Breaking Barriers: A Bold Economic Transformation
Charlotte has launched a groundbreaking initiative to revolutionize how city contracts support minority-owned businesses. The Charlotte Business INClusion (CBI) program delivered $193 million in contracts to minority and women-owned businesses in 2023, marking a significant leap forward in economic equity.
This remarkable achievement represents a 23% increase from 2022 and a stunning 45% jump from 2021. City leaders aim to create a national model of inclusive economic development that empowers Black entrepreneurs and small business owners.
Strategic Approach to Economic Empowerment
Research reveals closing racial gaps in business ownership could potentially add $5 trillion to the U.S. economy over the next five years. Charlotte’s initiative directly addresses this opportunity through targeted support and strategic partnerships.
The program currently works with approximately 560 businesses, including minority, women-owned, and Black-owned enterprises. City managers plan to expand this network to 640 businesses by next year, creating unprecedented opportunities for local entrepreneurs.
Innovative Support Beyond Contract Allocation
Steven Coker, Charlotte’s business inclusion officer, emphasized the program’s unique approach. “By embedding our efforts within the city’s operational framework, CBI serves as a critical bridge between municipal resources and Charlotte’s diverse business community,” he explained.
The initiative goes beyond simple contract distribution. CBI utilizes 12 staff members and over 35 liaisons across 20 city departments to ensure comprehensive integration of inclusion goals.
Concrete Success Stories Emerge
Remarkable success stories demonstrate the program’s impact. DA Everett Construction Group secured a 20% partnership with Turner Construction for a $215 million arena renovation project. Another Black-owned business, McFarland Construction, obtained a 20% partnership to build a $20 million fire station.
These partnerships showcase how targeted support can help minority-owned businesses compete for significant municipal contracts. Each collaboration represents a step toward more equitable economic opportunities.
Future-Focused Financial Support
Looking ahead, Charlotte has launched a $40 million growth fund designed to provide critical financing for minority businesses. The fund aims to distribute 2,000 loans up to $250,000 over four years.
Community Development Financial Institution fund partners will administer these loans. The goal is to help businesses scale operations and pursue larger contracts, addressing historical financial barriers.
A Message of Opportunity
Coker’s message resonates with hope and determination: “To every MWSBE business interested in working with the City of Charlotte, my message is simple: we are open for business and here to help you unlock the doors to opportunity.”
