SOMO Project

The SOMO Project is a U.S. based 501(c)3 nonprofit organization that supports sustainable growth and job creation for micro and small businesses in marginalized communities.

Mission

The organization's mission is to identify, train, fund, and mentor entrepreneurs from low-income urban communities, empowering them to drive social change by building sustainable enterprises. It emphasizes providing long-term partnerships and resources to help local leaders establish scalable businesses that address community-specific challenges[1][3].

Program Components

• Entrepreneurship Training: The SOMO Project offers a rigorous training program designed to equip entrepreneurs with essential business skills. This includes a 12-week Entrepreneurship Bootcamp where participants receive comprehensive education on business fundamentals[3].
• Mentorship and Capital: Beyond training, the organization provides early-stage grants and later-stage growth capital in the form of loans. This financial support is crucial for the development and expansion of businesses[3].
• Market Access: SOMO facilitates market access assistance, connecting entrepreneurs with local and international markets to ensure the viability and growth of their ventures[3].
• Networking Opportunities: The organization fosters networking and growth partnerships, allowing entrepreneurs to build networks and collaborate with other businesses and stakeholders[3].

Impact and Focus

SOMO's focus is on empowering local entrepreneurs to create self-sustaining businesses that solve specific problems in their communities. The organization measures its success by the economic and social impact these businesses have, as well as the number of entrepreneurs trained and supported[3].

Financial and Legal Status

SOMO Project is registered as a 501(c)3 nonprofit organization with its operations categorized under international relief and foreign affairs. The organization's financial operations primarily rely on contributions, which make up the majority of its revenue[4]. Donations to the organization are tax-deductible.

Leadership and Governance

The organization's leadership includes a Board of Directors with members from diverse backgrounds. While there is no publicly available information on recent formal assessments of its governance practices, SOMO continues to operate with its mission of supporting entrepreneurial development in marginalized communities[5].