Atlanta Wealth Building Initiative Inc

AWBI EXISTS TO MAKE SHARED PROSPERITY THE ATLANTA WAY BY SUPPORTING THE ENGAGEMENT, CAPACITY, AND LEADERSHIP NECESSARY TO ADDRESS ATLANTA'S RACIAL WEALTH DIVIDE. WE ACTIVELY REIMAGE ECONOMIC REALITIES TO PRODUCE AN OPPORTUNITY-RICH FUTURE FOR ALL.

ADVANCE JUST USE OF LAND & PROPERTYTHERE IS A SIGNIFICANT DEMAND FOR COMMERCIAL KITCHEN SPACE AMONG BLACK-OWNED BUSINESSES IN ATLANTA. MANY BLACK-OWNED BUSINESSES HAVE LIMITED ACCESS TO CAPITAL, YET THE HIGH RENTAL AND OWNERSHIP COSTS OF A COMMERCIAL KITCHEN SPACE PREVENT BUSINESSES FROM SCALING THEIR BUSINESS BEYOND A HOME-BASED OPERATION OR GROWING TO SERVE BEYOND THEIR EXISTING NEIGHBORHOODS. SHARED COMMERCIAL KITCHEN SPACES HELP REDUCE BUSINESS DISPLACEMENT, SUPPORT BUSINESSES IN SCALING, AND INCREASE REVENUE BY PROVIDING AFFORDABLE COMMERCIAL SPACE TO DEVELOP PRODUCTS.- URBAN OAK INITIATIVE: SHARED COMMERCIAL KITCHEN TO REDUCE BUSINESS DISPLACEMENT AND SUPPORT BUSINESS GROWTH- THE URBAN OAK INITIATIVE IS A 501(C)(3) NONPROFIT ORGANIZATION THAT FIGHTS OBESITY, DIABETES, AND OTHER CHRONIC ILLNESSES THROUGH INNOVATIVE, KID-FRIENDLY PROGRAMS. PROGRAMS ARE DESIGNED TO ADDRESS MANY OF THE ISSUES FACING COMMUNITIES FACE TODAY, INCLUDING FOOD SECURITY, NUTRITION, AND SOCIOECONOMIC OPPORTUNITY. FOR THE PAST THREE YEARS, URBAN OAK HAS DONE PLACE-BASED WORK IN THE CITY OF ATLANTA NEIGHBORHOOD PLANNING UNIT V, A GEOGRAPHIC HOME TO OVER 15,000 RESIDENTS. THIS PREDOMINANTLY BLACK COMMUNITY HAS EXPERIENCED LONG STANDING DISINVESTMENT AND ISOLATION FROM ECONOMIC OPPORTUNITY AND FOOD ACCESS. IN PARTNERSHIP WITH AWBI, URBAN OAK INITIATIVE IS BUILDING A NEW 1,347 SQUARE FOOT SHARED COMMERCIAL KITCHEN AND FOOD HUB THAT WILL BE LOCATED INSIDE OF PITTSBURGH YARDS DEVELOPMENT.- KEY OUTCOMES:- SIGNED A LEASE AND BEGAN THE DEVELOPMENT OF A COMMUNITY-BASED SHARED COMMERCIAL KITCHEN IN THE PITTSBURGH YARDS DEVELOPMENT WITH AN EXPECTED COMPLETION DATE OF SUMMER/FALL 2023- ON TARGET TO INCREASE REVENUES BY 100%- HIRED AND TRAINED 1 PART-TIME PERSON WHO RECEIVED ENTREPRENEURIAL TRAINING AND IS ON TARGET TO START THEIR OWN BUSINESS WITHIN THE NEXT 12 MONTHS- WITH ASSISTANCE FROM OTHER GRANTS PROVIDED 800 SENIOR PLANT-BASED MEALS TO DATEGROW AND SCALE BLACK OWNED BUSINESSES & PREVENT DISPLACEMENTATLANTA'S HISTORIC WEST END NEIGHBORHOOD HAS A RICH HISTORY OF BLACK ENTREPRENEURSHIP AND CULTURE. IT IS ALSO EXPERIENCING RAPID REVITALIZATION THAT HAS UNFORTUNATELY RESULTED IN THE DISPLACEMENT