LOUISVILLE, Ky. (WDRB) -- The city of Louisville is looking for proposals to create business incubators for minority-owned businesses.
Metro Government on Tuesday issued a "Request for Proposals." It says there is $100,000 available to an organization — or organizations — to set up a business incubator, according to a news release.
The city is asking for proposals that emphasize Black-owned businesses, "which have not had the same economic benefits and financial stability as other businesses."
Officials say while about 22.4% of Louisville's population is Black, only 2.4% of the city's businesses are Black-owned. They also say the poverty rate for the Black community is 29.8%, which is nearly three times the 10.2% poverty rate of the white community.
"Louisville's minority population is woefully underrepresented in our business community. Historically, that gap has been caused by institutionally racist policies that put up barriers to the capital, mentorship or services that others have had for decades," Mayor Greg Fischer said in a news release. "We must do better in breaking down these policies and providing resources, human and financial, that will help our Black and Latinx communities build generational wealth."
Those submitting proposals should have physical and virtual spaces to provide the incubator. The goal is for them to help business owners with resources to start or grow their business, as well as provide them with services that "have been shown to promote stability and growth" to help strengthen their businesses.
The funding available for the incubator will go towards things like working capital, curriculum development, instruction and business equipment.
For more information and to submit a proposal, click here. The window to submit is open now until April 30.
Copyright 2021 WDRB Media. All Rights Reserved.