News Summary
Arizona is experiencing a revitalization of support for Black entrepreneurs through Local First Arizona’s We Rise business accelerator. This initiative is timely, given recent federal reductions in diversity, equity, and inclusion policies. The program not only provides crucial business education and mentorship but also financial support to minority-owned businesses facing growing challenges in today’s economy. The We Rise program emphasizes community engagement and aims to foster long-term growth for Black entrepreneurs amid an evolving economic landscape.
Arizona is witnessing a revival in support for Black entrepreneurs through Local First Arizona’s We Rise business accelerator, which has proven crucial amid recent federal rollbacks in diversity, equity, and inclusion (DEI) policies. The program graduated its first class of participants earlier this year and aims to provide essential business education, mentorship, and seed funding to minority-owned businesses facing increasing challenges.
The federal government has proposed significant cutbacks in support systems for minority business owners, including the defunding of important agencies such as the Minority Business Development Agency (MBDA) and the dismantling of affirmative action initiatives. This has led to a diminished landscape for support targeted at addressing historical inequities in business ownership. In this difficult environment, programs like We Rise are essential, as they strive to assist Black entrepreneurs who historically face barriers such as limited access to capital and complex regulatory requirements.
Carmen Attikossie, the director of Local First Arizona’s We Rise program, points out that the initiative serves over 100 businesses across Arizona and emphasizes the program’s commitment to helping minority entrepreneurs flourish amid economic uncertainty. The We Rise accelerator was launched in 2020 at the onset of the COVID-19 pandemic, allowing it to quickly adapt to offering services online, ensuring broader access for aspiring Black business owners.
Program Overview
The We Rise program is structured to include various pivotal components for entrepreneurial growth, such as financial literacy initiatives that allow participants to save $1,000, which is subsequently matched to create a $2,000 seed fund. This funding mechanism is designed to empower these entrepreneurs to take the necessary steps towards launching or scaling their businesses. In addition, the program hosts pitch competitions that provide participants with opportunities to secure further funding after they graduate.
Community Engagement
Engagement within the community is key to the program’s philosophy. Quarterly meetups are organized in both Phoenix and Tucson, fostering a supportive network among Black-owned businesses. These events create a platform for participants to share experiences, challenges, and resources, highlighting the strength of collaboration in the entrepreneurial journey.
Future Prospects
Despite the growing challenges, Arizona’s economy is projected to expand substantially over the coming years due to surging demand in manufacturing and energy sectors. This economic growth presents significant opportunities for diverse-owned businesses, emphasizing the importance of continued support and training for minority entrepreneurs. Local First Arizona aims to be at the forefront of these efforts, providing critical resources that reflect an ongoing commitment to inclusive economic growth despite declining federal aid.
Importance of Local Support
As federal initiatives falter, the significance of state-level resources and grassroots networks has become increasingly evident. Local First Arizona highlights the necessity for collaboration among local partners to navigate the shifting business terrain and ensure that minority entrepreneurs continue to receive the support required to thrive. The need for ongoing training and mentorship in the face of reduced visibility and lower security of existing programs is pronounced, according to community leaders.
Conclusion
The resilience demonstrated by the We Rise program illustrates how local initiatives can serve as a vital lifeline for Black entrepreneurs during times of adversity. As they continue to adapt to the evolving economic landscape, Arizona’s diverse business community showcases unwavering determination to overcome barriers and bolster inclusive growth.
Deeper Dive: News & Info About This Topic
- Inside Tucson Business
- AZ Big Media
- AZ Central
- Send2Press
- Wikipedia: Minority business enterprise
- Encyclopedia Britannica: Minority business enterprise
