Lansing, Michigan, May 23, 2022 (GLOBE NEWSWIRE) -- A year into a robust agenda, the Lansing Economic Area Partnership’s (LEAP) fledgling Department of Equitable Economic Planning (DEEP) is making strides toward unlocking the full potential of the local economy by expanding opportunities for low-income people and communities that are primarily Black, Indigenous and people of color (BIPOC).
“Over a year has passed, and though DEEP is still in its infancy as an entity, we continue our commitment to combating systems of oppression active in the Lansing region’s growing economy,” said Tony Willis, LEAP’s Chief Equity Development Officer. “Strategically infusing equity into economic development practices grows quality jobs and increases entrepreneurship, ownership and wealth while increasing profit opportunities for our businesses, which in turn cultivates a stronger, more competitive economy on the whole.”
The economic case for addressing inequity is clear, with an estimated $16 trillion in the United States economy lost due to discrimination (Citi Group). By addressing the racial wealth gap by 2028 alone, U.S. GDP stands to grow by an estimated $1.5 trillion, or 6% of its current level (McKinsey). BuiltIn has aggregated more than 80 statistics outlining the myriad benefits of striving for diverse, inclusive workplaces, from increased innovation to higher revenue.
In its first year, DEEP’s strategic goals sought to support the conversion of existing DBAs to LLCs and help support and reconstitute BIPOC-focused business organizations and build internal capacity for advancing the programs, partnerships and policies that will help advance the economic health of Clinton, Eaton and Ingham counties, particularly within the small-business community. A year in DEEP’s success can be measured through the following actions:
- Creating and implementing the LevelUp Program to provide BIPOC business-owners with additional resources to establish long-term business success. Centers on converting existing businesses organized as Doing Business As (DBA) entities to Limited Liability Companies (LLC), creating a functional operating agreement and a starting balance sheet, chain of custody documents to support hard assets and capital infusion, and setting up an accounting system following generally accepted accounting principles (GAAP). LEAP facilitated 21 DBA to LLC conversions through the LevelUp program in 2021 and supported 30 entrepreneurs.
- Creating and implementing Elevate– the first all-Black business accelerator program in the region centered on improving the profitability, prominence, and revenue of eight businesses in six months with the assistance of a technical business consultant. The first program cohort is currently underway.
- Collaborating with community partners representing a vast array of populations within greater Lansing when identifying the most equitable way to distribute small-business relief funds in 2020. Recognizing that meeting the needs of historically disenfranchised communities requires listening to the voices of those who actively encounter systemic barriers to understand how best to dismantle those barriers and empower our communities for success. For these programs, grants to underrepresented business owners averaged of 70% or more.
- Hiring an Equity and Entrepreneurial Communication and Program Specialist, growing department capacity and overall organizational diversity.
DEEP’s long-term goals include programs to enhance and strengthen business ownership, from supply chain advancement to cooperative creation; community empowerment and economic development education; and advocating for progressive business policies.
“Addressing systemic inequity begins by just getting started,” said Bob Trezise president and ceo of LEAP. “We recognize that growth hinges on learning, growing, and adapting to a more diverse course of action. As an organization and as a community, there’s much work to be done. It’s in rising to the challenge to unlock our economy's full potential that we truly become stronger together.”
Learn more about LEAP’s equitable economic development work at www.purelansing.com/equity
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