The Microenterprise Business Assistance program, funded by the City of Vancouver through CDBG funds, aims to increase economic opportunity by supporting small businesses within Vancouver city limits. This initiative aligns with the broader mission of fostering a robust local economy and addressing historical inequities by focusing on historically underutilized businesses and individuals with lower household incomes. The program's strategic priorities are centered on providing crucial resources and support to microenterprises and other small businesses to help them grow and thrive, thereby contributing to the overall economic well-being of the community.
The target beneficiaries for this program are microenterprises (businesses with up to 5 employees, including the owner) and other small businesses, with a specific emphasis on historically underutilized businesses. Individuals participating in the program must have a household income of 80% of the Area Median Income (AMI) or less. The impact goals are to enhance economic self-sufficiency, create and sustain jobs, and reduce economic disparities within the city. By supporting these specific groups, the program seeks to address systemic barriers to business development and wealth creation.
The program's priorities and focuses include providing technical assistance, business advising, grants, loans, loan guarantees, business development workshops, online business training courses, and general support services. The general support services are comprehensive, encompassing childcare/dependent care, transportation for appointments, peer support groups, counseling, and assistance with direct costs of training and education. Job training for owners and employees is also a key focus. This multifaceted approach ensures that beneficiaries receive holistic support tailored to their specific needs.
Expected outcomes include an increase in the number of successful microenterprises and small businesses, enhanced business skills among owners and employees, and improved financial stability for participating households. Measurable results will likely include tracking the number of businesses served, the types of assistance provided, job creation and retention figures, and the income levels of participants before and after program involvement. The grant duration is one year, with CDBG funds generally available for 12 months between July 2025 and December 2026, indicating a continuous effort towards achieving these long-term economic development goals.
