FOR MORE INFORMATION, CONTACT:
Lyndon Pryor | Louisville Urban League
(502) 512-3681 | [email protected]

N E W S R E L E A S E

Louisville, KY, May 23, 2022—In a formal announcement of the launch of the Louisville Urban League’s new Center for Entrepreneurship, League President and CEO, Sadiqa Reynolds, said, “A culturally-competent, well-resourced ecosystem has simply not been in place in Louisville to enable our Black businesses to excel at the levels that we know our community is capable of. The Path Forward partners, and the League’s Center for Entrepreneurship, are stepping in to fill this void. We are grateful to our early partners and investors and look forward to welcoming so many more who share our vision of creating a truly equitable marketplace.”

In June of 2020, a group of Black leaders, Black-led organizations, and allies released A Path Forward for Louisville—a historic document that highlighted the urgent need to address Louisville’s economic segregation. There is an estimated 13:1 wealth gap between white and Black Louisvillians. Pre-pandemic, just 2.4% of employer businesses were Black-owned although the city is 24% Black. Existing Black businesses are more economically fragile—average revenues for white-owned employer businesses are 300% higher than they are for Black-owned employer businesses, and 40% of Black-owned businesses rely on predatory lending in Louisville. 

“The Black community has always had an entrepreneurial spirit,” said the Center for Entrepreneurship’s new Director, Cynthia Brown. “The problem is not a lack of ideas, but of resources. What we are collectively trying to build through the Center is a robust ecosystem of resources to support these entrepreneurs and create pathways to strong sustainable Black businesses.” 

The Center for Entrepreneurship—in partnership with Path Forward signers and allies—directly addresses the inequities that decades of systemic discrimination and disinvestment have created. Serving as the front door for current and aspiring Black business owners looking to start up, stabilize, or scale, the newest Urban League department now offers:

• 1-1 business coaching with a focus on business fundamentals—business plan development, LLC establishment, business registration, business banking, and more;
• 1-1 financial coaching with assistance in preparing revenue and expenses assumptions, establishing budgets, identifying total capital needs, and other financial advice; 
• 1-1 credit repair counseling for those whose personal financial situations impede their ability to access business financing; and 
• free professional services (accounting, legal, marketing, etc.) coordinated by the Back Office.

The League soft-launched these services in January and has already enrolled 146 clients. LUL joins other trusted partners in a growing Black business ecosystem providing key pillars, such as

• 1-1 Technical Assistance Providers: Louisville Urban League Center for Entrepreneurship and the Small Business Development Center;
• Cohort-style Incubators and Accelerators: AMPED Russell Technology Business Incubator and Russell: A Place of Promise;
• Access to Capital: LHOME; and
• Marketing and Revenue Generation: Buy Black Lou, Louisville Independent Business Alliance, and MELANnaire Marketplace.

Collectively, these organizations are working to support more Black-owned businesses—more profitable businesses, with the capacity to create greater revenues and more jobs, leading to more wealth for themselves and their families. 

Alice Houston—Chairwoman of HJI Supply Chain Solutions and matriarch of the Black business movement in Louisville—shared, “Having done business in Louisville for more than 40 years, I have never seen the level of collaboration and coordination among organizations that is underway through the Path Forward and its convener in the Louisville Urban League. I’m proud to be a Path signer and supporter of work that has the power to literally change lives not just now, but for generations to come.”

This ecosystem-building work, including the new Center for Entrepreneurship, is underwritten by generous financial support from Louisville Metro Government. Metro Government leaders, from Mayor Fischer, to Metro Council, and Louisville Forward all responded to the Path Forward call to invest in this transformational Black business building initiative. “Entrepreneurs create new opportunity and innovation that radiates out and uplifts our city, but in order for them to do that, we must first lift them up,” said Mayor Greg Fischer. “Black Louisvillians have not had access to the same opportunities as white Louisvillians, and it’s our job to create those opportunities. We are proud to support the Center for Entrepreneurship, which will do just that by helping people learn how to launch a business, build a team, accrue capital, build customer validation – all critical to creating stable businesses ready to grow. Thank you to all of the Center for Entrepreneurship’s great partners!”

The Center for Entrepreneurship has already made an impact with a number of businesses and is excited to do more. “I have worked to get my business off the ground for a very long time,” said Darla Thompson, Founder, Sow Journey, LLC. “But it was not until the Urban League and their partners stepped in that I was able to get the support I truly needed. As a Black, woman-owned business, I can’t describe how much this means.” 

Businesses interested in receiving services from the Center for Entrepreneurship can sign up online at lul.org/blackbusiness or call (502) 208-6590 to schedule a 1-1 coaching session. Companies, individuals, and organizations interested in joining the Black Business ecosystem and providing support to Black businesses can learn more at an information session on Tuesday, June 14 at 9am at the Norton Healthcare Sports & Learning Center in the Humana Hub.

About the Partners
Louisville Urban League assists African Americans and those at the margins in attaining social and economic equality and stability through direct services and advocacy. For more information, go to lul.org or follow us on Facebook, Twitter (@louisvilleUL), or Instagram (@louisville_ul). 

AMPED Russell Technology Business Incubator is an intensive, year-long business incubator for Black and Latinx founders. Located in the Russell neighborhood, its goal is to create legacy businesses by providing comprehensive supports that include 1-1 coaching, education, mental health services, wealth advisory services, meaningful direct funding, and more. For more, go to ampedlouisville.org/russell-technology-business-incubator/. 

Buy Black Lou is the premier Black Business Directory in Louisville. Its Facebook group boasts a following of more than 30,000 businesses and consumers focused on supporting Black-owned businesses in Louisville. For more, go to buyblacklou.com. 

LHOME (Louisville Housing Opportunities and Micro-Enterprise Community Development Loan Fund, Inc.) A certified CDFI, LHOME provides accessible, affordable loan products and financial coaching services (prior to loan origination and throughout the customer relationship) to low- and moderate-income small business owners, homeowners, and residents of Louisville. For more, go to https://www.lhomeky.org/. 

LIBA (Louisville Independent Business Alliance) preserves the unique community character of the Metro Louisville area by promoting locally-owned, independent businesses and educating citizens on the value of purchasing locally. For more, go to keeplouisvilleweird.com. 

MELANnaire Marketplace is a retail incubator space helping black entrepreneurs scale up their businesses. The business incubator supports our mission of building wealth in the Black community. In addition to providing a supportive environment for these entrepreneurs, there will be professional development and guidance as they grow into brick and mortar legacy businesses for generations to come. For more, go to melannaire.com. 

Russell: A Place of Promise is a justice-based initiative focused on generating investments in the people and places that make Louisville’s Russell neighborhood special. With hundreds of millions of dollars in planned and underway investment, Russell is poised to experience a neighborhood renaissance with a focus on Black wealth building and investments without displacement of residents or businesses. For more, go to russellpromise.com. 

Louisville Small Business Development Center provides one-on-one coaching at no cost to existing and potential entrepreneurs in the Louisville region with particular expertise in helping clients access financing. For more, go to kentuckysbdc.com/louisville/.