OF BLACK AND BROWN ENTREPRENEURS- PORTRAIT COFFEE: INCREASE BUSINESS CAPACITY TO PREVENT DISPLACEMENT AND SUPPORT COMMUNITY REVITALIZATION- PORTRAIT COFFEE IS A BLACK-OWNED COFFEE ROASTER INTRODUCING SPECIALTY COFFEE TO SOUTHWEST ATLANTA IN A SOCIALLY CONSCIOUS WAY. LOCATED IN THE HISTORIC LOTTIE WATKINS BUILDING IN ATLANTA'S HISTORIC WEST END, PORTRAIT COFFEE'S GOAL IS TO EMPOWER AND EQUIP ATLANTA NATIVES AND RESIDENTS WITH GENUINE CAREER AND LIFE OPPORTUNITIES IN THE WORLD OF COFFEE AND TO SERVE AS A CATALYST FOR NEW REPRESENTATION AND GROWTH.- WITH SUPPORT FROM AWBI, PORTRAIT COFFEE IS BUILDING OUT A 2,000 SQUARE FOOT CAFE WITHIN THE HISTORIC BUILDING WHICH WILL CREATE A COMMUNITY GATHERING SPACE, INCREASE WORKFORCE AND INCREASE THE CAPACITY OF THE BUSINESS. PORTRAIT COFFEE WILL SERVE AS A CATALYST FOR BUSINESS REVITALIZATION WITHIN THE COMMUNITY.ALTERNATIVE OWNERSHIP MODELSAWBI SEEKS TO BUILD AN INFRASTRUCTURE FOR INCLUSIVE ENTERPRISES BY SUPPORTING SHARED OWNERSHIP MODELS INCLUDING COOPERATIVE DEVELOPMENT, CONVERSION TO EMPLOYEE OWNERSHIP, AND PROGRESSIVE PROCUREMENT STRATEGIES THAT SUPPORT THE ABILITY OF BUSINESSES TO GROW AND SCALE.- COMMUNITY MOVEMENT BUILDERS: CREATING A SUSTAINABLE FOOD HUB THROUGH A COOPERATIVE OWNERSHIP MODEL EMPLOYING BLACK WORKER-OWNERS- COMMUNITY MOVEMENT BUILDERS (CMB) IS A MEMBER-BASED COLLECTIVE OF COMMUNITY RESIDENTS AND ACTIVISTS DEDICATED TO CREATING SUSTAINABLE, SELF-DETERMINING BLACK COMMUNITIES THROUGH COOPERATIVE ECONOMIC ADVANCEMENT AND COMMUNITY ORGANIZING. CMB'S COOPERATIVE AQUAPONIC AND SEA MOSS PROGRAM, THE AQUAPONIC, WORKS TO ADDRESS SOUTHWEST ATLANTA'S FOOD DESERT BY GROWING HEIRLOOM TOMATOES, RAISING FRESHWATER SHRIMP AND GROWING SEA MOSS. THE COOPERATIVE WILL SEEK TO SOURCE 6 LOCAL RESTAURANTS AND GROCERY STORES WITH SHRIMP AND TOMATOES. THE SEA MOSS PRODUCTION WILL BE USED TO SUPPORT A YOUTH EDUCATION MICRO-BUSINESS. TWO LOCAL RETAIL STORES HAVE TENTATIVELY AGREED TO CARRY THE PRODUCTS. AWBI'S FUNDING SUPPORTS WORKER-OWNER TRAINING, KITCHEN RENTAL SPACE AND SALARIES OVER THE NEXT YEAR AS THE COOPERATIVE WORKS TO BUILD AND SUSTAIN ITS AQUAPONIC AND SEA MOSS BUSINESSES.