The Foundry, a joint effort between Fordham and New York City’s Department of Small Business Services (SBS), provides a collaborative space in which Fordham students, alumni, and staff, as well as other entrepreneurs, can launch small businesses and access NYC Business Solutions services. The Foundry’s mission is explicitly linked to job creation in the Bronx, and a connection to the private sector is integral to that.

Donna Rapaccioli, Ph.D., dean of Gabelli, said that partnering with corporations like BNP Paribas is vital to the University’s neighborhood outreach efforts and to the success of the Foundry. “A big part of what the Fordham Schools of Business do is to create bridges between the academic world and the corporate world, and between the academic world and the community. So for us, this is creating a triangle that really is at the heart of what we’re trying to achieve,” she said.

Jean-Yves Fillion, CEO of BNP Paribas North America, said that BNP’s commitment to local communities, in this case the Bronx, is what attracted the bank to Fordham and to the Fordham Foundry. BNP Paribas decided last year to deepen its regional approach to corporate social responsibility initiatives, and with its largest operations in the New York City area, the Bronx was a natural fit. 

“The Fordham Foundry’s goal to create businesses that remain in the Bronx, sparking economic growth and job creation, is directly aligned with BNP Paribas’ commitment to social inclusion, diversity and education,” Fillion said.

The arrangement with the Foundry is just the beginning of Fordham and BNP Paribas’ partnership. “We envision leveraging the talents and skills of our philanthropic-minded employees to provide technical assistance to the Foundry on a voluntary basis. The Foundry is a natural fit for BNP Paribas’ employees, given the overlap between banking, job creation, and business,” Fillion said. “We are inspired by the clear goals of Fordham University’s leaders, and we look forward to exploring other complementary ventures as well.”

Foundry Co-director Christine Janssen-Selvadurai, Ph.D., director of the entrepreneurship program at Gabelli, said she looks forward to the one-on-one relationships that will develop as a result of the partnership. BNP Paribas employees will volunteer their time as mentors. In addition, there will be opportunities for BNP employees to become fellows with the Foundry, and there are also plans to establish an executive education program they can take advantage of.

“We both look at this as a long-term partnership and not just a one-off. There are so many angles and so many different paths we can take,” Janssen-Selvadurai said. “My favorite word for the Foundry is access—access to our members, access to our mentors, access to experts, access to continued education and workshops and all those supportive roles.”

Mitchell Fillet, lecturer in finance in the Schools of Business and Foundry co-director, concurred, saying that it’s significant that the bank is willing to partner with the Foundry and work with residents of the city’s poorest borough. “BNP Paribas understands their activity will have the greatest impact here in the Bronx,” said Fillet. “The fact that they can have a 170-year-old nationally ranked institution as their partner gives them a sense of comfort that their resources are going to have a true impact on our area, and not just be a little window dressing.”

BNP Paribas, which has a presence in 78 countries with nearly 200,000 employees and a strong presence in North America through its corporate and investment bank and its large retail network in the western United States, has already provided a donation to help with technical assistance to the Foundry, which opened its doors in March. The bank is also researching the possibility of lending to a microfinance fund at the Foundry that would provide microloans to entrepreneurs.  This will be an integral part of the Foundry’s mission of supporting Bronx-area business development.

Microloans are key to that community connection. Rapaccioli said it’s very much in keeping with the maxim, “Give a man a fish, and he’ll eat for a day; teach a man to fish, and he’ll feed himself for the rest of his life.”

“Often the types of loans these individuals are looking for are not the types traditional banks will entertain. They don’t have the collateral, and sometimes the amounts are too small for banks to be interested in servicing these types of loans. So from our perspective, we’re filling a real need in the community,” she said

The microloans are initially going to be for $5,000 or less—enough for someone to launch a business and build up their credit, but not so much that they might become overwhelmed. Eventually, Janssen-Selvadurai said the plan is to build an investment fund for larger projects.

The gathering was held at a 30,000-square-foot facility adjacent to Fordham’s Rose Hill campus that combines in a single location the Foundry, NYC Business Solutions services, and Workforce1 Career Center services for job seekers.

