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Memphis News & Weather | Memphis, TN | WATN - localmemphis.com

Memphis serving as model for other cities for growing minority-owned businesses

The city of Memphis is serving as a model for cities across the country for growing minority-owned businesses.

MEMPHIS, Tenn. (localmemphis.com) – The city of Memphisis serving as a model for cities across the country for growing minority-ownedbusinesses.

Ten major U.S. cities have signed on to follow the formula Memphis has developed as part of “City Accelerator,” a program to help cities improve its policies and services.

The goal is tohelp these cities become more inclusive and attack economic opportunitiesthrough racial equity.

“If you add upall the business transacted in Memphis, only 1% in a city that is 65% AfricanAmerican, that’s not equitable, that’s not fair,” says Memphis Mayor JimStrickland. “For the best interest of our city, we have to grow AfricanAmerican-owned businesses, women-owned businesses, create wealth in those communities.”

Strickland saysnumbers prove the city has raised contract with minority businesses from 12% to20%.

Nashville,Houston, Cleveland, Philadelphia, Pittsburgh, El Paso are all among the citiestaking notes.