- KEY OUTCOMES: - INCREASE BUSINESS REVENUE FROM $48,000 TO $100,000 BY ADDING ADDITIONAL RETAIL OUTLETS AND INCREASING ONLINE SALES INCREASE THE NUMBER OF WORKER OWNERS (CURRENTLY ONE WORKER-POTENTIAL OWNER WHO MAKES $400 A MONTH)- INCREASE STIPENDS FROM $800 TO $1000- COMPLETE TRAININGS IN PRODUCTION, MARKETING, BUSINESS MANAGEMENT- EACH NEW WORKER-OWNER WILL OWN APPROXIMATELY 5% TO 7% OF THE BUSINESSREMOVE BARRIERS TO PROCUREMENTACCORDING TO THE 2021 PROGRESS IN PROCUREMENT: EQUITY IN FEDERAL CONTRACTING REPORT, ONLY 3% OF ALL CONTRACTS AWARDED IN THE 2021 FISCAL YEAR WENT TO BLACK OWNED BUSINESSES. PROCUREMENT OPPORTUNITIES REPRESENT IMPORTANT SOURCES OF ECONOMIC MOBILITY. WE SEEK TO ENSURE THAT HISTORICALLY NEGLECTED OR UNDERSERVED PARTS OF THE BUSINESS COMMUNITY RECEIVE THE SUPPORT THEY NEED TO TAKE ADVANTAGE OF THOSE OPPORTUNITIES. IN 2022, AS PART OF OUR EFFORTS TO REMOVE BARRIERS TO PROCUREMENT FOR BLACK OWNED BUSINESSES, AWBI:- WORKED WITH THE HENRY LOUIS AARON FUND AND MINORITY BASEBALL PROSPECTS TO PRESENT A BLACK BUSINESS MARKETPLACE AT THE HBCU BASEBALL ALL-STAR GAME HOSTED BY THE ATLANTA BRAVES TO CURATE A BLACK BUSINESS MARKETPLACE AT TRUIST PARK;- HELPED LAUNCH THE INAUGURAL HOME RUN MARKET, A DEDICATED RETAIL SPACE TO DIVERSE BUSINESSES AT THE BRAVES STADIUM;- HOSTED DOZENS OF 1-1 STAKEHOLDERS MEETINGS WITH ATLANTA'S FORTUNE 500, 1000 COMPANIES, PUBLIC ENTITIES AND NETWORKS, CREATING POWERFUL ALLIES ALLOWING US TO DOCUMENT THE EXISTING LIMITING POLICIES AND PRACTICES REGARDING PROCUREMENT AND SUPPLIER DIVERSITY PROCESSES;- RESEARCHED AND VETTED VARIOUS TECHNICAL SOLUTIONS TO IMPROVE PROCUREMENT PROCESSES INCLUDING TWO SOFTWARE PLATFORMS AND THE PROSPECTIVE PROCUREMENT OF AN EXISTING EARLY STAGE BUSINESS DATABASE;- PILOTED AN ANCHOR PARTNER STRATEGY, WITH A NOTABLE CASE STUDY OF HELPING A BLACK WOMAN OWNED BUSINESS AVOID LOSS OF A CONTRACT FROM $1M TO $200K.CAPITAL LANDSCAPE DISRUPTIONFLEX FUND LOAN PROGRAM- IN PARTNERSHIP WITH THE GEORGIA MICRO ENTERPRISE NETWORK (GMEN), ESTABLISHED BY LOCAL INITIATIVES SUPPORT CORPORATION (LISC) WITH FUNDING FROM JPMORGAN CHASE, AWBI LAUNCHED A FLEXIBLE AND ACCESSIBLE LOAN PROGRAM FOR BLACK-OWNED SMALL BUSINESSES IN GEORGIA. THE PURPOSE OF THIS WORK IS TO DEPLOY SMALL BUSINESS LOANS UNDER THE FLEX FUND LOAN PROGRAM TO PROVIDE BLACK-OWNED SMALL BUSINESSES ACCESS TO CAPITAL. THE GOAL IS FOR ALL PARTNER ORGANIZATIONS TO STRENGTHEN AND EXPAND THEIR DEVELOPMENT IN GEORGIA THROUGH LENDING, TECHNICAL ASSISTANCE, AND JOINT OUTREACH ACTIVITIES WHILE SUPPORTING THE EXPANSION OF SMALL BUSINESSES.