Track the Plan: Strategy 6

Strategy 6: Develop pathways to entrepreneurship and Black, Latinx, Asian, and Indigenous business ownership

In alignment with recommended actions from Strategy 6, Community & Economic Development has begun to implement the work of the plan.

Accelerate Black, Latinx, Asian and indigenous income generation through business growth and investment

  • Support the portfolio of small-scale housing developers through the development of the Emerging and Diverse Developers (EDD) program. The EDD program pairs technical assistance to emerging developers with a tailored solicitation supported small scale, community centered, innovative projects that lead to the rehabilitation and construction of affordable housing units. 
  • Ramsey County was awarded $1.5M in congressionally directed spending in late 2022. This funding will support a virtual small business reimagination center that with the intent to strengthen small business and the small business ecosystem that served as a critical lifeline over the course of the COVID pandemic. The project will accelerate business growth particularly for racially and ethnically diverse businesses, develop entrepreneurship pathways, and strengthen the capacity for more culturally specific business advisory services and counseling and support business planning and site selection, navigate business lending to grow local investment particularly for racially and ethnically diverse business owners, and develop incubation spaces for small business ideation.  Work is still in the pre-planning stages.  Updates are anticipated in late 2023. 
  • Continued involvement with the Open to Business program.  Open to Business provides direct technical assistance and other forms of support to small business owners and entrepreneurs. In 2022, Open to Business served 64 existing businesses and 26 start-ups. 71% of program participants are from racial and/or ethnic communities. 

Create new opportunities for post-crisis business planning

  • See reference to $1.5M Small Business Reimagination Center project above.    

Support the ecosystem of diverse suppliers

  • No updates to provide at this time.

Proactively foster racial inclusion, equity, and belonging in the procurement policies and practices

  • Increased Section 3 worker and business outreach. Section 3 helps low-to-moderate income workers or business owners compete on bids for federally funded (CDBG and HOME) Ramsey County projects and gain access to connections in the construction industry.

Partner with community leaders to influence and leverage private sector investments, lending practices, and spending with black, Latinx, Asian and Indigenous owned businesses

Influence and coordinate strategies to respond to historic underinvestment in Black owned businesses

  • No updates to provide at this time.

Partner to develop tools for business owners to proactively acquire ownership of their real estate assets to grow wealth

  • No updates to provide at this time.

Explore pilot to create entrepreneurial start up spaces in suburban Ramsey County

  • No updates to provide at this time.