LOUISVILLE, Ky. — Mayor Greg Fischer said he is working to boost assistance for minority-owned businesses in the city, highlighting Metro Government's efforts to provide more resources and support to Black business owners.
The city said only 2.4% of businesses are Black-owned despite Black residents making up more than 23% of the population. Fischer outlined more than $13 million in funding he said will be used to help.
"We recognize that we are not going to reverse the effects of redlining, disinvestment and disenfranchisement overnight. It is going to take time and dollars," Fischer said.
A large portion of the funding will go to the West End Opportunity Partnership, a partnership focused on answering issues that have plagued West Louisville for generations by creating a taxable increment financing district.
Over 30 years, 80% of the taxes collected in the district would stay for reinvestment. A locally-controlled board will drive decision making.
Louisville Metro also allocated $25,000 to support capacity building for Black Business Association, $65,000 to hire a West Louisville Senior Economic Development manager, $100,000 for a Minority Business Incubator and $250,000 for Equity in Procurement.
The city said some efforts, like $1.5 million to grow the METCO small business loan program and $2.7 for a new small business assistance fund, will provide money to businesses directly. Details on eligibility are still to be decided.
►Make it easy to keep up-to-date with more stories like this. Download the WHAS11 News app now. For Apple or Android users.
Have a news tip? Email assign@whas11.com, visit our Facebook page or Twitter feed.