Columbus Council approves $90K grant to support women-owned small businesses

During the recent Columbus City Council meeting, significant discussions centered around a new initiative aimed at empowering women entrepreneurs through financial support. The meeting, held in recognition of Women's History Month, highlighted the introduction of Ordinance 0786, which seeks to authorize the acceptance of a private grant from the Cities for Financial Empowerment Fund (CFE) amounting to up to $90,000. This funding is part of a broader effort to enhance financial counseling services for women and small business owners in Columbus.

Councilwoman Bankston, who opened the discussion, expressed enthusiasm for the legislation and acknowledged the contributions of Hannah Reed from the Department of Development and the Women's Commission. The grant will facilitate a partnership with Jewish Family Services, allowing for the execution of a service contract worth up to $30,000, aimed at providing essential financial counseling and support to women-led businesses.

The Financial Empowerment Center (FEC) will play a crucial role in this initiative, offering resources to help women navigate personal finances and access capital for their businesses. Currently, women-owned businesses represent approximately 22% of all small businesses in Columbus, generating significant revenue and employing thousands. However, they face systemic barriers, including limited access to loans and higher interest rates compared to their male counterparts.

Hannah Reed emphasized the importance of bridging the gap between financial resources and support for women entrepreneurs. The program aims to provide training and technical assistance, enabling women to achieve financial stability and better access the necessary capital to launch and grow their businesses. The FEC has already demonstrated success, with clients reporting increased credit scores and reduced debt.

The council members underscored the importance of supporting small businesses as a pathway to economic stability and growth. The initiative is seen as a vital step in addressing the challenges faced by women entrepreneurs, particularly in a city where many residents rely on small business ownership for their livelihoods.

As the council moved to pass the ordinance, the discussions reflected a commitment to fostering an inclusive economic environment in Columbus. The anticipated impact of this initiative could lead to greater financial empowerment for women, contributing to a more robust local economy. The council's actions signal a proactive approach to addressing the barriers that hinder women's entrepreneurship, with hopes for a more equitable future in the business landscape of Columbus.