Entrepreneurs in Akron will soon have new resources to tap for help in financially propelling their small businesses. The city announced Monday it 's received a $90,000 grant from the Cities for Financial Empowerment fund, a national nonprofit which works to support financial empowerment efforts by local governments.
Akron is one of seven municipalities selected to participate in a new round of the fund's Small Business Boost Initiative. Funding will go to support new efforts by the Akron Financial Empowerment Center, a service provided by United Way of Summit and Medina Counties, which offers a range of financial counseling services.
"Our small businesses are the heart of our community," said Akron Mayor Shammas Malik. "We want to help entrepreneurs start and grow their businesses as well as manage their own personal financial journeys. We saw success with the Small Business Boost pilot program and are looking forward to continuing that growth.”
Funding for the initiative is also coming from the Financial Foundation, a global nonprofit which it says is focused on helping individuals and communities build financially secure futures.
“Small businesses are the mainstay of our nation’s economy, the pathway to financial security for millions of Americans, and the backbone of our communities,” Jo Christine Miles, the director for Principal Foundation and Community Relations, added in the joint press release. “Principal Foundation supports organizations and programs that remove barriers and create opportunities for small business owners and entrepreneurs so they can grow their business.”
The Cities for Financial Empowerment Fund originally piloted the Small Business Boost Initiative in five municipalities including Akron in March 2022.
Akron's participation in the next phase of initiative will allow the funders to further explore how entrepreneurs and the programs that support them are impacted by integrating financial counseling services with small business support programs, according to the release.
In addition to creating new initiatives between entrepreneurs, service providers, and small business support programs, the release says the new grant will allow robust qualitative research into the journey of small businesses and the impact of personal finances on entrepreneurial success.
While Akron plans to work with neighborhood groups like Progressive Alliance, North Hill CDC and The Well, the program is open to all small businesses city-wide.
