KNOXVILLE, Tenn. — A new initiative, 100Knoxville, is trying to help Black-owned businesses grow by $10,000,000 in 5 years. It can help the overall community thrive today, and for generations to come.
The initiative is launching a new 5x5x5x5 program with a cohort of Black-owned firms. They invited 5 companies to be part of the cohort and matched those companies with 5 mentors. The company will work to improve its operations and strategies with the mentor for 5 weeks.
The companies will also be given $5,000 grants to invest, with the support of their mentors.
Around 1 in 6 people in Knoxville are Black, and the city has the highest poverty rate for Black people of all large cities in Tennessee, and among the highest Black poverty rates in the U.S.
There are 97 Black-owned companies in Knoxville that employ others, compared to 6,983 White-owned companies. On average, those White-owned companies also make more than double of Black-owned businesses.
Officials said that 2,145 Black-owned firms in Knoxville don't employ anyone and make around $16,492 on average. However, there are 29,454 White-owned firms without employees that make $54,485 on average, according to officials with the initiative.
They said that they hoped the initiative would help the Black community, and Knoxville as a whole. It was inspired by The 800 Initiative in Memphis, which had similar goals.
More than 60 business owners in Knoxville have already applied for the new program.
The deadline to apply for the program is Monday, Feb. 15. You can apply online here.
