The launch of the (AEO) Association for Enterprise Opportunity Regional Councils convening at the Federal Reserve Bank of Chicago on 20th November 2024 assembled a group of dynamic leaders in entrepreneurship, small business development and economic empowerment, from U.S. federal and state officials to business visionaries and non-profit leaders, all collectively committed to unveiling social impact initiatives across the defined AEO Great Lakes region, consisting of six states: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin. The ten-state Midwest region as a whole is comprised of the six Great Lakes regions, alongside Iowa, Kansas, Nebraska and Missouri.
U.S. BUSINESS CONNECTIONS THAT EMBRACE SUSTAINABLE SOLUTIONS FOR MINORITY BUSINESSES
Moderated by Cassie Carroll, Director of the Green Business Engagement National Network (GBENN), a consortium of 26 unique local, state-wide and national green business programs from across the United States, Carroll led the sustainability-invigorated panel whose contributors debated business development and eco-friendly plans for the Midwest. The Green Business Engagement National Network (GBENN) mission is to facilitate sharing and relationship-building among environmentally conscious business engagement programs across North America in order to achieve accelerated domestic endeavors on a local level, thus capable of distributing best practice initiatives across the sustainability and enterprise eco systems.
The panel that included:
- Geri Aglipay, 2024 Region V Administrator, U.S. Small Business Administration
- Kristi Dula, Director, Illinois Department of Commerce & Economic Opportunity
- Aarti Kotak, 2024 Managing Director, Head of ESG and Social Impact at Ariel Alternatives
- Veronica Maturino, Chief Executive Officer at ONABENand
- Lenwood Long Sr., Chief Executive Officer, African American Alliance of CDFI CEOs, pushed for greater emphasis on social inclusion, to facilitate building a more equitable landscape for minority business leaders.
Further insights highlighted by Aarti Kotak, 2024 Managing Director, Head of ESG and Social Impact at Ariel Alternatives described how climate change impacts minority communities. Kotak championed focusing on connections that embrace sustainable solutions able to develop key practices that will reduce pollutions in the long term.
BUILDING ECONOMIC WEALTH FOR U.S. LATINO AND BLACK COMMUNITIES
2024 Managing Director, Head of ESG and Social Impact at Ariel Alternatives, Aarti Kotak, spoke of developing wealth building initiatives within Latino and Black communities, ensuring these minority business owners were equipped to scale, develop social networks and take advantage of deeper connections. Kotak further explained the need for Founders able to create solid and viable business models worthy of venture funding. Kotak emphasized the importance of committing to social impact alignment whilst recognizing that Ariel Ventures was not a philanthropic fund. However, Ariel Ventures does call for clear recognition of the societal impact of start ups that must develop strategies tied into both revenue generation and value creation.
On the other hand, Lenwood Long Sr., Chief Executive Officer of the African American Alliance of CDFI CEOs asserted that Black-led non-profits did need more recognized certification to stand out in a unique way.
Moderator Cassie Carroll, Director of the Green Business Engagement National Network (GBENN) consortium agreed that “Good business is how business should be” whilst Lenwood Long Sr called for a clear support network dedicated to meeting the requirements of diverse owned business suppliers. Lenwood Long Sr further asserted that the “racial wealth gap often mirrors the access to capital gap.” According to Lenwood Long Sr, many small businesses are in constant day to day survival mode with gaps in knowledge relating to the emerging opportunities for access to funding. He called for advocates and ambassadors of information to bypass the boulevard and instead reach the “main streets” where cash is flowing.
Aarti Kotak, 2024 Managing Director, Head of ESG and Social Impact at Ariel Alternatives further attested to the fact that the “main streets” were often unable to tap into the Black and Latino communities, with these segments often still locked out of funding opportunities due to doors that are still shut to these groups. Kotak concluded that the current structures, systems, and go-to-market speeds are never tailored to the benefits of Black and brown business owners. Kotak called for policies that enabled these business owners to be in a position to “walk through doors.”
THE AFRICAN AMERICAN ALLIANCE OF CDFI CEOs CALLS FOR ACCESS TO THE MAIN STREET FOR MINORITY ENTREPRENEURS
During the (AEO) Association for Enterprise Opportunity Regional Councils convening at the Federal Reserve Bank of Chicago on 21st November 2024, Lenwood Long Sr., Chief Executive Officer, African American Alliance of CDFI CEOs continued to highlight additional barriers African American business owners face and communicated his frustration at seeing many small business owners, forced to watch opportunities go by as they are not in a position to take advantage of them.
Lenwood Long Sr confirmed his desire to see a level playing field, a robust DEI program, supporting the green economy, with clear communication implemented that demonstrate to minority small business owners what the clear routes to do business are. Furthermore, Lenwood Long Sr called for African American business owners to advocate their position from the “MAIN STREET” to be in a position to create another street of capital flow for Black and brown business owners. With the current flow of 2% of capital going to Black and brown business owners, Lenwood Long Sr highlighted the importance of clear information flow and declared that Black and Brown communities should be armed to capitalize on new opportunities and should “get ready for a shift.”
“GIVE US WHAT WE NEED” SO SAY MINORITY BUSINESS OWNERS IN THE USA
Aarti Kotak, 2024 Managing Director, Head of ESG and Social Impact at Ariel Alternatives further highlighted the importance of customer centric initiatives that represent the voice of business and reflect what small business owners actually need. “The sea of webinars often does not address the needs of business owners,” Kotak declared, and for those business owners who need to scale, build in safety and trust, the most appropriate actions are the outcomes that will create business success whilst representing the voice of the customer. Kotak highlighted the importance of access to customers, to fill in funding and revenue gaps, developing clear strengths for business analysis, alongside Federal government offerings, whilst undertaking a full assessment of the core business market fit agenda. “Businesses will be in a better position to grow if they are given what they NEED,” Kotak reiterated.
Lenwood Long Sr., Chief Executive Officer of the African American Alliance of CDFI CEOs, re-asserted that small business owners should be prepared for a dynamic shift and should get ready for the moment of opportunity. With the provisions of services that businesses need, the continued need to create business trust and thus ensure a comprehensive communications strategy is a focal point of a business strategy to be devised in time for “that army of advocates,” ready to be deployed.
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