEN (jP) was created in 1997 to connect institutional resources with the needs of low-to-moderate income families and individuals in order to build assets and create enduring change. Furthering the legacy of St. Louis social worker Justine M. Petersen, jP partners with mainstream financial institutions, public entities and philanthropic organizations to impact the lives of families throughout the United States through credit building, home ownership and small business development. Learn more at www.justinepetersen.org.
Cosponsorship Authorization #16-6010-124. SBA's participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any cosponsor or other person or entirety, Al SBA programs and services are extended to the public on a nondiscriminatory basis.