Joseph M. McShane, S.J., president of Fordham, said the Foundry, which is part of the Gabelli School of Business, is a great example of how the University is recommitting itself to the Bronx.

From the offices’ 7th-floor, north-facing windows, Father McShane pointed out Montefiore Medical Center, 1.5 miles away yet easily visible as the host of Fordham’s WFUV radio station antenna. The medical center is also close to Mosholu Parkway, where fashion icons Ralph Lauren and Calvin Klein both grew up. They are examples of the entrepreneurial spirit of the borough that the Foundry hopes to tap, he said.

“Ogden Nash was wrong. ‘The Bronx? No Thonx’ is wrong. It’s yes to the Bronx, because it’s yes to the future,” he said.

“Never doubt the Bronx. Never underestimate the Bronx, never sell the Bronx short.”

Center co-directors Christine Janssen-Selvadurai, Ph.D., director of the entrepreneurship program at Gabelli, and Mitchell Fillet, lecturer in finance in the Schools of Business, also spoke, with Janssen-Selvadurai highlighting the Foundry’s goals:

• to support the Fordham community in developing and launching businesses;
• to create businesses that remain in the Bronx and spark economic growth
and job creation;
• to serve the greater Bronx community of entrepreneurs.

Donna Rapaccioli, Ph.D., dean of Gabelli, introduced three entrepreneurs at the gathering who are working with the Foundry to develop successful businesses, including Rhona Silver of CaterBid, which catered the event.

“What comes to my mind is the word promise, because every time I’m in this space, I think about the promise that each of our students has,” Rapaccioli said.

Robert Walsh, FCRH, ’81, GSAS ’83, commissioner of the New York City Department of Small Business Services, recalled first sitting down with New York City Mayor Michael Bloomberg to talk about the partnership with Fordham.

“We are a college town. How can colleges and universities open their doors to make our city a better place? As he always does, Father McShane said it’s a shared value, not only what we need from the community, but what the community needs from us,” he said.

“We’re all in here together, and we could end up building something powerful.”

The gathering was held at a 30,000-square-foot facility adjacent to Fordham’s Rose Hill campus that combines in a single location the Foundry, NYC Business Solutions services, and Workforce1 Career Center services for job seekers.

Joseph M. McShane, S.J., president of Fordham, called the Foundry, which is part of the Gabelli School of Business, a great example of how the University is recommitting itself to the Bronx.

From the offices’ 7th floor, north-facing windows, he pointed out Montefiore Medical Center, 1.5 miles away yet easily visible as the host of Fordham’s WFUV radio station antenna. The medical center is also close to Mosholu Parkway, where fashion icons Ralph Lauren and Calvin Klein both grew up. They are examples of the entrepreneurial spirit of the borough that the Foundry will tap, he said.

“Ogden Nash was wrong. ‘The Bronx? No Thonx’ is wrong. It’s yes to the Bronx, because it’s yes to the future,” he said.

“This is a day for celebration. Never doubt the Bronx. Never underestimate the Bronx, never sell the Bronx short.”

Center co-directors Christine Janssen-Selvadurai, Ph.D., director of the entrepreneurship program at Gabelli, and Mitchell Fillet, lecturer in finance in the Schools of Business, also spoke, with Janssen-Selvadurai highlighting the Foundry’s goals:

• to support the Fordham community in developing and launching businesses;

• to create businesses that remain in the Bronx and spark economic growth and job creation;

• to serve the greater Bronx community of entrepreneurs.

Donna Rapaccioli, Ph.D., Dean of Gabelli, introduced three entrepreneurs at the gathering who are currently working with the Foundry, including Rhona Silver of CaterBid, who catered the event.
“What comes to my mind is the word promise, because everytime I’m in this space, I think about the promise that each of our students has,” she said.

Robert Walsh, FCRH, ’81, GSAS ’83, commissioner of New York City Department of Small Business Services, recalled first sitting down with New York City Mayor Michael Bloomberg to talk about the partnership.

“We are a college town. How can colleges and universities open their doors to make our city a better place? As he always does, Father McShane said it’s a shared value, not only what we need from the community, but what the community needs from us,” he said.

“We’re all in here together, and we could end up building something powerful.”