Amid the turbulent economy of the past three years, access to capital has challenged many businesses, perhaps none more than small and minority-owned firms.
Meeting that need is among several priorities at the heart of Power Up Spartanburg, a new initiative by OneSpartanburg.
While marquee economic-development projects announced by major manufacturers tend to get most of the public’s attention, the reality is small businesses in Spartanburg, and nationally, drive economic prosperity.
This is the understanding and focus Jay Jenkins brings to the job as OneSpartanburg’s director of small and minority-owned business development. He says such businesses have often faced obstacles obtaining the capital needed to grow and thrive.
But capital alone, while important, is not the only ingredient for success. Subject-area expertise and the chance to learn from and collaborate with other small-business owners is also key to a healthy and growing company.
“We’re not issuing a check — we’re issuing an opportunity,” Jenkins said. “We’re building a whole ecosystem … and this is a heavy lift.”
The first phase of the Power Up initiative kicked off in early July by using a direct investment of $1 million in initiative funding in partnership with Carolina Foothills Federal Credit Union to create a $10 million loan pool for existing businesses. In addition, start-up loans are being made available in partnership with the Charleston-based Climb Fund for firms that have operated less than two years.
Beyond these first steps, Jenkins said the initiative is designed to bring together the resources and expertise small and minority-owned businesses need to thrive. The effort includes mentors, support services and help finding suitable space for companies.
Jenkins said because small and minority-owned businesses are often critical anchors for the communities they serve, helping such companies flourish directly improves the quality of life within those communities.
“That’s the ripple effect,” he said.
For more information, visit powerupspartanburg.com.
