Rising Tide Capital (RTC)

History and Background

Rising Tide Capital (RTC) was initially founded in May 2004, with its first program, Community Business Academy, being started in September 2006. The Academy program started with an initial graduating class of roughly 15 attendees, and by 2007 had received its first grant from Bank of America. By 2008, RTC began its “Business Acceleration Services” program for its alumni, and by 2012 had expanded operations to Essex County, New Jersey. In 2015, RTC’s model was implemented by the Chicago-based Sunshine Enterprises and became RTC’s first business partner. By 2019, program models were expanded to usage in North Carolina, South Carolina, Illinois, and New Jersey. ³

Programs

Rising Tide Capital’s (RTC) main program is the “Community Business Academy,” a 12-week business training course that “teaches business fundamentals like budgeting, marketing, bookkeeping, and financing.” ⁴ After completing this initial course, graduates receive an action plan for their business, a discount on RTC’s Business Acceleration Services, and can receive up to six credits towards a degree from Saint Peter’s University School of Professional and Continuing Studies. ⁴

RTC also operated a Business Acceleration Services program that offers year-round one-on-one coaching to help with business expansion. The program specifically offers a 90-day action plan for business expansion, seminars and workshops to help develop specific skills, and a help desk that connects individuals with other businesses, such as accounting groups, to help with specific parts of the business. ⁵

RTC’s Credit to Capital program “is a small loan program, for things like new equipment, more staff, and inventory expansion.” RTC states that it does not offer the loans itself but instead acts as a connection and advocate for the person involved in the program. RTC requires that the person looking for a loan completes a coaching program with RTC, after which it will use its network to connect that individual with potential lenders. ⁶

Partners

Rising Tide Capital (RTC) has program partners which use its model in California, Minnesota, Nebraska, Kansas, Texas, Louisiana, Illinois, Wisconsin, New York, Virginia, North Carolina, and South Carolina.  ⁷

RTC’s listed supporters include Jersey City, the state of New Jersey, the Grace and Mercy Foundation, JPMorgan Chase, the Kate Spade and Company Foundation, the NoVo Foundation, Prudential, the Stand Together Foundation, the Tepper Foundation, and the W.K. Kellogg Foundation. ²

Controversy

In 2026, one of Rising Tide Capital’s (RTC) part-time employees, New Jersey state Sen. Angela McKnight (D-Jersey City) was accused of helping direct roughly $2 million in taxpayer money through the organization between fiscals years 2024 and 2025 as “last-minute giveaways.” ¹ In response, a spokesperson for Sen. McKnight refused to answer questions about the accusations, while New Jersey Gov. Mikie Sherrill (D) criticized such actions, claiming the giveaways “…can’t happen. We can’t afford that process anymore. It’s not accountable; it’s not efficient; it’s not what the people of New Jersey deserve.”  ¹