Southern Bancorp Marks Milestone with Minority Business Empowerment Program
Southern Bancorp Community Partners (SBCP) has taken a significant step forward with the official launch of its Minority Business Empowerment Program (MBEP). Designed to bridge the financial gaps faced by minority business owners, the program aims to provide comprehensive technical assistance and funding readiness in five Arkansas counties.
At the heart of this initiative lies the understanding that small businesses are the lifeblood of local economies. However, minority-owned businesses often struggle to access the necessary financing and resources. Speaking on this issue, Darrin Williams, CEO of Southern Bancorp, Inc., highlighted the importance of overcoming these barriers for entrepreneurs to reach their full potential and create more jobs and opportunities in their communities.
Building upon the success of its 2021 pilot version, the MBEP features a robust 12-week technical assistance program led by industry experts. Participants will engage in both group learning and one-on-one sessions, covering seven key business disciplines: sales and operations, financial management, human resources, marketing and communications, management and leadership, business growth strategies, and digital technology integration. Upon completion, participants will be better equipped to seek funding to support their business operations, growth, and scalability.
The MBEP’s reach extends beyond the core counties of Pulaski, Saline, Lonoke, Faulkner, and White. Qualified applicants from other areas in Arkansas and Mississippi are also eligible to participate. The program’s collaborative approach is reinforced by a .25 million investment from Simmons Bank, which includes a 10-year Equity Equivalent (EQ2) investment and a 0,000 grant for technical assistance.
Research underscores the need for initiatives like MBEP. A Brookings Institution study found that Black-owned businesses, despite driving significant increases in employment, revenue, and payroll, account for less than 3% of nationwide employers. Moreover, the Federal Reserve Bank reported that only 13% of minority businesses received all the financing they sought during a recent one-year period, compared to 40% of white-owned businesses.
With applications for the first 2024 cohort open since June 1, interested parties can visit www.mbempowerment.com for more information and to apply. This significant expansion of the Minority Business Empowerment Program by Southern Bancorp represents a vital step toward addressing the disparities faced by minority entrepreneurs and building a stronger, more inclusive economic landscape.
Key highlights of the Minority Business Empowerment Program include:
- 12-week technical assistance program led by industry experts.
- Coverage of seven essential business disciplines.
- Focus on five Arkansas counties with eligibility for qualified applicants from other areas.
- .25 million investment from Simmons Bank.
- Applications open since June 1, with more information available at www.mbempowerment.com.
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