Utica Awards Over $165,000 to 12 Minority- and Women-Owned Small Businesses
By David LaGuerre –
In a significant move to bolster economic equity, the City of Utica has awarded over $165,000 in grants to 12 minority- and women-owned small businesses. This initiative, part of the city’s 2024–2025 Community Development Block Grant (CDBG) allocation, underscores Utica’s commitment to fostering inclusive growth and supporting underrepresented entrepreneurs.
Empowering Local Entrepreneurs
Mayor Mike Galime announced the grant awards, emphasizing the city’s dedication to its diverse business community. “Small businesses are the backbone of any thriving community, including Utica,” Galime stated. “Given the diversity of our city, I have long felt that it was important to offer financial assistance to emerging entrepreneurs and business start-ups.”
The grants, ranging from $5,000 to $15,000, are designed for minority- and women-owned businesses with five or fewer employees. Funds can be utilized for purchasing capital assets, such as machinery and equipment, or for working capital and soft costs.
Building Capacity Through Training
Beyond financial support, the program mandates that recipients complete a training program through the Mohawk Valley Small Business Development Center. This requirement ensures that entrepreneurs not only receive funding but also gain essential business skills to sustain and grow their ventures.
Such an approach aligns with best practices in economic development, where capacity building is paired with financial assistance to maximize impact. By equipping business owners with knowledge and resources, Utica aims to create a resilient and self-sustaining small business ecosystem.
Addressing Economic Disparities
The grant program specifically targets businesses owned by individuals who are low- to moderate-income or those that will create jobs accessible to low- to moderate-income individuals. This focus addresses systemic economic disparities and promotes inclusive economic participation.
Nationally, minority- and women-owned businesses often face barriers to accessing capital. According to the U.S. Census Bureau’s Annual Business Survey, these businesses are less likely to receive financing compared to their counterparts. Programs like Utica’s grant initiative are crucial in bridging this gap and fostering equitable economic opportunities.
A Model for Other Communities
Utica’s proactive approach serves as a model for other municipalities aiming to support underrepresented entrepreneurs. By combining financial grants with mandatory training, the city ensures that recipients are well-prepared to manage and grow their businesses effectively.
Such initiatives not only stimulate local economies but also contribute to community development by creating jobs, enhancing services, and promoting diversity in the business landscape.
Utica’s allocation of over $165,000 in grants to minority- and women-owned small businesses reflects a strategic investment in the city’s economic diversity and resilience. By addressing financial barriers and providing essential training, the city empowers entrepreneurs to thrive, fostering a more inclusive and robust local economy.
As communities nationwide seek to promote equitable economic growth, Utica’s model offers valuable insights into effective strategies for supporting underrepresented business owners.
We invite readers to share their thoughts on this initiative and discuss how similar programs can be implemented in other communities
