GRAND RAPIDS, Mich. — The Grand Rapids Chamber of Commerce is expanding its assistance to Black and Brown-owned businesses.
The chamber recently launched its new “Center for Economic Inclusion,” which is designed to close significant gaps in the city’s business scene.
Out of the 11,000 businesses in Grand Rapids that make $250,000 or more a year, fewer than one percent of them are Black and Brown-owned.
In fact, 98 percent of revenue generated in Grand Rapids is at white-owned businesses.
The new center will offer consulting, technical assistance, CEO mentorship, help with certifications and provide direct monetary help to participating companies.
Attah Obande, who was appointed to lead the new center, says helping Black and Brown-owned businesses helps everyone.
“Goldman Sachs, a couple years ago, did a study they called ‘Black Womanomics’ because Black women is the fastest growing segments of entrepreneurs. And it said that if we help a million Black women-owned businesses to grow, we could increase the national GDP by $450 billion, so there’s an economic case for doing this work as well,” Obande explained.
The chamber also did a separate study which showed that offering just a little help to Black and Brown-owned businesses in the Grand Rapids area could boost the city’s economy by $6 billion a year.
