Rhode Island Black Business Association reports 62% growth in black-owned businesses since 2021

The Providence City Council's recent meeting on April 23, 2025, highlighted significant developments in local business support programs, particularly those aimed at fostering entrepreneurship and economic growth within the community.

One of the key discussions centered around the Catalyst Program, which has been instrumental in providing education and funding to local businesses. The program, which spans approximately five months, has recently adapted its structure to ensure participants receive essential business education before accessing funding. This approach aims to equip entrepreneurs with the necessary skills to enhance their business plans and achieve long-term sustainability.

The committee members expressed appreciation for the program's impact, noting that it has successfully engaged a diverse range of businesses across Providence. The selection process for applicants was also discussed, revealing that the program often has to turn away a significant number of applicants due to funding restrictions. Depending on the year, acceptance rates can vary from 25% to nearly 50%, influenced by the sources of funding available.

In addition to the Catalyst Program, the Rhode Island Black Business Association (REBA) presented its initiatives aimed at closing the wealth gap in Rhode Island. REBA reported a remarkable 62% growth in black-owned businesses over the past four years, attributing this success to collaborative efforts with various partners and targeted support for underrepresented communities. The organization emphasized its commitment to providing holistic programming, including technical assistance, marketing support, and access to capital, which are crucial for the sustainability of small businesses.

The meeting also touched on the importance of job creation, with REBA noting that clients who participated in their programs reported creating an average of one job each. This statistic underscores the vital role that small businesses play in the local economy, contributing to job growth and community development.

As the meeting concluded, the discussions reflected a shared commitment among council members and local organizations to enhance support for entrepreneurs and foster a thriving business environment in Providence. The ongoing collaboration between various stakeholders aims to ensure that local businesses not only survive but thrive, ultimately benefiting the entire community.