News Summary
Arizona’s We Rise program, launched by Local First Arizona, aims to support Black entrepreneurs through business education, mentorship, and seed funding. Under the guidance of program director Carmen Attikossie, it addresses the challenges posed by federal rollbacks and economic shifts. The program has successfully transitioned to a virtual format, facilitating a supportive network for participants. Strategies like matched savings for funding and a culturally relevant curriculum foster community connections and enhance opportunities for minority-owned businesses. Amid political changes, We Rise remains a crucial resource for entrepreneurship in Arizona.
Arizona’s “We Rise” Program Supports Black Entrepreneurs Amidst Economic Shifts and Federal Rollbacks
Arizona’s We Rise program, launched by Local First Arizona in January 2020, has become a vital resource aimed at supporting Black entrepreneurs. This program provides essential business education, mentorship, and seed funding opportunities for minority-owned businesses navigating the challenges of an increasingly complex economic landscape.
Under the leadership of Carmen Attikossie, the program director, We Rise emphasizes the necessity of sustained support for minority entrepreneurs, particularly in light of recent federal cuts to support programs. Attikossie, who has a background in entrepreneurship from West Africa, notes the continued importance of programs targeted at helping these businesses thrive.
Expanding Reach with Virtual Access
The We Rise program has successfully adopted a virtual format, allowing it to serve a diverse range of businesses across urban centers like Phoenix and Tucson, as well as rural areas throughout Arizona. This flexible approach has facilitated over 100 successful business graduations from the program thus far. The program features a series of training modules designed to equip participants with the skills necessary to secure capital, understand regulatory challenges, and develop their entrepreneurial ventures effectively.
A unique aspect of the program includes a financial mechanism that permits participants to save $1,000, which is subsequently matched by Local First Arizona to provide a total of $2,000 in seed funding. Such financial support is critical as Black-owned businesses face increased challenges in accessing capital.
Fostering Community Connections
Networking and community support play vital roles within the We Rise initiative. The program fosters the creation of cohorts of Black entrepreneurs encouraging collaboration and shared learning experiences. Attendees also have the chance to participate in pitch competitions where alumni can vie for additional funding of up to $17,500, further enhancing their business potential.
The program’s curriculum emphasizes cultural relevance, ensuring that the training resonates with the unique experiences of minority-owned businesses. Through its initiatives, We Rise aims to create lasting networks among entrepreneurs, enhancing opportunities for long-term success.
Challenges and Adaptive Strategies
Amidst shifts in the political landscape affecting federal support for minority businesses, local organizations and leaders, including Lea Márquez Peterson, are advocating for ongoing resources and training. The recent defunding of the Minority Business Development Agency (MBDA) has resulted in diminished access to federal resources for Black entrepreneurs, prompting a push for grassroots support systems.
As access to capital for Black-owned enterprises becomes increasingly constrained, adaptations within Arizona’s business community are emerging. Entrepreneurs are seeking alternative funding sources and forming new alliances to weather the changing economic conditions. The We Rise program is vital in providing training on topics such as bootstrapping, business credit, and practices for collaborating with Community Development Financial Institutions (CDFIs).
Looking Ahead
In response to growing participation, We Rise plans to alternate its quarterly meetings between Phoenix and Tucson, allowing it to further foster a sense of community among participants. This commitment to adaptability illustrates the program’s desire to expand its reach and effectiveness.
Overall, the We Rise program stands as a vital initiative in Arizona, aligning with broader national calls for racial justice and economic equity intensified during the COVID-19 pandemic. By equipping Black entrepreneurs with the tools and community support they need to succeed, We Rise exemplifies the local response to federal rollbacks and shifting economic dynamics.
Deeper Dive: News & Info About This Topic
- Tucson Local Media: Minority-Owned Businesses
- AZ Big Media: Influential Minority Business Leaders
- AZ Central: Arizona Black Chamber
- ABC 15: Events for Black History Month
- Wikipedia: Minority-owned Business
