Synergies Work Partners With Synergies SEED Fund To Empower Disabled Entrepreneurs With Access To Capital

CareSource provides first Synergies SEED Fund grant of $100,000; qualifying entrepreneurs can join wait list for loan consideration now

ATLANTA, Feb. 14, 2024 /PRNewswire-PRWeb/ -- Synergies Work, a nonprofit supporting entrepreneurs with disabilities, announced today its affiliation with Synergies SEED Fund, a new 501(c)(3) community development financial institution (CDFI) offering loans to disability-led businesses. Synergies SEED Fund is dedicated to addressing the unique financial challenges faced by entrepreneurs with disabilities. Qualifying entrepreneurs can join the wait list for loan consideration now.

Synergies Work, the largest startup hub in the United States for disability-led businesses, has served over 300 founders to date through its Impact Grants and comprehensive pre-incubator, incubator, and accelerator programs.

"Often due to barriers in the labor market, people with disabilities are more likely to start their own business compared to their non-disabled peers, but are also more likely to fail due to lack of support," said Synergies Work Founder and CEO Aarti Sahgal. "Our affiliation and close collaboration with Synergies SEED Fund will give its loan recipients full access to our services, including award-winning programs, mentor matching, and personalized coaching to place them on a trajectory for success."

Synergies Work also strives to bring awareness to the intersectionality of people of color, women, and disability. For example, at the national level, Black people have a disability rate up to 2.5 times higher than white people. To date, 54 percent of Synergies Work program participants have been women and 46 percent have been people of color.

CareSource Is First Grant Provider

The first organization to support the mission of Synergies SEED Fund is CareSource with a grant of $100,000.

CareSource is a nonprofit, nationally recognized managed care organization administering one of the largest Medicaid managed care plans with over 2.3 million members. The organization is working to transform healthcare through innovative programs that address social determinants of health, health equity, prevention, and access to care.

"We are proud to support entrepreneurs with disabilities in turning their ideas into thriving businesses that contribute to economic stability for them, their families, and their communities," said Jason Bearden, Market President, CareSource Georgia. "When we expand the range of creativity, innovation, and problem solving in business, we help support the development of inclusive products and services that address unmet needs."

Other organizations interested in providing grants for loans through the Synergies SEED Fund can visit www.synergiesfund.org to learn more.

Why The Synergies SEED Fund Is Vital

Disabled founders often experience difficulties financing new startups due to limited personal financial resources which, in turn, are partly due to barriers to education, lower employment rates, and the concentration of disabled employees in low-paid occupations; poor credit ratings after long-term benefit receipt; disinterest/discrimination on the part of many banks; and lack of accessible information on sources of grants and loans.

For example, households with a disability were three times as likely to be unbanked as households with no disability, and 40 percent have no mainstream credit.

Traditional loan systems often exclude disabled individuals, particularly those burdened by medical debt and low credit scores. This not only hampers access to financing but also increases the cost of borrowing using high-interest rates and unfavorable terms.

"This financial hardship limits opportunities and traps talented individuals in a perpetual economic disadvantage," said Synergies Work's Aarti Sahgal. "We're committed to breaking this cycle, with the purpose of the Synergies SEED Fund rooted in the mission of fostering independence and the belief that talent knows no bounds."

Synergies Work's partnership with Synergies SEED Fund is just one of numerous momentum leaps the nonprofit has taken over the past year, which saw its inaugural EDDIE Awards, the only event in the US celebrating the achievements of disabled entrepreneurs; and the rollout of Synergies Market, an online venue featuring products from over 20 disability-owned companies.

The 2nd annual EDDIE Awards will be held on April 11 in Atlanta. Further details on this year's event, including finalists and ticket availability, will be announced in coming weeks.

This short video provides a look into the Synergies Work story and mission.

About Synergies Work

Synergies Work is the largest startup hub in the United States for disability-led businesses that has served over 300 founders through its accelerator and incubator programs. By supporting founders at every stage of their journey, it is building an entrepreneurial ecosystem for disabled founders to thrive. With the mission of building one world where people with disabilities belong, Synergies Work is a catalyst for economic mobility. It spurs innovation, fuels growth, and guides entrepreneurs and small business owners with disabilities toward success. Its approach is based on a fundamental belief that all individuals have boundless talent, an inherent curiosity to explore, and a passion to succeed.

Synergies Work has received the Dave Hammis Innovation Award from the APSE (Association of People Supporting Employment First) and received 2nd Place and Audience Favorite grants from Truist Foundation's Inspire Awards. The nonprofit is also part of the Moonshot Initiative in partnership with SmartJob and Enable Ventures which was announced at the Clinton Global Initiative. For more information on Synergies Work, visit www.synergieswork.org or contact the organization at [email protected].

Media Contact

Kathy Berardi, Synergies Work, 1 6786444122, [email protected], https://synergieswork.org/ 

SOURCE Synergies Work