There’s no more important component to our economy than our small business community.
Oklahoma City owes much of its success to the small businesses that operate here. Small businesses employ just over half of all Oklahoma City workers and help to diversify our economy, provide valuable goods and services, foster innovation and entrepreneurship, and enhance the quality of life for everyone.
Since the start of the COVID pandemic, The Alliance for Economic Development of Oklahoma City has administered multiple assistance programs using federal relief dollars to quickly bring financial and operational support to small businesses in Oklahoma City. That aid was a lifeline for many of our small businesses that had to temporarily close and find new ways to deliver their products and services. In mid-2022, our programs shifted away from an emergency assistance focus to one that helps businesses grow, diversify and create greater resiliency.
The Alliance is operating three programs to support our business community. These programs give prioritization to minority-owned businesses, as data indicates that COVID caused greater earnings losses for businesses owned by people of color. Additionally, historic barriers continue to exist today that prevent minority-owned businesses from accessing capital, collateral, past performance portfolios, networks and opportunities.
Now, we’re proud to launch the Minority Business Supplier Program, offering free assistance to help minority entrepreneurs and businesses know about and compete for corporate and government contracts. We created the Minority Supplier Diversity Program to grow a wide network of minority-owned businesses in OKC that are able to meet the requirements of larger contracts.
The Alliance is working with three business support partners: The Urban League of Greater OKC, the Greater Oklahoma City Hispanic Chamber of Commerce and REI (Rural Enterprises of Oklahoma), to help minority suppliers. The partners will help minority business owners gain certifications that would help businesses qualify for contracts, identify new and larger contracting opportunities and access accounting assistance, bonding/loan products and collateral needed by some contracts. We’re already receiving applications from interested businesses.
The Alliance is operating two other programs, also currently accepting applications, aimed at helping small businesses and the Oklahoma City workforce. The Accelerator Program has three partners that provide executive coaching programs for entrepreneurs and small business owners: Real Deal, StitchCrew Latino Accelerator, and OKC Minority Founder Accelerator. All three of these partners have proven successes helping small businesses grow, increase profits and expand their networks. Qualifying businesses receive training and strategy sessions, financial fundamentals, growth strategies, marketing and capital access strategies. The Alliance underwrites the cost of participation, and following program completion, Accelerator Program participants may be eligible for grants to help with operational and technical assistance for marketing, HR, financial and other aspects of their growth plans.
The Alliance also created the Workforce Development Program this spring to help individuals who are seeking training, credentials or new skills in IT or hospitality to help advance their careers or find new job opportunities. The Alliance is collaborating with nine training partners, from colleges and universities to code training programs and on-the-job apprenticeships. The training is free, with costs underwritten by The Alliance and paid directly to the community training partner.
Oklahoma City’s greatest strength is its people and our ability to work together to make this a better place. There’s no more important component to our economy than our small business community. Help us by spreading the word about the programs available to help small, minority-owned businesses in our community.
Kenton Tsoodle is the president of The Alliance for Economic Development of Oklahoma City.
This article originally appeared on Oklahoman: Historic barriers still exist that hinder minority-owned businesses
