Write a commentLast week, a first-of-its-kind study of the environment for minority-owned business in Oswego County launched with a networking and discovery dinner at Kristen’s Kitchen at Battle Island.
The study was spurred by Oswego County Federal Credit Union’s CEO Bill Carhart, who is leading the financial institution’s strategy for the Community Development Financial Institution (CDFI) grant funding the institution has available. This funding was awarded by the US Department of Treasury for promoting economic development in low-income and economically disadvantaged communities across the nation. But, as Carhart noted, there was little to no information available about the struggles and barriers facing women- and minority-owned businesses in Oswego County. Even the total number of minority-owned businesses in the county is not readily available, much less details on what types of investment and supports would help them succeed. “We want to help but we just need more information to be effective,” Carhart noted.
Importantly, the credit union is the only financial institution with the CDFI designation in the county, which means Carhart feels a strong sense of responsibility to make the most of the available grant funding.
So, in conjunction with New York State’s Upstate Minority Economic Alliance (UMEA) and the Greater Oswego-Fulton Chamber of Commerce (GOFCC), the financial institution is working with Third Eye Network out of Rochester to study the business landscape in Oswego County and use that information to make the most of its investment dollars. Third Eye Network is a multicultural marketing and management strategy consortium and consulting firm. Their previous work has included similar studies for cities across the East Coast, such as Easthampton, Massachussetts and Richmond, Virginia.
“Bill may not head the biggest financial institution in the county, but it’s certainly the one with the biggest heart,” said Dr. Lomax R. Campbell, President and CEO of Third Eye Network. “And he wants to get this right for the community.”
At the kickoff dinner last Monday, stakeholders from across the county gathered to help point Third Eye Network and the UMEA in the right direction to get started. Attendees were asked about their perceptions of challenges and supports available in the county, and together the attendees began to compile a list of local women- and minority-owned businesses for the firm to reach out to.
From this foundation, the firm is planning to conduct interviews, hold forums, and conduct data-driven analysis that will, combined with the investment from Oswego County Federal Credit Union, jumpstart a segment of our community that has long been overlooked.
“This is a first-time effort [for Oswego County] and obviously we’re excited to work with the minority businesses of the area,” said Dr. Campbell. “We’re here to uncover the needs of minority-owned businesses.”
Included in those businesses are woman-owned businesses. As previously reported on iHeart Oswego, women in Oswego County are more likely to live in poverty than men, with women’s median incomes averaging approximately 63% of median incomes for men. By identifying and giving women the tools they need to succeed in business, we can start to change that statistic and lift both women and families out of poverty.
The event gave the consulting firm plenty of leads to begin their study. GOFCC Executive Director Sara Broadwell and GOFCC Member Engagement and Operations Manager Taylor Davis both frequently called out numerous support organizations, common barriers, systemic strengths and opportunities—it was clear that, of those in the room, these two women knew Oswego County best. Some barriers identified in the meeting included a lack of quality child care, poor financial literacy, and a lack of transparency on the process of obtaining government certifications like the Woman-Owned designation from New York State.
The UMEA Executive Director Jamar Clark, who was in attendance at last week’s kickoff, noted, “At the top, success is about collaboration, not competition.” He further elaborated on how the UMEA would support the efforts of the study and beyond, describing how his office was prepared to help businesses to take advantage of state-level supports and also to shift mindsets to becoming more collaborative. “This is about building relationships rather than being transactional,” Clark explained.
For more information or to get involved in this study, business owners and community members alike can speak to Third Eye Network by calling their office at 585-877-6468. To learn more about the supports currently available to businesses in the county, contact the GOFCC at 315-343-7681.
