Shop Black @ Wright Avenue – $10,000 Match campaign
In an effort to stimulate the economic mobility of Black-owned businesses along Wright Avenue, ABE (Advancing Black Entrepreneurship) and ReMix Ideas in partnership with the Wright Avenue Neighborhood Association are launching Shop Black @ Wright Avenue – June 19th from 10am – 6pm – Shop Black @ Wright Avenue is a dollar match initiative up to $10K designed to stimulate sales at businesses located on Wright Avenue in Little Rock.
Nationally, Black-owned businesses have experienced the greatest hardships due to the economic fallout resulting from the COVID-19 pandemic. According to a report released by the Federal Reserve Bank of New York in August 2020, the number of Black business owners has seen the most acute decline at a 41% drop compared to Latinx (32%) and White-owned businesses (17%) throughout the pandemic. This evidence shows that the pandemic has forced Black-owned firms to shutter at almost twice the rate of other small enterprises.
These hardships are seen here in our city as well and compounded by the fact that Black-owned businesses typically receive less monies from traditional funding sources than other groups. The recently released Arkansas Small Business Access to Capital Report shows that between 2017 and 2020, nearly 77% of the state’s SBA 7(A) loans were disbursed to white-owned enterprises.
SHOP BLACK @ WRIGHT AVE Dollar Matching Initiative
ABE and ReMix Ideas in partnership with the Wright Avenue Neighborhood Association are launching Shop Black @ Wright Avenue Dollar Matching Initiative as an alternative and innovative way to directly stimulate Black enterprises and make a difference in their bottom line today, when they need it most.
On June 19, 2021, shoppers will be encouraged to make purchases at select, certified Black-owned businesses located on Wright Avenue in Little Rock.
How it will work on June 19, 2021:
- You can pick up Black Dollars on Saturday, June 19th, between 10am and 5:00pm at 1813 Wright Avenue, 1702 Wright Avenue or 1001 Wright Avenue.
- Must be 18 years of age or older to pick up Black Dollars.
- Each person is eligible for one $10 Black Dollar.
- Black Dollars can be used as cash at participating Black-owned businesses only.
- You must spend a minimum of S10 to use Black Dollars.
Note: We will match customer’s spending dollar for dollar up to $10
- On Black Dollars – No change will be given.
- Black Dollars must be spent by close of business on Saturday, June 19th, 2021.
- Black Dollars cannot be used to purchase alcohol, cigarettes or tobacco.
ABE and ReMix Ideas are pledging $10K to this dollar matching initiative, meaning that this effort will result in an economic stimulus of $20K to the Wright Ave business sector in just one weekend and up to $3,000 stimulus for each participating business (5 businesses will be chosen).
The participating Wright Ave businesses are part of the Certified Black-Owned Business program. Certified Black-Owned Businesses meet these following criteria:
- It is Black-Owned Business.
- It has been in Business 6 months or more.
- It has a proven business model.
- It is registered with the Secretary of State.
- It has committed to work with the local technical assistance provider (ReMix Ideas).
Beyond the immediate financial impact, our goal is to spur long-term economic and social growth within the Wright Avenue area and to recirculate money within the Black community. Additionally, the campaign will serve to promote and provide exposure for the Wright Avenue businesses to new, potential customers, and it will directly boost the economic mobility of these businesses, causing a ripple effect of positive change throughout the community.
This is not a one-time endeavor. ABE and ReMix Ideas plan to initiate SHOP BLACK Dollar Matching weekends across the city, helping to stimulate economic growth in the communities with businesses that have been hardest hit by the COVID-19 pandemic.