Regions Bank on Thursday announced the launch of a new initiative designed to support, complement and advance work that is under way to foster more Black-owned businesses in the bank’s headquarters city.
The Birmingham Black-Owned Business Initiative will be led by Kendra Key, who recently joined Regions as Senior Vice President in the bank’s Community Affairs division. Key will collaborate with community partners to leverage Regions’ resources and business development experience in ways that support and strengthen a vibrant Black-owned business ecosystem. The initiative will specifically aim to reach entrepreneurs throughout the Magic City, including and especially in underserved neighborhoods. Key and a network of organizations will work toward the following priorities:
- Identify and amplify current resources for Black entrepreneurs: Already, various organizations offer mentorship, technical assistance, or even funding to help new businesses go from concept to reality. The Birmingham Black-Owned Business Initiative will raise awareness of existing resources and evaluate opportunities for providing greater financial or technical support for programs with a proven track record of results. The impact over time will be greater opportunities for current and future business owners to receive customized guidance in launching and operating a successful business.
- Address gaps where additional resources are needed: Often, the difference between whether a business succeeds or fails comes down to access. Did the business owner have access to the right tools and training? Was there enough access to capital and liquidity? What are ways the existing business community can help address a lack of access and help more business owners thrive? These are foundational questions Key and community partners will consistently address as they identify ways to reach more people with tangible benefits.
Read the source article at businesswire.com
