Black Wall Street Chamber of Commerce

PROJECT PURPOSE

The purpose of this program is to provide business opportunities for Black, Indigenous, People of Color (BIPOC), and other minority businesses who have historically been discriminated against and recently affected by COVID-19. The Black Wall Street Chamber of Commerce Inc. serves the socially and economically disadvantaged businesses in Tulsa, Oklahoma. This project will aim to close the wealth and equality gap with the Tulsa Metropolitan community through the purchasing and restoration of property located in the Historic Greenwood District. This development will provide minority businesses with technology, education, access to capital, accelerator incubator/co-working spaces, as well as rentable retail, restaurant, and office space to assist our community in maintaining and/or creating sustainability.

EVIDENCE

According to U.S. Chamber of Commerce and MetLife, minority-owned small businesses have been affected disproportionately by COVID-19 and the economic crisis that followed. In addition, these sources reported that minority business owners are more likely than others to report difficulty obtaining loans, express fears about permanently closing and the decline of their revenue during this pandemic. The 1.1 million minority-owned small businesses with employees in America are an essential job source, employing more than 8.7 million workers and generating more than $1 trillion annually in economic output. Lastly, Black women are the largest demographic of entrepreneurs in the U.S.

POPULATION DESCRIPTION

The North Tulsa community is historically one of Tulsa's most vulnerable populations. According to the city's 2021 equality indicator, the Black community's unemployment rate has increased in the past year having been impacted by COVID-19. In addition, the median household income is less than $30,000.00 as compared to their white counterparts whose median income is more than $58,000.00. To supplement income in an attempt to solve their own wage inequality issues magnified by the pandemic, this demographic has increased entrepreneurship with minimal resources targeting their business development. The population the project supports makes up more than 36.2% of this city?s overall population yet the living wage ratio of North Tulsa has only increased 0.9% in the past year. In addition, the Hispanic population in Tulsa is increasing yearly. Although the city is pouring resources into entrepreneurship, these efforts are costly for our communities and/or do not directly relate to the development of their small business; the resources target technology-focused businesses or small businesses who can afford to pay for business development and high monthly rates for incubator space.

PERFORMANCE MEASURING

The project will measure performance in five phases. Phase One is the development beginning with the purchase and restoration of property. Phase Two measures progress by the percentage of occupancy of rentable spaces. Phase Three measures success quantitatively by collecting data on the occupants? use of the provided educational and capital resources offered through this project with the guidance of program data analysts. Phase Four measures success qualitatively through success stories and quarterly surveys from business occupants and program participants. Phase 5 will analyze all data and prepare an evaluation plan to present to investors and stakeholders.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma