New York Professional Advisors for Community Entrepreneurs was established in 2002 by a group of finance professionals. After having volunteered at traditional nonprofit organizations through their firm, they were looking to find a more productive use of their skills in giving back to the community by providing small business services. Not finding such a group that would allow them to achieve this outcome, they realized a critical gap existed and decided to be the change they wanted to see. 

First, they proceeded to think through ways in which such an entrepreneur organization could be set up and the various ways that business mentors could contribute. A number of pilot programs were undertaken to explore the most appropriate model for NYPACE to pursue. This evolutionary format has allowed NYPACE to finesse its structure to best suit both its advisors and community entrepreneurs. 

NYPACE was incorporated in the state of New York in 2003 and received its nonprofit status under Section 501(c)(3) of the Internal Revenue Service Code in 2005. For 10 years, it continued to operate as a fully volunteer organization in NYC, with the advisors largely composed of today’s board of directors. In 2012, NYPACE hired its first staff member, Stephanie Bombaci, to help manage increasingly complex teams and business challenges and document project case studies. With the model’s continued success, the board laid the groundwork for growth by hiring NYPACE’s first Executive Director in 2018, who subsequently built a staff of program managers. 

Since 2022, Ibrahima Souare has led NYPACE through its next growth phase into NYC nonprofit maturity, ensuring reliable growth and transparent administration. As our impact and geography continue to expand, we value our NYC roots and look forward to many more years of growth and service.