In a groundbreaking collaboration, Kaiser Permanente has joined forces with the Reimagine Retail program, a pivotal initiative within CLTRE's Economic Opportunity Pipeline. This strategic partnership aims to address the stark economic disparities faced by BIPOC creatives and entrepreneurs by providing transformative support and opportunities.
The Challenge: Limited Economic Access for BIPOC Entrepreneurs
BIPOC creatives and entrepreneurs often encounter barriers to economic opportunities, facing challenges in accessing resources, training, and mentorship. Data points reveal a concerning gap in the entrepreneurial landscape, with BIPOC-owned businesses struggling to gain a foothold in under-resourced communities.
According to the New Growth Innovation Network's study on Catalytic Capital for BIPOC Wealth Creation, BIPOC entrepreneurs are Black founders received barely more than 1% of all VC investment in 2021 and are less likely to secure traditional loans, hindering their ability to start or grow businesses.
BIPOC creatives and entrepreneurs also face barriers when it comes to securing favorable leases, locations, or partnerships compared to their counterparts.
Enter the Reimagine Retail Program: Transforming Challenges into Opportunities
Kaiser Permanente's visionary support extends to the Reimagine Retail program, a beacon of hope for BIPOC creatives and entrepreneurs seeking to overcome economic barriers. This program, nestled within CLTRE, serves as a catalyst for change, providing essential training and resources to empower small-business owners in under-resourced communities.
Key Components of the Reimagine Retail Program:
BIPOC creatives and entrepreneurs enrolled in the program benefit from specialized training sessions covering critical aspects of business development, including business planning, marketing strategies, financial management, and customer engagement.
Mentorship and Guidance:
Monthly mentor sessions with industry peers create a supportive network for entrepreneurs to seek guidance, share experiences, and gain valuable insights, addressing the mentorship gap often faced by BIPOC creatives and entrepreneurs.
Financial Support: Kaiser Permanente's $25,000 Grant:
Kaiser Permanente's commitment extends beyond rhetoric with a substantial $25,000 grant. This grant not only provides immediate financial support but also symbolizes a collaborative effort to reshape the economic landscape for BIPOC creatives and entrepreneurs.
On-Site Brand Recognition and One-on-One Advising:
The Oak Park location becomes a hub for over 70 entrepreneurs annually, facilitating brand recognition and product introductions to new audiences. Additionally, it offers one-on-one advising, creating a dynamic space for personalized business support.
Central Hub for Small Business Group Education:
Oak Park serves as the central location for CLTRE's small business group education, supporting 20 entrepreneurs in scaling their businesses. This includes mapping annual goals, addressing knowledge gaps, and navigating resources within the Sacramento small business ecosystem.
Change Machine Cohort Membership:
As one of the 25 members of Change Machine’s National “Centering Black and Brown Voices” 2021 cohort, CLTRE integrates Change Machine's curriculum and tools into its assessments, providing a robust foundation for small business strategic support.
Culturally Competent Programs:
CLTRE's Small Business and Retail Team ensures that programs are culturally competent, acknowledging and addressing unique barriers that hinder BIPOC small business success in Sacramento.
Benjamin Ismail, CLTRE's Reimagine Retail program manager, oversees retail operations and entrepreneur services, ensuring a seamless experience for small businesses. Roshaun Davis, CLTRE's executive director, coordinates group education and resource navigation support, offering robust planning and formal learning opportunities.
The Impact: Transforming Dreams into Reality
Through the Reimagine Retail program, Kaiser Permanente's support is turning challenges into opportunities for BIPOC creatives and entrepreneurs. By addressing the root causes of economic disparities, this partnership is fostering a community where every entrepreneur has the chance to thrive.
As we reimagine retail and redefine success, Kaiser Permanente's investment becomes a catalyst for change.
Join us in celebrating a vision where BIPOC creatives and entrepreneurs not only survive but flourish, creating a more inclusive and vibrant small business ecosystem.
Together, Kaiser Permanente and CLTRE are reshaping the narrative, one entrepreneur at a time.