Columbus approves small-business grant program
Columbus Councilmember Nick Bankston said small businesses are the backbone of the community, which is why it's important the city gives small business owners the resources they need to succeed.
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On the last day of Women's History Month, Columbus City Council approved the Small Business Boost Grant program.
'It really focuses on making sure those individual women boost their individual credit scores to be able to provide them the opportunity to be ready for funding when it comes to their individual businesses,' Bankston said.
The program will provide the funds, training and technical support to the city's local financial empowerment center to create one-on-one free financial counseling.
'We look forward to seeing women in Columbus realize their dream of entrepreneurship and become a part of a growing local economy known for opportunity and innovation,' Columbus Department of Development Assistant Director Hannah Reed said.
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According to some council members, women-owned businesses make up approximately 22% of all small businesses in the city, representing $14.1 million in total revenue and employing more than 28,000 community members.
'Nationally, women-owned businesses generate $2.7 trillion — $2.7 trillion, that's with a 'T' — in revenue, yet less than 2% of venture capital funding is allocated towards women-owned startups,' Columbus City Councilmember Lourdes Barroso de Padilla said.
'We know that when we invest in women, we're investing in our families, we're investing in our communities, but most importantly, we continue to make sure that when women succeed, Columbus succeeds,' Bankston said.
The grant is a private grant from the Cities for Financial Empowerment Fund in an amount up to $90,000. Bankston said the program is a way for the city to show its commitment to women-owned businesses.
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'Oftentimes, businesses don't close their doors because they have a bad product or because there's something wrong with the business per se, but it's because they don't have those tools and that access to capital to make sure that they're able to be sustainable,' he said.
Bankston said the funding will start to roll out as soon as contracts go into effect.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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