According to retail industry analysts, holiday sales are expected to grow only four to six percent this year due to inflation. Small businesses are preparing by ordering inventory ahead of time to avoid supply chain issues and offering discounts earlier than usual.
Source: Associated Press
Many BIPOC entrepreneurs in their 30s and 40s are forging ahead with new businesses despite challenges brought by the pandemic and the economy. They are turning to their local Chamber of Commerce and community loan programs for support and funding.
Amazon announced its continuing partnership with Los Angeles-based Lendistry to help provide loans to small businesses that sell with the online retailer. Lendistry provides loans from $10,000 to $250,000 with terms of up to five years to businesses from underserved communities.
Source: Los Angeles Business Journal
The Newark city council will invest $2 million in tax revenue into a privately-managed fund that supports local small and mid-size Black and Latino-owned businesses. The fund’s overall goal is to raise over $100 million to reduce socioeconomic disparities in minority communities.
Source: Tap Into Newark
The Tennessee Valley area locally celebrates Minority Enterprise Development week from October 17 to 24. The Chattanooga Business Development Office will offer classes and resources to small business owners during the week.