August is National Black Business Month, and an emerging program in the Milwaukee area is seen as a game-changer in elevating minority-owned businesses trying to get off the ground. This year, several partners launched MKE BOSS - which stands for Build, Operate, Scale and Sustain. The digital platform links entrepreneurs of color with a range of resources, including lending and technical assistance.
Pam Bell, city executive with Self-Help Federal Credit Union, said for a lot of Black and brown business owners, it can be hard for them to navigate the financial services sector.
"Whatever that business is, whether it's food service and you're skilled in that trade, 'But how do I scale this?' - breaking down how much it costs to create a product and, 'How much do I need to put back into my business so that it's profitable?' and all of that," she explained.
The program's partners, including Self-Help, want to help these business owners shape their vision and establish more generational wealth in underserved areas. While this initiative is Milwaukee-centric, organizers hope to create a standard that serves as an inspiration for towns and cities elsewhere. Various rankings describe Wisconsin as one of the worst states for racial disparities.
Wendy Baumann, president of Wisconsin Women's Business Initiative Corporation, another partner, said beyond their assistance, government agencies can step it up by turning to minority-owned business for service contracts.
"County, state, local governments, and all the things that they purchase. Money talks, [and these agencies need to do] direct purchasing from these businesses," she said.
According to the Small Business Administration, 99% of U.S. companies are small businesses - defined as those with 500 employees or fewer. Baumann said that's an important statistic to remember when looking at ways to create a more level playing field within the nation's economy. The BOSS program is funded by a grant from J.P. Morgan Chase.
