$10 million will be invested in 10 U.S. communities to promote inclusive business growth
Miami-Dade County, FL (STL.News) Miami-Dade County has been chosen as one of 10 communities across the nation to receive funding through the new Rockefeller Foundation Opportunity Collective (ROC), which is allocating $10 million to promote inclusive economic opportunity in post-pandemic recovery and into the future.
To stimulate public and private sector investment, the collective will support government, business, faith-based and nonprofit partners in these 10 locations. ROC aims to achieve two goals: protect communities from displacement and eliminate barriers to accessing capital and credit for low-wage workers and small businesses operated by women, black and Latinx owners.
“We are honored to work with the Rockefeller Foundation Opportunity Collective in creating long-lasting solutions that ensure working families have the access and support they need to thrive,” said Miami-Dade County Mayor Carlos A. Gimenez. “Minority-owned businesses are the backbone of our economy, and our County’s long-term growth and resilience depend on their success.”
Rockefeller Foundation President Dr. Rajiv J. Shah said, “Black and [Hispanic] small-business owners receive only pennies out of every dollar the federal government lends to small businesses, and when life expectancy is more than 15 years lower in minority neighborhoods than wealthier neighborhoods in the same city, the American Dream is just that: a dream for far too many.”
According to a study by Florida International University, about 37 percent of Miami-Dade business owners are black, Hispanic or women, which is more than double the U.S. average of 18 percent.
The Rockefeller Foundation Opportunity Collective will focus on matching small business owners with affordable loans and credit-building tools. In addition to Miami-Dade, the collective includes Atlanta; Boston; Chicago; Houston and El Paso, Texas; Louisville, Kentucky; Newark, New Jersey; Norfolk, Virginia; and Oakland, California.