New York Professional Advisors for Community Entrepreneurs Inc

New York Professional Advisors for Community Entrepreneurs Inc, commonly known as NYPACE, is a 501(c)(3) nonprofit organization founded in 2002 by a group of finance professionals aiming to stimulate job creation and sustainable economic development in underserved communities[1][2]. The organization provides pro bono consulting services to local entrepreneurs, particularly focusing on minority and women entrepreneurs in the New York City metro area[1].

Mission

NYPACE's mission is to mobilize professional volunteers to support small businesses, addressing systemic challenges such as access to knowledge, networks, and capital. It offers customized solutions and individualized mentorship to entrepreneurs without charge[1][2].

Programs

• Flagship Program: NYPACE's primary initiative is a structured mentorship program that pairs entrepreneurs with teams of pro bono advisors for periods of 60 to 90 days. These teams focus on high-impact areas including market research, financial modeling, operations support, and strategic planning[2].
• Founders Forward Program: Launched in partnership with JPMorgan Chase, this program extends NYPACE's reach beyond New York City, supporting entrepreneurs in additional locations like Chicago[4].

Impact

NYPACE has established itself as a leading skills-based volunteer engagement program in the U.S., maintaining a corps of over 125 volunteer advisors. These advisors provide more than $1.5 million in consulting value annually, contributing to significant economic growth and job retention in local communities[2]. Over 90% of entrepreneurs supported by NYPACE are from underrepresented groups, and the organization reports that 92% of its entrepreneurs feel more confident in managing their businesses after completing its programs[1][2].

Corporate Partnerships

NYPACE collaborates with major professional firms such as BCG, Credit Suisse, EY, Goldman Sachs, JPMorgan Chase, PwC, RBC, and Warburg Pincus to provide strategic guidance to entrepreneurs[2]. These partnerships enhance the organization's ability to deliver impactful services and foster sustainable business development.

Structure and History

NYPACE incorporated in 2003 and received its nonprofit status in 2005. Initially operating as a fully volunteer organization, it began hiring staff in 2012 to manage growing operations effectively. By 2018, NYPACE appointed its first Executive Director, marking a significant step towards expanding its impact[1]. As of 2022, Ibrahima Souare leads the organization during its current growth phase, ensuring robust administrative practices and continued community engagement[1].

NYPACE aligns with the National Taxonomy of Exempt Entities (NTEE) categories of community improvement and capacity building[5]. The organization's activities are dedicated to empowering entrepreneurs, enhancing economic development, and fostering meaningful community partnerships.

[1] https://nypace.org/about-us [2] https://www.idealist.org/en/nonprofit/2a1fc8297df44a968583ebfd4d90dfad-new-york-professional-advisors-for-community-entrepreneurs-new-york [3] https://www.mightycause.com/organization/New-York-Professional-Advisors-For-Community-Entrepreneurs [4] https://nypace.org [5] https://projects.propublica.org/nonprofits/organizations/201538491