Opportunity Connect
Redefining The Hustle To Scale
Opportunity Connect’s approach of developing micro and small businesses owned by low-income BIPOC community residents is impactful and effective in target urban areas, particularly neighbourhoods that have been historically disenfranchised.
Ecosystem of Support
We develop deep community trust and relationships that connect BIPOC entrepreneurs to capital and opportunity through a four-pillar approach :
LEVEL 1 (L1): business planning training
LEVEL 2 (L2): character based and alternative lending
LEVEL 3 (L3): one-on-one technical assistance and individualized business growth consulting
LEVEL 4 (L4): physical location/ real estate and retail incubation.
Impact
During its first 18 months, Opportunity Connect maximized the impact place based strategy in Overtown, Miami:
served 65 LMI entrepreneurs of colour
facilitated over 750 hours of training and 1:1 advising
convened a collaborative network of 36 entrepreneurial support partners within government, nonprofits, and corporate sectors.
measured $1,893,500 as the annual aggregate economic impact of 21 reporting businesses served with a monthly average of $3,952
launched a character based $50,000 loan fund with startup grant funding to cover micro loans and much needed loan loss reserves to subsidize partner lending institutions and CDFIs who may not normally take on perceived “high-risk” business or entrepreneurs.
During the 2020 pandemic, our team facilitated 247 hours of advisory support and application assistance relative to acquiring PPP (paycheck protection program) and federal emergency funding that resulted in over $38,236 total funding thus far.
Our founders all self identify as BIPOC:
average household income of $44,857
58% are Overtown residents
65% identify as women
95% identify as African American.
What’s Next
We have unique insights into how to best reach the businesses that continue to be missed, potentially staving off further loss and pave a path toward a sustainable recovery. We now seek to 5x this impact over the next four years by supporting:
ECONOMIC GROWTH: at least 100 micro-businesses in Overtown and two other target urban area neighborhoods
ECONOMIC IMPACT: the creations of 300 jobs by Opportunity Connect entrepreneurs
ECONOMIC MOBILITY: 60% of Opportunity Connect business owners increase household income
Opportunity Connect is powered by Allegany Franciscan Ministries and the Overtown Common Good Initiative.
DIGITAL DECK
WORK WITH US
Do you want to explore a potential collaboration opportunity? Get in touch with us to explore how we can help.