The space will provide financial and mentorship resources for its participating businesses.
A new Black Business Hub has officially opened in Madison, Wisconsin. The establishment will encourage community members to support its local Black entrepreneurs.
The hub celebrated its grand opening with a ribbon-cutting ceremony on Aug. 24, per WKOW. Local leaders attended the ceremony that coincided with the 10th annual Unity Picnic. However, the hub seeks to do more than provide a space for entrepreneurs to show off their businesses.
According to the news outlet, 20 of the 90 spots have filled thus far. As they grow the hub, the CEO of Urban League of Greater Madison, Ruben Anthony, says the initiative has been a “missing piece in the region.”
“We needed this forever,” he shared at the event. “There are 10,000 businesses in Dane County that have more than only one employee. Only four-tenths of a percent of those businesses are Black-owned businesses. We believe here at the Black Business Hub that we are going to change those numbers.”
The hub will offer financial and mentorship services for the diverse business owners, while hoping the space scales their businesses. Black and other owners of color can take part in the new establishment, expanding their reach through community support.
Anthony added, “We think this is going to be an economic development project that’s going to give to this community for multiple generations to come. I’m excited about the possibilities. I’m excited that we’re at this moment.”
On a national scale, over 3.5 million Black-owned businesses operated in 2019, as reported by the Center of Advocacy. Furthermore, with total sales equal to $217.3 billion, Black businesses hold their own impact on the U.S. economy.
The Wisconsin State Journal detailed how the hub came into fruition raising $25.5 million for the project. Taking two years to construct, it also includes event spaces, classrooms, and a large kitchen space for the entrepreneur to try and grow their skills.
The hub also made sure to pay tribute to those who came before, featuring a wall honoring Tusla, Oklahoma’s Greenwood district. The famed district hosted its own “Black Wall Street” until a 1921 massacre by a white mob destroyed most of the area.
To remedy the past, emerging businesses, from Madison’s first Black-owned beauty school to a podcasting studio, now call the hub their home, and the place where their dreams are just getting started.
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