Significant wealth gaps mean that entrepreneurs who are people of color often lack the resources of white entrepreneurs, and liquidity restraints can make it more challenging to continue the business. Top-down solutions like the Payment Protection Plan (PPP), NH Main Street Program, and others have failed these communities.
If people of color owned and operated businesses in the same proportion as White people, the potential is astounding. An August 2020, the Boston Federal Reserve Bank (in a draft report) estimates that people of color could add up to 32,000 companies, which would include 260,000 jobs, and add $8.4 million in worker’s income in New England alone.
Community-Driven Economic Empowerment. The Manchester Branch of the NAACP in and the NH Community Loan Fund (NHCLF) have come together to support people of color coming together as a community to create a more resilient local economy where more black and brown businesses thrive. The effort focuses on three pillars: community building, capacity building for businesses, and access to capital. This establishes the framework for the partnership and allows the actual implementation to be defined by what is discovered through the process.
As depicted in the figure above, the work will be to:
We are proud to have announced awards to 21 entrepreneurs in the Greater Manchester area. Stay tuned for more information on those businesses and how you can support them!