Objective 2
Promote Equitable Wealth Creation
FINDINGS
Wealth inequality continues to be a significant challenge across the country. White households have 7.5 times greater wealth than median Black households and 5.2 times more wealth than Latinx/e households. Net worth, or wealth, includes income, homes, stock market investments, businesses, and other owned assets minus debt. Multigenerational wealth created from property and business ownership drives much of this disparity. Even gains in employment and income show little progress in erasing differences in wealth.
Increasing business and property ownership in growth sectors and districts is critical. Black entrepreneurs have a median net worth that is 12 times higher than Black non-business owners. The actions in this objective focus on growing wealth more equitably via inclusive networks and partnerships with Black, Indigenous and all entrepreneurs of color to increase business ownership and growth in opportunity-rich industries as well as property ownership and development across Portland.
Implementation
Partners
Business District Partners
Neighborhood Prosperity Network Partners
Real Estate & Construction Industry Partners
Lending & Investment Partners
Inclusive Business Resource Network Partners
Business Champers & Association Partners
City of Portland & Prosper Portland
Climate Action & Innovation Center Partners
Higher Education Institutions
Regional & State Partners
Workforce Development Partners
Industry Trade Organization
Outcomes and Actions
ONE
Help BIPOC Entrepreneurs Start, Scale, and Innovate Through Partnerships
1
Support BIPOC entrepreneurs through business technical assistance
2
Utilize the Innovation Hub Planning Project and other efforts to identify supports and capital needs
3
Identify gaps in and increase access to priority industry services and capital access
4
Improve navigation services to connect entrepreneurs to resources and support
5
Partner to develop and secure investment in low-Interest/equity funds, inventory financing, and industry-specific scale-up funds
Two
Increase Access to Property Ownership, Real Estate Financing, Networking and Bid Opportunities for BIPOC Firms and Individuals
1
Address gaps in access to capital faced by developers of color
2
Leverage industry networks in real estate and construction equity to diversify and increase partnership opportunities
THREE
Explore Policy and Structural Shifts as Part of City Charter Restructuring and Implementation
1
Align and centralize City of Portland assistance for small businesses
2
Increase coordination and alignment of government agencies to bolster small business resilience and support economic recovery
3
Address barriers in city regulatory processes for small business owners
4
Implement practice of collective standardized business and property owner demographics to better serve residents
