Harlem Commonwealth Council Inc.

Filing Period

Jul 1, 2011 to Jun 30, 2012

Signed

May 14, 2013

Return Version

2011v1.5

Gross Receipts

$1,578,573

Mission

Major Activities

Activity 2

Educational and Training Programs - In support of the direct economic development initiatives outlined above, the organization conducts programs to provide training in the areas of adult literacy, office and computer skills, educational counseling, job training and readiness, business plan development, resume writing and other related training to prepare for work force entry/re-entry. Over 1,000 students have taken these courses and have been subjected to testing before and after completion. Retention rates exceed those required by government funding. Approximately 50 graduates of the new ventures entrepreneurial program have formed new businesses in the community and some have received loans through the federal entrepreneurial loan program (see 4C below).

Activity 3

Federally Funded Entrepreneurial Small Business Loan Program - The organization received a $677,000 federal grant to conduct a small business loan program to assist local enterprises in meeting capital needs and in creating new employment. Through June 30, 2011, the entrepreneurial loan program made loans totaling $427,000. It is estimated that 75 new jobs will be created after the first $427,000 round of loans are made. As loans are repaid, a new capital fund will be generated to continue his program. The organization is also to contribute matching funds. Revenues consist of interest earned on the loans and expenses represent payroll and administrative costs of conducting the program.

Filer

EIN

13-6271908