Today, the Progressive Policy Institute’s Metro Federalism Caucus and Prosperity Now released a new report outlining steps federal and local policymakers — and other stakeholders in the small business ecosystem — can take to best target resources to business owners of color. The report also spotlights three organizations across America that have used pandemic relief funds from the federal government to support entrepreneurs of color in their communities. The report is titled “Inclusive Entrepreneurship Is Key to Unlocking Equal Opportunity,” and is authored by Myrto Karaflos of Prosperity Now.
This report examines the creative initiatives supporting inclusive entrepreneurship from Baltimore BASE (Business Assistance and Support for Equity) Network in Baltimore, Maryland; the Pierce County Business Accelerator in Tacoma, Washington; and West Side Grows Together in Wilmington, Delaware. All three organizations have used Coronavirus State and Local Fiscal Recovery Funds from the American Rescue Plan Act (ARPA) to support entrepreneurs of color, who were hit hardest by the pandemic.
“Given this timely opportunity of federal funding dedicated to recovery and growth post-pandemic, the time to act is now. With more targeted support from policymakers, financial institutions, and local leaders, entrepreneurs of color can have a chance to thrive, which will not only benefit themselves but also the economy and society as a whole,” writes Myrto Karaflos, Policy Manager of Prosperity Now, in the report.
“Local and Federal partnerships are essential to our local economies. Innovative support for small businesses, entrepreneurs, and communities of color is vital as we recover,” said Congresswoman Marilyn Strickland (WA-10), Former Mayor of Tacoma, WA and Co-Chair of PPI’s Metro Federalism Caucus. “The report highlights how federal funding can help communities in crisis, and that local leaders know where to strategically and equitably invest in sectors that need it most.”
“As a former Mayor, I know firsthand how critical federal resources are to our communities during — and long after — a crisis. The COVID-19 pandemic took a toll on small businesses in cities and towns across America, and continued support for entrepreneurs will be necessary to keep the lights on and the ‘open’ sign up on the front door,” said Sly James, Former Mayor of Kansas City, MO and Co-Chair of PPI’s Metro Federalism Caucus. “This report from the Progressive Policy Institute and Prosperity Now shows how important the American Rescue Plan Act funds are, and the organizations featured are a shining example of the work that should be done from coast to coast.”
Read and download the paper here:
Myrto Karaflos serves as Policy Manager at Prosperity Now. In this role, she works to identify and advance policies that help entrepreneurs of color launch and grow their small businesses. Myrto previously provided policy research and analysis for several racial economic justice issues, including tax and savings policy, and also supported the implementation of technical assistance projects. Before coming to Prosperity Now, Myrto worked at Galloway & Associates, a small law firm, where she undertook research projects and provided financial and administrative support. She holds a Bachelor of Arts in International Studies from American University. Myrto is a cohort member of PPI’s Mosaic Project.
The Progressive Policy Institute, in partnership with the Kauffman Foundation, has launched the Metro Federalism Caucus to advocate for a more direct and empowering relationship between national and local government leaders. The Caucus consists of former local officials who now serve in Congress, as well as accomplished mayors and former mayors from around the country, whose governing experience and insights can help U.S. policymakers reimagine the division of labor among national, state, and local governments. Its mission is to open a direct channel of communication that does not run through state governments, aimed at forging a stronger partnership between Washington and metro leaders. Organized and supported by PPI and Co-Chaired by Representative Marilyn Strickland (WA-10) and former Mayor of Kansas City Sly James, the Caucus will champion a new approach to federalism that channels resources and decision making directly to metro leaders. PPI calls this decentralizing dynamic “Metro Federalism.”
The Progressive Policy Institute (PPI) is a catalyst for policy innovation and political reform based in Washington, D.C. Its mission is to create radically pragmatic ideas for moving America beyond ideological and partisan deadlock. Learn more about PPI by visiting progressivepolicy.org. Find an expert at PPI and follow us on twitter.
Since 1979, Prosperity Now (formerly CFED) has been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance racial and ethnic economic justice by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact the entire ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Join Prosperity Now in creating a new, transformed economy that works for all of us. Visit us at www.prosperitynow.org.
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Media Contact: Aaron White; awhite@ppionline.org