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The City of Augusta Business Equity Fund (CABE) will provide minority businesses with financial assistance and educational resources, including coaching and mentoring.
Black entrepreneurs in Augusta, Georgia can now benefit from a new program that provides financial support and training, The Augusta Chronicle reports.
The City of Augusta Business Equity Fund (CABE) will provides minority businesses with financial assistance and educational resources. This initiative is the result of a partnership between the city and the Greater Augusta Black Chamber of Commerce.
Participants receive four weeks of training with six additional weeks of coaching and mentoring. Training covers a wide range of topics, from credit essentials to business insurance, recordkeeping and marketing, WRDW reports.
Each participant who completes the $425,000 program will receive up to $5,000 in grants or loans, according to The Chronicle. The city is funding it with part of its allocation from the American Rescue Plan.
“We’re feeling good,” said Chamber President Ronic West, who noted that her organization has pitched and been planning to bring the program to fruition since 2019. “This is going to be our sixth program and we’re just ready to run it and keep it going.”
The program’s goal, WRDW reports, is to encourage entrepreneurs and minority business owners to “connect and collaborate bravely” in business and commerce.
“The partnership with the City of Augusta will help to continue to carry out the Greater Augusta Black Chamber of Commerce’s mission to foster economic stability for businesses in the CSRA [Central Savannah River Area] through advocacy, education, networking, discovery, and these strategic partnerships,” the chamber stated.
As The Augusta Chronicle reports, business owner Anthony Jones from Pedal Pub Augusta said the “educational part” of the CABE Fund “is great because it’s enlightening me to a lot of things I didn’t know.”
Several city officials, including Augusta’s Interim City Administrator Takiyah Douse, spoke about the program at the Augusta-Richmond County Municipal Building Monday.
“This program, I kinda liken it to the birth of a baby. You get pregnant, this baby is growing in you, you’re kind of getting ready and getting prepared for the baby to be delivered, and so today is our birthday,” Douse said. “We will now grow this baby, feed this baby and make sure this baby has everything that it needs to be successful.”
Currently, the CABE Fund is only open to Augusta business license holders and those in business for at least a year. West said the goal as the fund grows is to open it to other entities such as nonprofits.
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