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The city’s Reparations Committee’s Black Entrepreneur Kickstarter program kicked off last week with 15 participants in a training program geared toward Black entrepreneurs at any stage of their business in Evanston.
The program is a joint effort between the Small Business Development Center (SBDC) at Oakton College, the Reparations Stakeholder Authority, and the economic development working group within the Reparations Committee.
“The Small Business Development Center does everything, from soup to nuts, so from somebody just starting to a more established entrepreneur,” said Tracy Fulce, a member of the economic development working group and associate dean and professor of business at Oakton College.
According to Tasheik Kerr, assistant to the city manager, there were 22 applicants., of whome 15 were selected.
Of those selected, five have newly launched businesses of up to 12 months, five are still developing a business concept, three are preparing to launch and two have established businesses of more than 12 months.
Grant amounts range from $500 for new entrepreneurs still developing their business to $3,000 for businesses with documented revenue and a clear growth plan.
“The idea is that, depending on where someone is in their entrepreneurship journey, they could be funded at different rates,” Fulce said.
Each funded participant will receive up to 90 days of “structured” and “milestone-driven support,” guided by their advisor and tracked through SBDC progress notes, according to a program memorandum.
“What we wanted to do was make sure that the program didn’t disadvantage someone based on where they were in their entrepreneurship journey,” Fulce said.
When the committee announced it was taking applications in March, it aimed to fund 12 to 25 businesses with a shared $20,000.
Applications were reviewed and approved by Oakton’s SBDC, according to Fulce.
“Because the resources for the program were fairly limited, and we didn’t want to spend resources on administering the program, so, all of the resources would go directly to the entrepreneurs based on what their needs were,” she said.
The $20,000 fund is held and administered by the Reparations Stakeholder Authority of Evanston through the Evanston Community Foundation, according to a memorandum from Neal Reeves, the city’s economic development specialist.
Awards can be used for a variety of services related to running or starting a business, including accounting and legal services, insurance or licensing cost and website development, according to the memorandum.
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