During a recent meeting of the Economic Development Committee, discussions centered on the need to redefine funding strategies for small and minority-owned businesses in the region. A committee member emphasized the importance of distinguishing between traditional funding for startup companies and new initiatives aimed at supporting minority businesses, suggesting that a separate division may be necessary to address these distinct needs effectively.

The conversation highlighted the evolving nature of the \"Jump Start\" program, which has historically provided substantial funding to businesses but is now being viewed through a new lens. The committee member proposed that the program should be rebranded or clarified to reflect its new focus, ensuring that stakeholders understand the shift in purpose and the types of businesses being supported.

Janice Contreras, President and CEO of the Northeast Ohio Hispanic Center for Economic Development, presented on her organization’s efforts to assist minority and women-owned businesses. Contreras noted that her center is newly designated as a Minority Business Assistance Center (MBAC) and is committed to providing multilingual and multicultural support to Latino entrepreneurs. She reported that approximately 74% of their clients are minorities, with a significant portion being Latino and often monolingual.

Contreras expressed gratitude for the initiatives aimed at improving access to capital for Latino-owned businesses but acknowledged ongoing challenges in achieving equity in funding opportunities. She called for continued collaboration with organizations like ECDI and Jump Start to enhance support for minority entrepreneurs.

The meeting underscored a collective commitment to refining economic development strategies to better serve diverse business communities, with a focus on ensuring equitable access to resources and funding.