Greenwood Chamber / Historic Greenwood Commercial District

PROJECT PURPOSE

Small businesses can be a lifeline for the low-income community of North Tulsa where residents often juggle several jobs and still cannot pay the bills. Similar to the residents of North Tulsa, the forty African American, Hispanic, and Native American-led businesses on 100 N. Greenwood Avenue have been greatly affected by the pandemic. Because of the Greenwood Chamber of Commerce, all businesses are still operating in 2022. This project is aimed to provide Greenwood small business owners with a financial boost. Providing assistance to the chamber for three fiscal years will allow Greenwood businesses to succeed and grow well beyond 2022. Again, the Greenwood Chamber of Commerce, Inc. / Historic Greenwood Commercial District comprises of 40 minority-led businesses. The purpose of this special project is to create economic opportunities, businesses, and jobs, which in turn will assist in stimulating the development of the North Tulsa Community. The Chamber?s overall goal is to build community awareness and involvement, promote civic pride and spirit through cultural, educational, and recreational activities; and provide opportunities for entrepreneurship initiatives, small business technical assistance, business expansion, and the creation of jobs and training that offer upward mobility for the community.

EVIDENCE

The Greenwood Chamber has worked to promote minority-owned programs for almost a century. We understand the cultural background of those we serve and tailor successful programs to their needs. In 2021, we partnered with Fiserv & American Express and distributed more than $200,000 in unrestricted grants to black businesses in North Tulsa. The return on investment was amazing. The program had a 1 million dollar impact on the North Tulsa economy. Reducing the business merchants' costs associated with rent and utilities by 35 percent for three fiscal years will have a 9 million-dollar impact in Oklahoma.

POPULATION DESCRIPTION

This project targets the minority business owners in the Greenwood Business District. Large percentages of businesses are African-American but the district has Hispanic, Native American, and White business owners. All businesses in the Greenwood District's profit margins have increased by 30 percent or more since the pandemic started in March 2020. The additional loss of jobs, decreased income, financial struggles, and dependence on unemployment and benefits has sapped the strength to move forward to improved financial futures for small businesses owners cause it has been hard to find people that want to work. Incentivized by discounted rent and utilities, the chamber will foster an environment where business owners can learn ways to plan, manage and strategize their financial future. The workshops and follow-up meetings will provide down-to-earth, understandable information and a chance to review individual costs and learn how to budget and plan. This provides a path forward in a supportive group environment led by people who understand the challenges. In addition, this project responds to the current stresses on the businesses in the Greenwood Business District, also known as Black Wall Street.

PERFORMANCE MEASURING

Our businesses range from recent 2019 startups to well-established businesses that started in 2010. This program will provide direct care and attention for each business owner regardless of how they have been in business on Greenwood. The chamber?s team will meet regularly to discuss the needs and progress of each business. The chamber will use the data we collect to keep business owners encouraged and forward-looking. Overall the funding will provide business owners with a 35 percent reduction in rent and utility payments for three fiscal years which will provide instant success and business comfort for each business owner.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

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