The City of Palm Springs is pleased to announce plans to invest in a Small Business Entrepreneur Pilot Program with the Caravanserai Project, a new Small Business Development (SBDC) Center in Palm Springs powered by the Orange County/Inland Empire SBDC Network.
The name Caravanserai is a metaphor for the project’s mission to provide a safe space for entrepreneurs to get the support they need and continue their journey forward. A Caravanserai was a well-known meeting place along trade routes from Asia to North Africa to Southeast Europe.
The new pilot program will provide business training and access to capital to early-stage entrepreneurs from historically underserved communities such as women, LGBTQ, Veterans, African Americans, and Spanish-speaking populations, including immigrants regardless of their legal status, and persons with disabilities who traditionally face ongoing discrimination and barriers to opening new businesses. The goal is to provide financial security, economic mobility, and systemic change.
“One crucial insight gained by the Caravanserai Project through its work with diverse entrepreneurs is the paramount significance of capital accessibility for small business owners in historically underserved communities. While technical assistance, workshops, coaching, and network access are unquestionably valuable, their impact is limited,” said Mihai Patru, Caravanserai Executive Director. “The synergy of financial backing and business support is the catalyst that propels these entrepreneurs towards success. The City of Palm Springs’ dedication to investing in local small, minority, and diverse businesses is poised to create a lasting positive effect on our business ecosystem, laying a robust foundation for its sustained growth. We are proud to work together to turbocharge and innovate the local small business ecosystem.”
Program applicants must participate in a four-month business program and meet certain eligibility requirements. Upon completion, entrepreneurs will receive capital assistance for early-stage business planning and development that will help them take the next steps in establishing their business presence within the community.
“The City of Palm Springs is committed to doing all we can to support small business entrepreneurs, particularly those from underserved communities who have long faced obstacles,” said Mayor Jeffrey Bernstein. “This new pilot program is a step in the right direction when it comes to ensuring Palm Springs is a place for everyone who wants to start a new business,” noted Bernstein, who added City Hall recently expanded its economic development efforts through the hiring of a new Chief Economic Development Officer, Business Administrator, and formed a Business Retention & Economic Development Subcommittee that created new commercial business districts as well as actively promotes the City’s small, locally owned, and unique businesses.
The new center, which opened on February 16, is located at 2150 E. Tahquitz Canyon Way in Palm Springs. For more information about the program, visit www.caravanseraiproject.org.
