March 30th 2024.
Small businesses in East Buffalo, New York, owned by members of the Black community were dealt a devastating blow almost two years ago when a mass shooting occurred in the area. In an effort to help these businesses get back on track, Empire State Development has announced that they are offering grants of up to $50,000 through their East Buffalo Small Business Working Capital Grant Program. Applications for the program are now open and will be accepted until May 10.
According to a recent news release, this $3 million program, funded by ESD, aims to assist eligible small businesses in East Buffalo by providing grants ranging from $5,000 to $50,000. The main goal is to help these businesses, particularly those owned by minorities, overcome the social and economic impact of the tragic shooting that took place at Tops Friendly Market on Jefferson Avenue. This supermarket, located in a predominantly Black neighborhood, reopened in June 2022 after a white supremacist took the lives of 10 people there the previous month.
The financial support being offered through this program is desperately needed, as access to capital has always been a major challenge for Black entrepreneurs. In fact, a recent report showed that support for Black-owned startups decreased from over $1 billion in 2022 to just $705 million in 2023, marking the first decline since 2016. This latest initiative is part of a larger effort to aid in the recovery of the entire state following the tragic incident at the store.
During the first two rounds of funding, the East Buffalo Small Business Working Capital Grant Program reportedly provided over $800,000 in grants to nearly 70 businesses. For this third round of funding, businesses must be located within a designated area in East Buffalo and meet certain criteria. The program is being administered by the Local Initiatives Support Corporation- New York, and applicants must be 18 years or older and can only apply for one business.
Hope Knight, President, CEO, and Commissioner of Empire State Development, offered encouraging words to business owners, stating, "I encourage business owners to take advantage of an expanded eligibility map and added technical assistance to apply for the East Buffalo Small Business Working Capital Grant Program. Through this program and others, New York State is reaffirming its strong partnership with these predominantly minority-owned enterprises as they continue to serve the community."
Valerie White, Senior Executive Director at LISC NY, also spoke about the program, saying, "The East Buffalo community was deeply affected by the tragic mass shooting at Tops, and we are proud to work with our partners at Empire State Development to connect neighboring small businesses with resources to aid in their recovery. This targeted support, which is now expanding to a wider geographic area, will help ensure that these primarily minority-owned businesses can continue to support their community as we strive to increase investments in this historically underserved area and ultimately close the racial wealth gap."
According to ESD, over 200 businesses have already applied for funding through this program. More details can be found on their website. This initiative serves as a reminder of the resilience and strength of the East Buffalo community, who are determined to come back stronger than ever after facing such a tragic event.
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