‘Buffalo Transformation Fund’ To Help Minority Owned Businesses
Mayor Byron Brown made the program announcement Sunday according to a story aired on WGRZ-TV. It's the third such program funded through the Buffalo Transformation Fund.
The 3.5 million dollar program will be overseen by The Beverly Gray Business Exchange Center.
"Supporting entrepreneurship in Buffalo’s Black and Brown communities is a pathway to wealth creation for the residents of these neighborhoods and setting the foundation for a new, stronger economy for the city," Mayor Brown said on Sunday.
Adding that hese types of investments in minority-owned businesses are critical to Buffalo’s future and maintaining the forward momentum that's been made in strengthening Buffalo's fiscal situation.
The goal is to work with local companies and entrepreneurs to identify technical and financial needs, then address them using the Buffalo Transformation Fund.
The city would like to attract start-ups and businesses from other regions to provide younger college graduates of color, which will help them stay in the region.
The city is encouraging residents to visit its website and share their thoughts by taking a survey, asking how they would like the city to use American Rescue Plan funds. Input from the public will be accepted through July 30.
"It is also critically important that people have a voice in determining how we allocate these funds and identify what sorts of investments they think will help enhance the quality of life in their neighborhoods," the mayor said in a statement.