BUSINESS START-UP AND EXPANSION
Updated: July 24, 2020
The Black community across Louisville and particularly in the West End needs support to create more jobs through business ownership. New businesses need to start. Existing ones need to grow.
- Allocate at least $2 million in initial seed funding specifically for Black businesses. This will offer flexible capital options for Black-owned businesses to start, grow, and scale. This funding can be used for start-up costs, working capital, property acquisition, expansion expenses, and more. The system should be Black-led and coupled with technical assistance and culturally competent mentorship from successful private sector leaders and entrepreneurs (Response to LMG, pg. 3).
- A Business Resource Center, similar to the one Louisville Metro Government removed from the Nia Center, should be re-created. This is a multifunctional, results-oriented, physical space where entrepreneurs can learn and plan; small business leaders can train and share resources; and wrap-around services can be centralized.
- Support must be available to Black business not only as they start up, but also as they begin to stabilize and scale. These businesses need access to further training, information, networking, direct connections to contracting opportunities, and more. As before, the capital infusions needed to bolster these growing businesses must be made available as well.
Who needs to act? You; Governor Andy Beshear; Kentucky State Legislators; Mayor Greg Fischer; Louisville Metro Council; Greater Louisville, Inc.; Financial Institutions; Philanthropy