By DYLAN DEMARTINO
STAFF WRITER
The Concourse Group is an organization focused on social innovation and entrepreneurial development in the Bronx.
Originally started by two Fordham undergraduates, the Concourse Group is continuing to expand its microfinance and startup consultancy practice in conjunction with a Fordham Foundry partnership.
CEO Andrew Kingsly, GSB ’13, undertook a service learning project in the Bronx as a sophomore in order to become involved in the Fordham and Bronx communities after transferring from Louisiana State University (LSU).
The area of the Bronx near Fordham is chronically underserved when it comes to the availability of credit and services required for economic inclusion in the formal sector.
Despite the material wealth generally associated with New York City, the congressional district in the South Bronx (CD-16) is actually the poorest in the United States, with 40 percent of its populace living under the poverty line.
In general, one in five New Yorkers’ lacks sufficient access to financial services.
Kingsly and Concourse Group co-founder Anuar Juraidini gained some experience interacting with the individuals within the community.
They learned that there was a group of predominantly Latina women who were working toward objectives concerning social entrepreneurship.
It became unwieldy to match prospects with specialized credit unions.
Kingsly sought to institutionalize the process so that community based credit unions could be more efficiently connected to local individuals.
The Concourse Group seeks to rectify the dearth of strong credit unions focused primarily on local growth.
Kingsly noted the opportunity present to the Fordham community to aid in the positive development of Bronx businesses.
“We’re looking to bridge the gap between a tech startup and micro finance; doing that is not something I can do alone. It takes a university — this initiative has to come from a major community player like Fordham,” Kingsly said.
Involvement in the Concourse Group via the Fordham Foundry has proven to be an excellent supplement to the classroom experience and continued the important process of learning beyond the gates of the university.
A way for students to participate in Concourse Group activities is volunteering for its “Three Day Startup” seminars.
Entrepreneurs are immersed in an intensive 72-hour development environment in which development resources, food and a constructive pitch panel are provided to hone and augment the viability of local enterprises, much like a hack-a-thon.
Potential business can benefit from the resources and the human capital provided by the university.
Kingsly emphasized the value of the pitch aspect of the workshop, saying that it “benefits all involved because giving a pitch is an educational process and allows banks the opportunity to evaluate potential loan candidates. The Foundry also gets to examine potential partnerships.”
Several Fordham students are currently involved in the Group’s work.
Some are working as business fellows to learn more about the practice of microfinance development.
Other students are working via the Fordham Foundry in advisory roles.
Ross Garlick, GSB ’15, is operations manager of the Fordham Digital Business society (DBS) and the founder of Startup Fordham, a meet-up group for entrepreneurs that strives to foster collaborative activity in the Bronx and the wider New York area.
Garlick has served as a strategic adviser for the Concourse Group and in particular has been involved in planning its next “Three Day Startup,” which will occur this January.
“The Concourse Group project is a great way for the Fordham community to contribute in a meaningful way to the development of its neighborhood and its fellow residents,” Garlick said.
Daryl McCleod is a professor of economics and serves as a faculty adviser to the Concourse Group.
He has researched the impact of microfinance on community development and is enthusiastic about the Group’s potential to energize the local economy.
He notes in that the presence of a pronounced immigrant community in CD-16 creates a particular need for business development resources and credit.
Since one of the only viable options for many immigrants to succeed economically is to start their own businesses, the availability of credit is a crucial factor in their finding success, as well as effectively integrating into the formal economy.
Students interested in participating in the Concourse Group’s “Three Day Startup” this January should visit their website, http://www.concoursefund.org.
