Wealth Watchers Inc.

The BEST program will increase existing black business' revenue, job creation, and wages.  BEST will also create paths for start-ups to begin with more success.  BEST offers flexible loans using private funds, the rural microentrepreneur assistance program, the small business administration microloan program, and NeighborWorks investments for an Emerging CDFI.  Wealth Watchers has a network of support for businesses that include marketing, revenue opportunities, administrative support, mentoring, and access to a full spectrum of capital.  Wealth Watchers uses key partnerships and technology to create business to business relationships and competition for contracts from government and large employers.  Owners and/or key staff of participating businesses are exposed to basic business workshops and provided with creative content that is consistently presented to large businesses, government, and community consumers.  Closing and servicing the microloans in-house allow us to keep owners and key staff engaged in the technical assistance process to efficiently increase revenue and business success.  We leverage our nonprofit status and reputation to give businesses visibility and help them build relationships with government organizations and companies that are job producers and contract providers.  Our loan pool and networking approach allows us to provide needed services to our targeted BIPOC and women owned businesses. Wealth Watchers goal is to grow black businesses numbers and production by 15%.

The problems being solved are the low percentages of Black Businesses in North Florida, the low number of jobs per firm, the average pay per employee, and the lack of capital available for black businesses to access.  According to Brookings statistics on Black business in Jacksonville, Florida, there are 993 Black businesses, accounting for just 3% of employer businesses.  Black businesses create an average of 10 jobs per firm, compared to 20 for all businesses.  Black businesses pay their employees an average of $24,255, compared to $47,219 for all businesses. Blacks make up 30% of the population in Jacksonville, Florida which clearly shows a wealth gap as it relates to entrepreneurship.  Black business ownership is a proven path to wealth and job creation that concurrently stimulates the U.S. economy and improves cultural pride.  Overall improvement for Black businesses in Jacksonville, Florida will impact over 270,000 people with is representative of the Black/African American population.  The number and type of black businesses started, jobs created, and quality loans made directly tie the solution to the problem noted. 

The problems of a low percentage of Black Businesses in North Florida, the below standard number of jobs per firm, the average pay per employee, and the lack of capital available for black businesses to access align with the challenge.  The challenge is seeking solutions to move the needle for women and minority led businesses.  The problems we have presented directly impact the overall success of Black Businesses in the Jacksonville, Florida MSA.  Wealth Watchers targets the minority community as a whole which includes women and minority owned businesses.  The BEST Program focuses on minority owned businesses by offering a menu of technical assistance, services, and microloan capital. 

The Jacksonville, Florida MSA has an approximate population of 270,000 people with 3% of the businesses being black owned.  Increasing the number and performance of black businesses by 15% will have a positive impact on the black community and contribute to closing the racial wealth gap.  By continuing to engage black businesses to gain knowledge on what they need the solution can be modified to improve as the goal changes.  The BEST program provides real capital in the form of microloans and networking that creates business to business and revenue opportunities.  BEST targets businesses owned by women and/or African Americans.

The BEST Program is implemented in Florida and Georgia.

Wealth Watchers has a commitment to community.  The mission of Wealth Watchers Inc. is to build viable communities by expanding the knowledge of individuals for the purpose of understanding the importance of basic finance and the accumulation of wealth.  Our products and services are financially based from Homeownership to Small Business.  Our mission supports the sustainability and launch of small businesses which elevate women and minority owned businesses.  

The BEST Program short-term changes will lead to long-term impacts.  The Theory of Change is used to define outcomes and to identify inputs and outputs.  The inputs and short term changes include utilizing existing small business resources in the community to create positive outcomes that increase the success of black businesses.  According to Tynesia Boyea-Robinson President and CEO of CapEQ as part of a Brookings Institute study, fueling Black business growth is broader than just providing capital. It will require leaders in financial institutions, philanthropy, government, corporations, and investors to align and collaborate towards a clear set of goals that address systemic barriers.  The inputs and short term changes are the availability of business incubator office space from Beaver Street Enterprise Center; small business technical assistance from Wealth Watchers, Beaver Street, Black Business Investment Fund, SCORE, Jacksonville Women's Business Center, Veteran Center, and Small Business Administration; minority certifications from local government; networking opportunities from Jacksonville Chamber, Black Chamber, and Hispanic Chamber; and small business and microloans from Wealth Watchers, BBIF, LISC, and Self-Help Credit Union.  The link of all resources along with providing capital while exposing the women and black owned businesses to revenue opportunities from local government and viable companies to anchor growth will drive the overall increase of black businesses by 15%.

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Wealth Watchers serves the Jacksonville, Florida MSA.  Jacksonville is a city located in Duval County and St. Johns County Florida. Jacksonville has a 2020 population of 938,717. Jacksonville is currently growing at a rate of 0.98% annually and its population has increased by 14.04% since the most recent census, which recorded a population of 823,114 in 2010.  The female to male ratio is 51.58% to 48.42%.  The racial composition of Jacksonville, Florida is:

• White: 58.22%
• Black or African American: 30.95%
• Asian: 4.76%
• Two or more races: 3.64%
• Other race: 2.13%
• Native American: 0.23%
• Native Hawaiian or Pacific Islander: 0.06%

The stakeholders and key decision makers include business incubator, nonprofit lenders, financial institutions, CDFIs, and city and minority chambers.  An example includes the state government making funds available for minority businesses to nonprofits to make loan to black businesses.

