ARP: Investing in a Equitable Economic Recovery

Problem

As a result of the pandemic, certain demographics were bearing the brunt of the economic slowdown. A report by the Small Business Roundtable found that 27% of minority-led small and medium-size businesses reported closures, compared with 18% of others. Furthermore, female-led businesses closed at a rate of 25%, compared to 20% of male-led businesses.

Solution

Mayor Lacey Beaty established a relief fund for small businesses with 25 or fewer employees using nearly $1.9 million in funds from the American Rescue Plan. The funding has helped 297 local  businesses with a variety of costs including utilities, inventory, and rent. Of the businesses receiving assistance, more than half of businesses receiving grants (53 percent) were women owned, and two-thirds were BIPOC-owned.