- JMPC ESTABLISHED THE ATLANTA ENTREPRENEURS OF COLOR FLEXIBLE LOAN FUND WITH LISC GEORGIA MICRO ENTERPRISE NETWORK, LATIN AMERICAN CHAMBER OF COMMERCE, MOREHOUSE INNOVATION & ENTREPRENEURSHIP CENTER THAT WILL DEPLOY $500K IN REVOLVING LOANS INTO THE ECOSYSTEM AT $10K AND $25K. ATLANTA EQUITABLE CAPITAL PROVIDER CONVENINGSTHROUGHOUT 2022, AWBI COORDINATED THE "EQUITABLE CAPITAL PROVIDER CONVENINGS," A SERIES OF GATHERINGS WITH A DIVERSE GROUP OF CAPITAL PROVIDER STAKEHOLDERS INCLUDING TRADITIONAL BANKS, CDFIS, IMPACT FUNDS, ANGEL INVESTORS, AND PHILANTHROPIC INSTITUTIONS TO DISCUSS SOLUTIONS AND PRODUCTS NEEDED TO IMPROVE ACCESS TO CAPITAL AND BUILD A MORE COHESIVE ENTREPRENEURIAL CAPITAL ECOSYSTEM FOR BLACK ENTREPRENEURS IN ATLANTA. AWBI LED THE COORDINATION AND IMPLEMENTATION OF VIRTUAL CONVENINGS TO DISCUSS SOLUTIONS AND PRODUCTS NEEDED THROUGHOUT THE SOUTH TO SUPPORT WEALTH CREATION IN BLACK COMMUNITIES. THESE DISCUSSIONS WERE ROOTED IN LOCAL RACIAL WEALTH GAP DATA, RESEARCH RELATED TO MICRO AND MACRO INVESTMENTS.BLACK BUSINESS ROUNDTABLEIN 2022, AWBI ALSO HOSTED FOCUS GROUP SESSIONS WITH BLACK BUSINESS OWNERS AT THE AWBI BLACK BUSINESS ROUNDTABLE TO DISCUSS THEIR EXPERIENCE SEEKING CAPITAL IN ATLANTA. THE OUTCOME WAS A RANGE OF COLLABORATIVE SOLUTIONS TO CLOSE THE CAPITAL ECOSYSTEM GAPS IN ATLANTA INCLUDING:- DIVERSITY OF NETWORKING OPPORTUNITIES BASED ON BUSINESS SIZE, STAGE AND NEEDED RESOURCES AND SPACE FOR ENTREPRENEURS TO CONNECT AND CREATE NETWORKS WITH OTHERS IN THE SAME STAGE OF BUSINESS;- CREATE NETWORKING OPPORTUNITIES THAT CREATE VIABLE OPPORTUNITIES FOR LARGE CONTRACTS NEEDED TO SCALE;- DEVELOPMENT OF A PIPELINE OF SERVICES AVAILABLE TO ENTREPRENEURS AS THEY GROW;- CREATE ACCESS TO DECISION-MAKERS, POLICYMAKERS.

WEALTH BUILDING THROUGH EMPLOYEE OWNERSHIPIN THE ATLANTA METRO REGION, ACCORDING TO A STUDY BY PROJECT EQUITY, 28,943 BUSINESSES ARE 20 YEARS OLD OR OLDER, ACCOUNTING FOR OVER $163 BILLION IN REVENUE. IN MAY 2022, AWBI, IN PARTNERSHIP WITH PROJECT EQUITY AND MOREHOUSE COLLEGE, LAUNCHED AN INITIATIVE TO RETAIN BLACK-OWNED LEGACY BUSINESSES, PRESERVE JOBS IN ATLANTA, BOLSTER THE LOCAL ECONOMY, AND GENERATE WEALTH AS BUSINESS OWNERS RETIRE. THE INITIATIVE PRESENTS AN OPPORTUNITY TO THE NEARLY HALF OF BUSINESS OWNERS IN THE REGION BEGINNING TO RETIRE. BY SELLING BUSINESSES TO THEIR EMPLOYEES, OWNERS CAN PRESERVE THEIR LEGACIES, KEEP COMPANIES ROOTED IN THE LOCAL ECONOMY, AND SUSTAIN QUALITY JOBS. IN THE ATLANTA METRO REGION, EMPLOYEE OWNERSHIP CAN HELP CLOSE THE RACIAL WEALTH GAP BY PROVIDING MANY MORE BLACK OR AFRICAN AMERICAN WORKERS THE OPPORTUNITY TO PARTICIPATE IN AND BENEFIT FROM BUSINESS OWNERSHIP. TO ADVANCE A BROAD UNDERSTANDING OF EMPLOYEE OWNERSHIP AS A VIABLE WEALTH BUILDING STRATEGY, IN 2022, AWBI:- FACILITATED LISTENING SESSIONS TO DISCUSS NEEDS IN THE ATLANTA ECOSYSTEM WITH THE COMMUNITY OF PRACTICE, WITH 100 BUSINESS-SERVING AND WEALTH BUILDING ORGANIZATIONS IN ATTENDANCE. AWBI IS CRAFTING A COMPREHENSIVE PARTNERSHIP AGREEMENT WITH PROJECT EQUITY TO SUPPORT A COMPREHENSIVE SHARED OWNERSHIP PILOT IN ATLANTA.