- By Karl Graham
- Business & Technology
Print 
Business CENTS (Community Enterprise Networking and Training Services) is a small business development program that offers "how to" business training courses, seminars, one-on-one business counseling and marketing support for people interested in starting or expanding a business. In 1995, the City of Ithaca started this program (then called Community Enterprise Opportunities, or “CEO”), with Alternatives taking it over in 1998 and renaming it Business CENTS. Since 1998, over 750 individuals have attended Business CENTS' popular training course “Getting Down to Business.”
In the last 10 years, Business CENTS has blossomed into a go-to place for local people with dreams of starting their own business to learn, network – and for many participants – see their dreams realized.
Sarah Steinkamp, owner of Fancy Free Free-Range Eggs, says: “I feel like for the first time everyone I know is rooting for me to succeed. Everyone I talk to at the Credit Union is gung-ho about what I am doing. I have used other financial institutions and no one there offered to be a cheerleader for me, help me figure out the financing, and coach me through the first year. Thankfully there is Alternatives.” Steinkamp is both a CENTS and IDA participant. Adds Stacey Mojo of Recycled Threads: “The CENTS classes helped me take baby steps instead of my usual ‘leap’ into something. I had a wonderful experience in the program, and the CENTS director helped to solidify my business plan.”
Individual Development Accounts (IDAs) are special savings accounts designed to assist low-income people on their path toward asset ownership through matched savings and financial education. IDAs reward the monthly savings of people who are trying to buy their first home, pay for college or start/expand a small business.
Since 1998, Alternatives has partnered with local organizations (Challenge Industries, Tompkins Community Action and Department of Social Services), as well as with NYSERDA (New York Energy Research and Development Authority) to offer IDAs for low-income people saving for energy efficient repairs and appliances.
Recently, Alternatives was awarded a grant from the federal Assets for Independence program that allows Alternatives to offer IDAs to more people. For every $1,000 the IDA participant saves in this program, Alternatives matches that with $2,000 of federal and private funds. The First Home Club IDA was recently changed from 3:1 to 4:1 – members with $1,875 in savings can now receive up to $7,500 in matching funds.
IDA participant Rima Shamieh used her savings for graduate school: “My IDA experience was just incredible. After accruing thousands of dollars in debt from student loans from when I was an undergraduate, I was determined to do all I could to stay out of debt for when I continued my education. The IDA really helped. I feel so much better prepared to build equity and save for my future.”
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