Empowering Local Economies: How Inclusive Business Recovery Strategies Strengthen Neighborhoods

Reinventing Our Neighborhoods: How Inclusive Small Business Recovery Bolsters Local Economies

Excitement was palpable as over 100 professionals from communities across the United States gathered online to introduce themselves. Over the following 10 months, these dedicated individuals would delve into the challenges faced by business owners of color. Their goal was clear: to brnstorm innovative solutions and collaborate on actionable strategies med at supporting an equitable and resilient Mn Street economic recovery.

Mary Godleski-Cantin

Theresa Singleton, senior vice president and community affrs officer of the Philadelphia Federal Reserve Bank Fed, played a pivotal role in overseeing research and engagement programs designed to enhance access to economic opportunities for low- and moderate-income communities. Her work underscores an essential aspect of the Fed’s mandate: promoting full employment by increasing participation in the local economy.

The journey began with a crucial realization-the importance of data in driving real change. The need for comprehensive datasets was immediately apparent, serving as the backbone for informed decision-making and policy development. This focus led to the creation of scorecards that would provide insights into where communities stood today and what steps needed to be taken towards a brighter future.

Data, as highlighted by members like Courtnee Biscardi from Urban League of Broward County and Shaheewa Jarrett Gelin, founders of the Broward County Black Chamber of Commerce, holds the key to understanding and addressing systemic issues affecting small business owners. These leaders recognized the significance of leveraging data to inform how local institutions-such as universities, hospitals, and anchor organizations-can better support growth among minority-owned businesses.

The quest for actionable insights did not stop there. The focus quickly shifted towards procurement processes, ming to shed light on the extent to which these entities are contracting with minority-owned small businesses. Additionally, members sought data on of business owners in procurement processes-a critical aspect that could potentially unlock new opportunities and resources.

For Courtnee Biscardi and Shaheewa Jarrett Gelin, this journey was a call to action for community engagement at its core. Their efforts not only involved collecting feedback from small businesses but also highlighted their commitment to creating platforms where entrepreneurs can voice their concerns and contribute to the development of solutions tlored to their needs.

Shaheewa Jarrett Gelin echoed Biscardi's sentiment, emphasizing that data-driven insights are fundamental in identifying areas where local policies and practices may inadvertently hinder growth opportunities for minority-owned businesses. This approach empowers leaders like Gelin to advocate for inclusive systems that prioritize equity and access, ensuring no business owner is left behind.

As the Reinventing Our Communities ROC Cohort program enters its second year with new cohorts from across the United States focusing on developing local workforce equity plans, it stands as a testament to this collective effort. The initiative, launched in 2020 by the Philadelphia Fed, is now expanding to include 11 new cohorts in 10 states, all working together toward a common goal: fostering more opportunities for BIPOC workers.

Mary Godleski-Cantin

For those seeking more information about the ROC Cohort Program, there's an opportunity to connect directly with the program managers at [email protected].

This story of Reinventing Our Communities highlights not only the power of collaboration but also underscores the Fed's commitment to fostering inclusive growth and equitable access within local economies.

Last updated August 17, 2024
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