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Minneapolis Kicking In More Bucks For Small Business Owners

The city of Minneapolis has kicked another $500,000 into its Business Technical Assistance Program (B-TAP) to help small business owners in the state. This makes the total B-Tap budget $1 million.

Why new funding is important

The new funding will provide additional financial support to new and growing Minneapolis small businesses, particularly those owned by women and minorities. According to Minneapolis Mayor Betsy Hodges, "Supporting micro-entrepreneurs, especially in communities of color, is key to achieving sustainable, inclusive economic growth."

Through participating non-profit organizations such as the African Development Center, Asian Economic Development Center, the Metropolitan Consortium of Community Developers, and the Association of Women Contractors, and 12 other nonprofits, B-Tap is able to offer small businesses with advice, certification as a Minority- or Women- Owned Disadvantaged Business, loans and access to capital, training programs and workshops, and technical assistance. The city contracts with non-profits to offer these services to entrepreneurs for a two-year period.

Small business creates jobs

Small businesses are recognized by the city as job creators and as such are important to the overall economic growth of the city. By adding even more funding to help small business, the B-TAP program continues its fine reputation as one of the best economic development partners and programs in the world. The program was recently awarded this recognition by the International Economic Development Council.

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