Columbus Urban League Minority Small Business Resiliency Initiative
RECOVERY, REFORM AND RESILIENCY SO BLACK-OWNED BUSINESSES SUCCEED
“The country’s four biggest banks, which hold roughly 35% of the nation’s deposits, made 91% fewer SBA loans to Black-owned businesses in 2019 than in 2007, meaning the gap was nearly twice as large pre-COVID as it was pre-recession.”
– Columbus Business First
CUL puts our extensive network and credibility to work so Black entrepreneurs compete on a level playing field and fairly access loans, grants and long-term financing. READ MORE
One of our most successful collaborations, the Franklin County Business Alliance, involving the Franklin County Commissioners and area economic development entity One Columbus, invested $2.6 million in disadvantaged businesses and support organizations negatively impacted by COVID-19.
We also launched in tandem with JPMorgan Chase the Solutions Provider Network (see below).
Dollars fuel business growth. We are committed to developing greater numbers of flexible capital options, potentially including a community development financial institutions fund and microloans.
“The right business ecosystems can mitigate or negate the effects of structural obstacles to business building for Black business owners—and add $290 billion in business equity.”
– McKinsey & Company, 2020
Like all companies, Black businesses are better poised to succeed when tapping into the best and brightest strategic, operational, marketing, logistics, accounting and legal minds available. CUL intends to make these tools accessible and affordable. READ MORE
Solutions Provider Network, a pilot supported by JP Morgan Chase, will coach up to 40 Black business owners with 25 or less employees on how to win additional investments and provide free expert consulting that leads to a more sustainable and profitable business model.
CUL’s partnership with the Columbus Chamber aims to boost the growth of 30 Black enterprises, offering everything from high-level consulting to social media, direct sales and marketing support. This effort includes a pledge to ensure Chamber members increase the amount they spend on services and goods with Black-owned companies.
CUL’s Minority Business Assistance Center supports and ensures Black businesses qualify for state Minority Business Enterprise certifications and can compete for state contracts.
Equitable Playing Field
“Black-owned businesses in the U.S. are systemically prevented from accelerating their growth by a toxic brew of limited personal assets, limited access to bank finance, and restricted access to markets.”
– World Economic Forum
CUL takes a holistic, authentic approach to provide a personalized array of services, tailored to Black entrepreneurs and their family’s needs. We offer summer youth employment and financial education, as well as connections to mentors, customers and business partners and on-line and personal learning/training opportunities.
“They are helping us transition to a new way of operating – from retail to online. It really matters that they understand the highs and lows of running a company AND being Black. Because of their help, we’re bouncing back.”