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Task Force small-business committee outlines technical-assistance needs, cites roughly 500 Black-owned firms; disparity study available online
Summary
The African American Equity Restoration Task Force’s small-business committee discussed counseling, access to capital and a 2023 disparity study by M3 that the committee will unpack before making budget recommendations.
At its April 14 meeting, the African American Equity Restoration Task Force’s small-business and entrepreneurship committee reported on barriers facing Black-owned firms in Knoxville and said members will study a 2023 disparity report before advancing specific budget recommendations.
The committee said its early conversations identified recurring needs: small-business counseling and technical assistance, access to capital, legal and bonding support, financial counseling and help with insurance and contracts. The group discussed outreach to business owners who operate without brick-and-mortar locations and noted that some entrepreneurs avoid loans because of added overhead.
Committee members said an owner who spoke at the meeting described learning business basics on the job and highlighted the importance of mentorship, business mindset, and understanding contract types. The committee also cited an internal estimate from research participant Damon Rawls that there are roughly 500 small Black-owned businesses in Knoxville; the committee said those businesses include home-based and non–brick-and-mortar operations.
Members noted existing local programs and contests that provide small awards and exposure, including a program referred to in the discussion as “100 Knoxville” (listed by a participant as offering a roughly $5,000 award) and a women’s-foundation pitch contest that offers awards in the $2,500–$5,000 range. The committee said part of its role could be communicating these opportunities to local entrepreneurs and collecting contact information to make outreach more effective.
The committee also deferred a fuller discussion of the city’s disparity study, produced in 2023 by a firm referenced in meeting comments as “M3.” A committee speaker said the study is posted on the city’s website and runs about 504 pages; members agreed to review the study in more detail before bringing specific proposals or budget requests to the full task force.
The committee signaled future work would include building a resource list and exploring technical assistance and mentorship programs, with follow-up at a later meeting.
Ending: The task force did not take formal votes on financing or new programs during the meeting; next steps identified included further review of the disparity study and more targeted outreach to local businesses.
