Business Owners of Color in Atlanta Learn New Skills Through Accelerator Program - The Annie E. Casey Foundation

Business Owners of Color in Atlanta Learn New Skills Through Accelerator Program

Posted January 27, 2020
By the Annie E. Casey Foundation
Blog businessownersofcolor 2020

Invest Atlanta — the city’s eco­nom­ic devel­op­ment author­i­ty — recent­ly announced the grad­u­a­tion of 21 busi­ness own­ers of col­or from an accel­er­a­tor pro­gram that taught them about cor­po­rate fun­da­men­tals, real-estate basics and new eco­nom­ic mod­els meant to build com­mu­ni­ty wealth.

The Com­mu­ni­ty Wealth Build­ing Accel­er­a­tor, which is run by the col­iv­ing com­pa­ny, The Guild, is one com­po­nent of an Invest Atlanta ini­tia­tive called Accel­er­ate South­side. The effort — fund­ed in part by the Annie E. Casey Foun­da­tion — aims to pro­vide access to afford­able real estate and tech­ni­cal assis­tance to small busi­ness own­ers in Atlanta’s South­side com­mu­ni­ties. It also seeks to address chal­lenges expe­ri­enced by small busi­ness­es and entre­pre­neurs of col­or: lim­it­ed access to cap­i­tal based on tra­di­tion­al under­writ­ing cri­te­ria, chal­lenges with debt-ser­vice pay­ment and dif­fi­cul­ty pur­chas­ing com­mer­cial space and prepar­ing for busi­ness growth.

The 10-week accel­er­a­tor pro­gram con­sist­ed of work­shops and office hours for var­i­ous kinds of busi­ness­es, pri­mar­i­ly in the food and bev­er­age, beau­ty and well­ness, cloth­ing and appar­el and home décor indus­tries. Par­tic­i­pat­ing com­pa­nies’ annu­al rev­enue ranged from $40,000 to $5 million.

Through­out the pro­gram, busi­ness­es received expert train­ing and advice on how to attract cus­tomers, devel­op prod­ucts and project finances.

Busi­nes­sown­er Cyn­thia Adey­eye says she learned vital skills as part of the cohort, includ­ing new ways to doc­u­ment finan­cials for her com­pa­ny, Majestea, a health and well­ness tea line.

My par­tic­i­pa­tion in this cohort has helped me iden­ti­fy the gaps in my busi­ness that were hold­ing it back from prop­er growth,” Adey­eye says. In large part thanks to this pro­gram, I have start­ed to cre­ate a stronger foun­da­tion for my busi­ness in order for it to tru­ly thrive and leave a lega­cy in our community.”

Adey­eye says she enjoyed the com­radery of her fel­low class­mates and oppor­tu­ni­ties to net­work, too. We all leaned in and col­lab­o­rat­ed,” Adey­eye says. It was a won­der­ful experience.”

As part of Accel­er­ate South­side, down pay­ment assis­tance is avail­able for busi­ness own­ers of col­or who will move their oper­a­tions into con­vert­ed ship­ping con­tain­ers at Pitts­burgh Yards™ — a 31-acre rede­vel­op­ment project sup­port­ed by the Casey Foun­da­tion that will offer employ­ment and busi­ness oppor­tu­ni­ties for res­i­dents in the city’s Neigh­bor­hood Plan­ning Unit‑V and its sur­round­ing com­mu­ni­ties. Invest Atlanta will offer addi­tion­al fund­ing to help devel­op the containers.

Efforts sim­i­lar to Accel­er­ate South­side are tak­ing place in oth­er cities — includ­ing El Paso, Texas; Long Beach, Cal­i­for­nia; Newark, New Jer­sey; and Rochester, New York — through City Accel­er­a­tor, a joint effort of the Citi Foun­da­tion and Liv­ing Cities to improve com­mu­ni­ties of col­or across the coun­try through busi­ness growth.

One way to help close the racial wealth gap is to build up busi­ness activ­i­ty in his­tor­i­cal­ly mar­gin­al­ized areas that allows them to devel­op assets and cre­ate jobs,” says Kweku Forstall, direc­tor of the Casey Foun­da­tion’s Atlanta Civic Site. For that to hap­pen, busi­ness own­ers of col­or must have access to the train­ing and resources they need to thrive.”

Learn more about the busi­ness own­ers who grad­u­at­ed from the accel­er­a­tor program