Birmingham Initiatives Empower Black Entrepreneurs: Two Birmingham-area groups are stepping up to support local small businesses and minority entrepreneurs.
REV Birmingham has revealed the initial group of Black business owners set to benefit from funding and professional services through its Magic City Match program. Birmingham-based Prosper is providing support for this initiative.
Meanwhile, the Central Alabama Redevelopment Alliance (CARA), located in Fairfield, has announced the launch of its fourth cohort for the Central Alabama Micro Business Accelerator. The program aims to equip aspiring entrepreneurs and small business owners in central Alabama with essential skills, resources, and support for business growth.
David Fleming, CEO and president of REV Birmingham, expressed excitement about investing in these businesses and helping Black entrepreneurs achieve their dreams. Magic City Match, in its second year, has refined its program to support businesses at various growth stages. It offers grants, professional service funds, business coaching, real estate assistance, and tailored support for each stage of development.
Dee Manyama, initiatives director at Prosper, emphasized the personalized resources and community access that next-round businesses will gain through Magic City Match. The program, with insights gained from the pilot, serves as a valuable gateway opportunity for entrepreneurs.
Twenty entrepreneurs have been selected through Magic City Match, receiving technical assistance or grant awards totaling $135,000. Awardees were chosen based on the strength of their business plans, financial models, experience, and potential to succeed in a brick-and-mortar space. Awardees must be seeking to establish a brick-and-mortar location in Birmingham or already have an established presence in the city.
Prosper and REV Birmingham receive support from the Alabama Power Foundation.
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On the other front, CARA’s Micro Business Accelerator is a 12-week intensive program designed to provide participants with knowledge and tools to navigate the competitive business landscape. The program covers areas such as business planning, financial management, marketing strategies, and operations. Its aim is to empower local entrepreneurs and help them thrive in the ever-evolving market.
Thirty-six small businesses have participated in the accelerator to date. Jay Kemp, owner of Stoqpile, a sneaker and fashion digital marketplace, highlighted the value of accounting workshops in providing deeper insight into the foundational principles of running a business.
CARA, focused on supporting economic growth and development in central Alabama, provides participants with access to industry experts, experienced mentors, and networking opportunities. The Micro Business Accelerator aims to enhance participants’ business acumen and position them for long-term success.
U.S. Rep. Terri Sewell praised CARA’s impact in empowering small business owners in Alabama’s 7th District. She emphasized the micro-business accelerator program’s role in providing training, technical assistance, and tools to ensure competitiveness and viability for small businesses in the region.
Our Reader’s Queries
What is one resource to help black owned businesses succeed?
Black Connect.org facilitates networking for Black business owners and offers business-related educational programs, activities, events, and funding through pitch competitions. Additionally, Black Connect provides a mentorship program that empowers Black entrepreneurs to launch their businesses.
Why are black entrepreneurs important?
Supporting Black entrepreneurship goes beyond just business. It creates powerful changes in economic empowerment and community development. It’s crucial to help these transformations by backing Black entrepreneurs in your area.