The City of Akron will distribute $750,000 of American Rescue Plan Act (ARPA) funds to three local agencies to help support small business owners, with a focus on Black-owned businesses. 

Akron City Council approved legislation Monday to partner with the Akron Urban League (AUL), Western Reserve Community Fund (WRCF) and Bounce Innovation Hub, who will work with the city and small business entrepreneurs.  

“The goal of this funding is to really just build capacity within our organizations,” Akron Urban League Vice President Lynn Puryear told Akron City Council’s Planning and Economic Development Committee May 6.

Puryear said eight out of 10 African American-owned businesses fail within a year, typically because the businesses aren’t properly set up at the start. 

“Our goal is to basically use this funding to help us make sure that they have everything they need around setting up their financials correctly, the certifications that will help them get access to capital, and really to make sure that we’re holding their hands, getting them everything they need to be successful.”

According to documents submitted to City Council, Bounce Innovation Hub will receive $298,767.72, AUL will receive $296,577.28, and the WRCF will receive $154,655. 

Making it easy to start and main a business in Akron

“Akron’s small businesses and entrepreneurs are the foundation of our city,” Akron Mayor Shamma Malik said in a press release. “We’ve all heard of the struggles small business owners have faced over the last several years including a pandemic and shut down that folks are still bouncing back from.” 

“We want to make it as easy as possible for folks to start and maintain a business here in Akron and this partnership between the city, Akron Urban League, Bounce Innovation Hub, and Western Reserve Community Fund will bring us one step closer to that goal,” Malik said.

According to the press release:

  • Bounce will use funds from the grant to provide small businesses served by partner organizations with access to free or significantly discounted professional services. Bounce will use its expertise in identifying high-quality service providers skilled in serving small businesses. It will also provide administrative management to cover similar expenses for clients of the AUL, City of Akron and WRCF.
  • The AUL will expand its business counseling and financial coaching services and help a larger number of entrepreneurs in strategic planning, financial management, tax preparedness, and overall business development.

    The agency will also utilize funds from the grant to provide guidance and support to small businesses throughout the certification process, offering resources and expertise to facilitate successful submissions. AUL intends to aim support at smaller businesses with between one and 50 employees.
  • WRCF will increase the number of businesses served and broaden opportunities to support entrepreneurship alongside financial stability by improving business and financial readiness and accessing capital through existing and new funding programs.

Editor-in-Chief (she/her)
Zake has deep roots in Northeast Ohio journalism. She was the managing editor for multimedia and special projects at the Akron Beacon Journal, where she began work as a staff photographer in 1986. Over a 20-year career, Zake worked in a variety of roles across departments that all help inform her current role as Signal Akron's editor in chief. Most recently, she was a journalism professor and student media adviser at Kent State University, where she worked with the next generation of journalists to understand public policy, environmental reporting, data and solutions reporting. Among her accomplishments was the launch of the Kent State NewsLab, an experiential and collaborative news commons that connects student reporters with outside professional partners.

Government Reporter (he/him)
Doug Brown covers all things connected to the government in the city. He strives to hold elected officials and other powerful figures accountable to the community through easily digestible stories about complex issues. Prior to joining Signal Akron, Doug was a communications staffer at the ACLU of Oregon, news reporter for the Portland Mercury, staff writer for Cleveland Scene, and writer for Deadspin.com, among other roles. He has a bachelor’s degree in political science from Hiram College and a master’s degree in journalism from Kent State University.