Columbus minority business owners may have more information to base their planning decisions on soon. According to The Columbus Dispatch, the city plans to oversee a new study regarding how minority-owned businesses fare in the current marketplace.
The source said that the city hasn't done a disparity study in a decade and a half, and that this could reveal important information that affects how business owners earn contracts. The city voted on the measure at the end of last month, and the results may help officials make fairer local business decisions.
Columbus Business First said that $435,275 will go toward the study, which comes after cries from locals against the barriers minority business owners have faced in recent years.
"This could reveal important information that affects how business owners earn contracts."
Regardless of the findings, though, the effort will take time. Local NPR affiliate WCBE spoke to Steve Francis, the city's Chief Diversity Officer, about the timeline for the study, which he said will span "a roughly 12-month period."
"That's part of the things we will review with the community when we have a forum describing the process" Francis said. "But it doesn't tell analysis of city contracting patterns and trends, and also interviews with several business owners in a variety of different types of business pursuits and industries to determine availability, true availability to match that with the demographics."
Though this could lead to better policies in the future, business owners likely have their own financial needs right now. Growth Capital offers access to Ohio small business loans like the SBA 504 program. Small-business owners have long loan terms and favorable rates under this plan and can fund important purchases through it.
Contact us and find out about the capital financing strategy that will grow your business the most. Register here with our mailing list to get more information.