Urban Upbound to connect NYCHA entrepreneurs to free business resources

by Tehmina Brohi, Worker Cooperative Program Manager

In partnership with The Lonely Entrepreneur and with funding from Sterling National Bank, Urban Upbound will connect entrepreneurs in NYCHA developments to free online business resources. Residents will have access to the Black Entrepreneurship Initiative’s 350 online modules, connect to ongoing technical assistance, and receive coaching and guidance in developing their business plan and accessing capital.

Historically, Black, indigenous, and other communities of color have faced higher barriers to entrepreneurship with limited access to financial capital and coaching. In 2018, a report published by the NYC Small Business Administration found that minority business enterprises typically experience higher interest rates and more loan denial than white-owned businesses. Black and minority entrepreneurs have also faced disproportionate economic hardships as a result of the continuing COVID-19 pandemic. For example, from February to April of this year, there was a 41% decline in Black-owned businesses and a 32% drop in Latinx business owners, while white entrepreneurs experienced a 17% decline.

At Urban Upbound we are more determined than ever to meet the needs of our constituents. The new initiative will equip NYCHA residents with the tools and support needed to develop their own business in a safe and accessible manner, by utilizing an online platform customized to meet their needs. Urban Upbound will connect them with affordable, non-predatory start-up financing, fostering residents to build assets and create good jobs for themselves and for the neighbors in their communities.

Thanks to our supporters and partners, Urban Upbound has been able to expand our essential services during the pandemic, including for our Business Innovation team. If you’d like to contribute to our programs, please consider donating to give the community the hand up that they need.