Providing Essential Resources to Grow Local Business: The Boston Public Library Fund

In celebration of Financial Literacy Month, we interviewed some of our Nasdaq Foundation partners and grant recipients about their roles, backgrounds, and the importance of their work in helping promote financial literacy across communities. We spoke with Dr. Allana Da Graca, Entrepreneur in Residence for the Boston Public Library Fund, on the importance of financial literacy in growing new and local business.

Tell us about The Boston Public Library’s (BPL) Entrepreneur-in-Residence program. What is its core mission?

The central goal of the Entrepreneur-in-Residence (EIR) program is to support the needs of founders with foundational tools to develop a growing business. According to the Boston Small Business Report, there are more than 40,000 small businesses in the city of Boston. With that in mind, Boston has a growing base of start-up founders. Unfortunately, accelerators, think tanks and master minds reserved for academic elites often can lead to rising entrepreneurs feeling levels of isolation and despair when starting a new business. The Boston Central library can provide a solution to that challenge, with complimentary coaching sessions offered to a diverse array of Bostonians.

 

What does Financial Literacy Month mean to you? How has the Boston Public Library helped elevate financial literacy across Boston?

 

Financial Literacy month is essential to keep in mind because America is a nation of innovators. Now more than ever, it is crucial to understand financial fundamentals (budgeting, saving and debt management) that individuals need to navigate economic terrain effectively. Unfortunately, financial literacy is one skill that varying communities still struggle with. Providing opportunities to leverage earning power can change the trajectory of a family. 4.4 million individuals left their jobs during the pandemic and some of these individuals decided to launch an entrepreneurial endeavor. The Boston Public Library has been the conduit for new entrepreneurs to strengthen their financial aptitude.  

 

Patrons from varying backgrounds utilize the BPL to connect their dream with pragmatic resources to turn their ideas into viable businesses. The #KBLIC alcoves, online resource tools, complimentary office hours and INNO lab provide rich opportunities for developing entrepreneurs and professionals with tools to solve complex challenges. The EIR program has supported entrepreneurs with the fundamentals of budgeting, ideation and the designing of one page business plans.  

 

What impact has the Nasdaq Foundation’s Grant had on the Boston Public Library? What does the grant mean to you as the inaugural Entrepreneur-in-Residence?

 

The Nasdaq Foundation’s Grant of the EIR program has had a phenomenal impact on the lives of participants. As the EIR, it has been wonderful to see the high level of engagement, transformation and business growth of those who use the service. Their shared stories speak for themselves!

 

 

 

This library was fundamental to my growth from my early years in high school, to the moments I initiated my journey into entrepreneurship as an adult. There is a spectacular feeling that happens when a patron who first came into business coaching with only an idea, returns to tell you they have designed a business, launched a website and garnered their first earnings as a new business owner. I have also witnessed countless individuals proclaim their satisfaction with #KBLIC and the opportunity that there is a place for them to flush out new ideas and launch them.

 

Can you share one or two stories of your time as the Entrepreneur in Residence?

 

Kelly Carvalho came to #KBLIC to design a business around health and wellness. We worked together to decide the best way to streamline her 15 years of expertise. We were able to systematize her knowledge into online and offline coaching packages that would allow her to help individuals create life balance with nutrition and movement. Her eyes light up every time she comes to see me as she highlights something new that she learned from our time together. She is setting up to launch her revised programs this summer.

 

Another patron owns an ice cream shop. She came into the library to learn about digital marketing. We really took the time to learn about the amazing moments people have in her shop and designed some strategic ways to leverage the excitement of this ice cream shop that sits on a farm.

 

What is next for you?

 

I have enjoyed my time as the inaugural EIR at the Boston Public Library but as an entrepreneur, I am looking forward to serving my clients and gearing up to host a speaking series about my self-published book, Upgrade My Life and Biz. It is one of my goals to encourage individuals who desire to be entrepreneurs, to provide them with tools and tips to see their progress daily. Thank you to the Nasdaq Foundation and the BPL FUND for making this opportunity possible.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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