BUFFALO, N.Y. (WIVB) — Federal stimulus money is being put aside to help black and brown-owned Buffalo businesses.
Sunday, Mayor Byron Brown unveiled the newest program that will benefit from American Rescue Plan dollars. $3.5 million dollars is going to a minority-owned business support program through the Beverly Gray Business Exchange Center.
The money will fund grants to current minority-owned businesses, technical assistance to entrepreneurs, and funding for start-ups. Some of the money will also fund a start-up incubator and attraction program for both new businesses and college graduates of color seeking local jobs.
The executive director of the Beverly Grey business Exchange Center said this will help minority entrepreneurs who statistically lack capital, resources, and connections.
“Minority-owned companies contribute greatly to the U.S. economy, as the Congressman said, 4.7 million jobs, and capital market well over $700 billion annual revenue, but many Black and Brown businesses cannot reach their full potential due to the barriers that make funding, capital and connections difficult to attain,” said Executive Director Derrick Parson.
City leaders have dubbed money from the American Rescue Plan the “Buffalo Transformation Fund.”
People can weigh in on how the money is used through a survey on the city’s website.