Accessing Technical Assistance for Arkansas Small Businesses
GrantID: 64538
Grant Funding Amount Low: $1,000
Deadline: Ongoing
Grant Amount High: $100,000
Summary
Grant Overview
Technical Assistance for Small Business Growth in Arkansas
Arkansas faces distinct economic challenges, especially in regions historically linked to coal mining. Recent data indicate that coal jobs have decreased by over 35% in Arkansas in the last five years, leaving many communities in economic distress. This decline not only affects employment levels but has also exacerbated the already high rates of poverty in coal-dependent areas, particularly in the Arkansas Delta region, which has struggled with sustaining viable economic opportunities.
Small businesses represent the backbone of the Arkansas economy, yet many minority-owned enterprises in these coal-affected areas are encountering difficulties in accessing critical resources and support. The demographic profiles of these communities reveal high rates of unemployment and underemployment, with individuals lacking the business acumen and financial literacy necessary for navigating the complexities of business development. Such challenges hinder their capacity to adapt to a changing economic landscape and fortify their financial resilience.
The funding initiative targets these businesses by providing tailored technical assistance specifically designed for small business growth in Arkansas. This program will support local firms through business planning workshops, access to microloans, and financial literacy training aimed at fostering sustainability and resilience. By concentrating efforts on minority-owned businesses, the initiative ensures that the benefits of the funding directly impact vulnerable populations who are disproportionately affected by the decline of coal.
The expected outcomes of this initiative include a measurable increase in business survival rates, anticipated to rise by 20% over the next three years. Supporting and strengthening small businesses not only bolsters local economies but also creates new job opportunities, essential for revitalizing coal-impacted communities. These outcomes are particularly relevant in Arkansas, where economic diversification is critical for long-term resilience, especially in light of recent trends away from reliance on coal.
Effective implementation will call for a comprehensive outreach strategy to connect with small business owners and assess their specific needs. Collaborative efforts with local chambers of commerce and economic development agencies will also be essential to facilitate access to the technical resources and financial supports detailed in this initiative. By addressing the immediate needs of small businesses while promoting economic diversification, Arkansas can cultivate a more stable, robust economy.
Eligible Regions
Interests
Eligible Requirements