The stakeholders and key decision makers include business incubator, nonprofit lenders, financial institutions, CDFIs, and city and minority chambers.  An example includes the state government making funds available for minority businesses to nonprofits to make loan to black businesses.  As an Emerging CDFI, Wealth Watcher BEST Program will engage with the State of Florida to use funds provided through the (www.FloridaJobs.org/BBLP) the Black Business Loan Program.  The BBLP provides loans, loan guarantees, or investments through Loan Administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions but who could otherwise compete successfully in the private sector.  The BEST Program continuously engages with black businesses in an effort to identify and meet the short term and long term needs resulting in higher performing black businesses with more wealth.

Wealth Watchers will leverage multiple sources of funding that includes LISC, SBA, USDA, NeighborWorks America, private funds, state and local government resources, and dollars from the Federal Home Loan Bank of Atlanta. Wealth Watchers will bring on qualified staff to increase lending and maintain relationships. Wealth Watchers will increase loan production using USDA totaling $500,000 in 2022 and $1,000,000 in 2023. Wealth Watchers will become a SBA microlender in 2022 and grow the SBA loan fund to
$1,000,000 in 2023. Along with the USDA and SBA, Wealth Watchers will request grants from its banking partners to grow a strong loan loss reserve in preparation for full CDFI certification and soliciting loan funds several sources. CDFI certification in 2023/24 will provide the status necessary for Wealth Watchers to solicit larger investments from current partners PNC Bank, Wells Fargo, Bank of America, TIAA Bank, Synovus Bank, and NeighborWorks. It is anticipated that a loan fund of over $5,000,000, will be established.

Trust requires ongoing communication that is genuine.  Wealth Watchers has been serving the Jacksonville, Florida MSA for over 15 years and is trusted by stakeholders and the community we serve.  From advisory groups to making microloans, Wealth Watchers has grown as an organization mostly based on positioned itself to meet the needs of underserved communities which include minority small business owners.  Wealth Watchers uses ongoing workshops, both face to face and virtual, to meet the busy schedule of the community.  Wealth Watchers consistently identifies resources and measures success based on true outcome that can be presented to the community served with pride.

Wealth Watchers developed a strategic plan with the following strategic goals that directly support sustainability and growth toward securing and maintaining CDFI certification.  

- Continue development services that complement financial products

- Gain CDFI TA award

- Increase number of staff

- Enhance staff expertise

- Improve technological efficiency

- Solidify supportive partnerships

- Increase loan portfolio

- Receive CDFI certification

- Explore expanding operations

We have been proactively working toward accomplishing the strategic goals. Wealth Watchers has been a USDA RMAP Intermediary lender for over 3 years with a loan pool of $500,000.  Wealth Watchers annually provides development services and lends. Staff size will be increased as training continues. Wealth Watchers secured funding through Tech Soup and the TRUIST foundation to improve technological efficiency by launching a Sharepoint system. We will continue to work with all partners to increase the loan portfolio. We are now working on the TA grant to compete so that we can meet the goal of gaining TA award on our way to CDFI certification.  

Wealth Watchers has an impressive history of delivering small business technical assistance to Jacksonville, FL. Mrs. Jo Ann Jones has 25 plus years of retail bank management, financial sales, customer service, and is a HUD certified counselor. Mrs. Jones is experienced in nonprofit operations and compliance. Jones will be key in managing loan processing and compliance as production increases. Mrs. Jones will coordinate back-office support and is integral in growing a CDFI operations. Mrs. Jones leads the development services with counseling.  Jo Jones is a graduate of Bethune Cookman University with a Bachelor of Science degree in economics.  Her community connections will allow Wealth Watchers to be extremely visible as we offer development services and financial products to the target market and target population.

Edward Gaston is a Community and Economic Development Specialist with more than 25 years’ experience in lending, bond financing, small business training, and community development.  Gaston founded Wealth Watchers in 2001 as a new organization with a vision for closing the wealth gap for BIPOC and low to moderate income families. The organization with a dedicated team has grown from a new organization to a NeighborWorks America affiliate with an exemplary rating. Mr. Gaston is entrenched in the community as an activist for equality and equity. Through financial education and lending, Mr. Gaston will lead the team responsible for production and funding the loan pool. Mr. Gaston has developed sustainable loan products for banks and is a licensed mortgage loan originator.

Wealth Watchers will use the award to employ qualified staff, complete training, and increase the loan fund. By increasing the loan pool, Wealth Watchers’ small business lending will increase substantially. We will continue to use the USDA funds and loan repayments to for lending and become SBA approved for continued capital to lend. Wealth Watchers will increase production over the next 12 months and apply for full CDFI certification within 18 months while continuing to meet the need of the target market.

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We would like a consultant to objectively review our solution (business model) and provide feedback.

We would like to work with a knowledgeable financial professional to ensure that our fund accounts are established so that they can be best leveraged.

We would like a review of our products to determine overall profitability based on loan processing, closing, and servicing.

Wealth Watchers will leverage multiple sources of loan funding from LISC, SBA, USDA, NeighborWorks America, private funds, state and local government resources, and dollars from the Federal Home Loan Bank of Atlanta.

Wealth Watchers will solicit larger investments for administration and loan fund from partners PNC Bank, Wells Fargo, Bank of America, TIAA Bank, Synovus Bank, and NeighborWorks.