The city of Boston is gearing up for Small Business Month with the launch of “Boston Means Business,” a community-driven grant program designed to bolster the city’s small business community. This initiative will award grants of up to $9,500 to selected proposals for business district events, small business workshops, training sessions, panels/forums, networking opportunities, pop-up shops and markets. The grant is specifically targeted towards nonprofits, community organizations and business collectives that have a demonstrated history of supporting small businesses within Boston. The recipients of these grants will be announced throughout the month of May.
“Boston Means Business” is just one of several grant programs that the city has initiated to support small businesses. Another notable example is the Supporting Pandemic Affected Community Enterprises (SPACE) Grant, which is geared towards assisting small businesses that have recently opened or are on the cusp of opening. Through the SPACE Grant program, the city has utilized $10 million in American Rescue Plan Act (ARPA) funding to support 90 businesses with expenses associated with new lease agreements. The positive impact of these programs is tangible and can be observed in various aspects of the city, from newly thriving marketplaces like Nubian Markets to The Bay State Banner return to Roxbury.
Continued support is essential for Black and Latino businesses, as they persistently encounter more obstacles than their white counterparts in securing capital and attracting sustained mainstream customer/vendor engagement. While many Black and Latino businesses experienced a temporary surge in support following the police killing of George Floyd in 2020, this initial interest has not consistently translated into long-term partnerships and financial investment.
These businesses continue to face systemic barriers rooted in historical inequities, including limited access to networks and resources, discriminatory lending practices and unconscious bias. This ongoing disparity underscores the need for sustained and targeted support to ensure that Black and Latino businesses can thrive and contribute equitably to the economy.
According to the Brookings Institute report “Gather to Close the Gap,” small businesses can go a long way in closing the wealth gap. Black-owned businesses drive the highest percentage increases in employees, revenue and payroll but make up just 2.7% of employers. “Small businesses create jobs and hire locally, and because we don’t have the volume of Black-owned businesses, we’re missing out on reducing the racial wealth gap,” said Dwight Hutchins, a key lead of the report, “Gather Against the Gap.”
Small businesses are often called the backbone of the U.S. economy. Data from the Small Business Administration (SBA) reveals that a staggering 99.9% of all businesses in the country are classified as small businesses. These enterprises are responsible for employing 45.9% of the American workforce, which translates to roughly 59 million people. The city of Boston mirrors this national trend. According to city data, Boston boasts a dynamic and robust ecosystem of over 40,000 small businesses. The city’s 20 Main Streets districts alone house more than 3,500 businesses and cater to the needs of over 200,000 residents.
Leave a Reply
You must be logged in to post a comment.