- HOSTED PROJECT EQUITY AS PART OF THE COMMUNITY WEALTH BUILDING COMMITMENT SERIES TO SHARE THE COLLECTIVE BENEFITS OF EMPLOYEE OWNERSHIP. PROJECT EQUITY GUESTS INCLUDED: EVAN EDWARDS, CHIEF EXECUTIVE OFFICER AND TERRON FERGUSON, BLACK EMPLOYEE OWNERSHIP INITIATIVE.EXPANDING ACCESS TO CAPITAL FOR ATLANTA'S "MISSING MIDDLE"THE ATLANTA WEALTH BUILDING INITIATIVE'S (AWBI) EQUITABLE ENTREPRENEURIAL CAPITAL ECOSYSTEM ASSESSMENT, PUBLISHED IN 2021, NOTES THERE IS A $9-12 BILLION GAP IN FUNDING ANNUALLY IN THE ATLANTA MARKET FOR SMALL BUSINESSES BECAUSE OF STRUCTURAL BARRIERS TO ACCESSING CONVENTIONAL EQUITY AND DEBT. BASED ON THE FINDINGS OF THE ASSESSMENT, WHICH HIGHLIGHTS THAT THESE CAPITAL GAPS LEAVE A VAST AND GROWING "MISSING MIDDLE" OF PROMISING SMALL BUSINESSES THAT STRUGGLE TO ACCESS CREDIT, THE GOATL ECONOMIC INCLUSION FUND (GEI FUND), DEVELOPED BY THE COMMUNITY FOUNDATION FOR GREATER ATLANTA, WAS DESIGNED TO PROVIDE A UNIQUE SOURCE OF GROWTH CAPITAL TO THESE BUSINESSES, AIMING TO CLOSE GAPS IN ACCESS TO CAPITAL BOTH BY INVESTING IN MARGINALIZED ENTREPRENEURS AND BOLSTERING THE WORK OF ENTREPRENEUR SERVICE ORGANIZATIONS. THE GEI FUND LAUNCHES IN 2023 WITH A TOTAL CAPITAL GOAL OF $25 MILLION, TO INCLUDE $20 MILLION IN INVESTMENT CAPITAL AND $5 MILLION IN PHILANTHROPIC CAPITAL, WHICH WILL BE USED FOR ESO GRANTS AND TO FUND A LOAN LOSS RESERVE FOR THE FUND.OTHER IMPACT AREASPOLICY: HOUSE BILL 78, THE GA ECONOMIC GROWTH ACTIN FEBRUARY 2022, AWBI COLLABORATED WITH URBAN LEAGUE OF GREATER ATLANTA CEO, NANCY FLAKE JOHNSON, REPRESENTATIVE ROGER BRUCE, AND 26 SISTER ORGANIZATIONS TO ADVOCATE FOR THE PASSAGE OF HB 78 BLL, THE GA ECONOMIC GROWTH ACT. THE BILL PUSHES TO ESTABLISH A STATE OF GA OFFICE OF SUPPLIER DIVERSITY THAT WILL HOUSE A MINORITY AND WOMEN-OWNED BUSINESS ENTERPRISES STATE-WIDE ADVOCATE. IF PASSED, THE BILL WILL OPEN THE DOOR FOR GREATER PARTICIPATION BY MBEW'S IN STATE CONTRACTS. WHILE THE BILL FAILED TO GET A VOTE IN THE HOUSE GOVERNMENTAL AFFAIRS COMMITTEE AND DIED IN THE 2022 LEGISLATIVE SESSION, AWBI AND OUR PARTNERS ARE WAITING FOR THE ACT TO BE REINTRODUCED IN 2024.