Overarching goal

To recreate the Black middle class in Minneapolis.

Strive to

• Align, leverage and scale investments
• Expand access to capital for entrepreneurs, businesses and first-time homebuyers
• Expand partnerships, advocacy and innovation
• Increase outreach and awareness

Workforce

• Identify opportunities to align programs, projects and investments to support both workforce and housing goals.

• Expand short and long-term livable wage jobs and benefits in marginalized communities. Support ready projects to expand jobs and recruitment efforts and identify existing organizations that can expand its scope to expand service to marginalized communities.

• Leverage workforce investments to continue to partner with community-based organizations to scale and expand workforce and career pathways programs that can provide living wage jobs and career paths in growing sectors such as hospitality, construction, tech, renewable energy, healthcare, and manufacturing targeting people experiencing the largest economic disparities.

• Expand current high-quality programs that are credible and target youth and adults over 25 without a high school diploma or equivalency.

• Explore strategies to support existing and emerging manufacturing, high-tech firms and other industry uses that provide employment opportunities for living wage jobs in or near historically marginalized communities.  Protect production lands to retain, attract and support these land uses.

• Build awareness of workforce programs and partnerships that are working well.

Housing

• Scale funding for strategies that expand sustainable and affordable homeownership to BIPOC residents, including more diverse ownership housing options consistent with the Minneapolis 2040 Plan.

• Expand programs and partnerships that are working well, such as Stable Homes Stable Schools and NOAH preservation strategies; identify opportunities for new partnerships that address both housing and workforce goals.

• Increase funding for developer technical assistance to support emerging developers; expand pathways for emerging developers, including BIPOC and women-owned businesses, to gain experience.

• Ensure City housing investments use the greenest building technology, including, but not limited to, geothermal and solar panel installation that support City sustainability and climate change resiliency goals and support local manufacturing jobs.

• Expand strategies to support upward mobility in housing, which will increase supply for first-time and lower-income homeowners.

Entrepreneurship and small business

• Create partnership programs among the City, community development financial institutions (CDFIs), cultural community development corporations (CDCs), and other non-public funders to “package” City investments with private debt and equity to fund business and development capital needs. Increase patient capital sources that provide longer terms and lower interest rates. Focus this strategy on rebuilding community corridors and key destination sites through community-based ownership by. Take the following actions to complement and advance this strategy.

• Quadruple the Commercial Property Development Fund program’s funding; improve its efficiency.
• Expand supports to and participation of developers of color in all capital investment programs, including technical assistance and mentoring.
• Pursue state legislation that would allow greater flexibility in the use of Tax Increment Financing (TIF), value capture, and other financial tools, to support community rebuilding strategies that center community-based ownership of housing, small business, and commercial property.
• Increase investments into and support for culturally competent community-based partner organizations that serve BIPOC entrepreneurs, focusing on lagging service to Native American-owned businesses and continuing service to Black-owned businesses to ensure access to all underserved communities.
• Simplify the City’s procurement processes to expand participation of BIPOC-owned businesses; encourage other public, private, and non-profit partners to do the same.
• Coordinate City departments to find opportunities to streamline permitting and licensing processes.

• Identify and convene partners to develop strategies and action steps to ensure a robust ecosystem of support for small and BIPOC owned businesses and entrepreneurs, including technical assistance and access to capital. Identify gaps in services; opportunities for alignment and coordination among providers; regulatory and other barriers; and metrics tracked for services. 

• Establish a comprehensive training program to scale second stage and seasoned business owners and entrepreneurs.

• Establish and market navigation/concierge services to connect entrepreneurs and small businesses resources, including financing, technical assistance, and mentoring.  Increase funding and tools that support increasing capacity of community-based technical assistance providers. Create a clearinghouse where businesses can find information on all available programs. Consider development of an App to quickly identify availability of and eligibility for federal funding (and potentially state and local public funding).