Applications open for United Way’s business assistance prog.
11th March 2024 · 0 Comments
By Mason Harrison
Contributing Writer
A pandemic-era program to help bolster small Black businesses in metro New Orleans is seeking new applicants to fill the ranks of its selective sophomore cohort following a successful pilot program in 2023.
The Thriving African American Small Business Initiative is the brainchild of southeast Louisiana United Way executive Chiquita Lattimore, who pitched the program’s creation to executives from Black Entertainment Television as the network sought to seed projects in the Gulf South region to aid Black locals.
“BET provided grants during COVID to the United Way to provide rental and utilities assistance and we were on the phone with them and they just asked, ‘Is there anything else that you need?’ and I said, ‘Yes, we need to be able to help a number of small Black business owners who are struggling right now,’” said Lattimore, the senior vice president of Community Impact and Financial Capability for UWSELA.
The program provides technical and actuarial assistance, mentoring and networking resources and a five-to-one grant totaling $10,000 once participants have amassed $2,000 in reserves. Last year’s cohort of 13 businesses “generated over $150,000 in immediate business capital…through the program’s unique development accounts,” according to a news release touting the effort from the United Way.
During the height of the COVID pandemic, federal funds were made available to small business owners to cover expenses as retail sales plummeted across various sectors of the economy.
“But while other business owners were successful in navigating the application process to get those funds,” Lattimore said, “Black business owners were often rejected and denied the opportunity to receive public funds.”
“Only some were thriving during the pandemic,” she added. “So, we had to change that.”
Firms selected for the program must operate within Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany, Tangipahoa or Washington parishes; be 51 percent Black-owned and operated; have been in business since 2021; have annual revenue ranging between $75,000 to $200,000; be in good standing with and eligible to do business with the state of Louisiana; and have filed taxes in 2022 and 2023.
Fifteen applicants will be selected to participate in the program and will be required to make regular savings deposits; attend financial education courses; develop a robust small business plan; participate in monthly savings club meetings; and attend regular sessions hosted by a financial capability analyst.
“We discovered that a lot of these business owners were co-mingling personal and business funds,” Lattimore said. “They were using the same account to manage their professional and personal affairs.”
The program, based on individual need, pairs graduates with a CPA or QuickBooks Pro expert with the help of the Urban League of Louisiana. “We help participants work one-on-one with a business advisor who can help with financial management and strategic planning,” said Klassi Duncan, who heads the Urban League’s Center for Entrepreneurship & Innovation. “We want them to grow and scale their ventures.”
Participants are also required to join a local chamber of commerce to benefit from the wraparound services found within business organizations.
“Every member of the first and second cohort will receive complimentary membership in the chamber,” said Jolie Bernard, board chair of the New Orleans Regional Black Chamber of Commerce. “We also provide detailed workshops and one-on-one training.”
“I had the opportunity to judge the pitch competition for the first cohort,” Bernard added, “and to witness the growth the participants undergo by the end of the cycle is truly amazing. I am very pleased that we are part of a program that places Black entrepreneurs in a position, in name and in practice, to thrive.”
“I would recommend this program to anyone,” said Nicole Banner, a licensed massage therapist, certified reflexologist and owner of Therapist with Talent Massage. Banner is a graduate of the 2023 cohort. “It is a wonderful program and the people at the United Way were truly dedicated to helping us thrive.”
Banner said her time in the program was well spent, led to a better understanding of financial controls and will improve her firm’s digital footprint once a planned website goes live in the coming months. “Membership in the chamber has also provided a community of like-minded individuals,” she added.
New would-be participants may apply through the United Way online until March 22.
“If we don’t help Black businesses,” Lattimore said, “we’ll never be able to address the issues in our community. Black businesses are more likely to hire Black workers, which increases Black employment. Some say that Black people don’t like to work and that is the root cause of the challenges we face. Well, I encourage them to support programs like this so that we can continue to prove them wrong.”
To learn more about the program or to apply, visit www.unitedwaysela.org/TAASB
This article originally published in the March 11, 2024 print edition of The Louisiana Weekly newspaper.
