Program provides no-cost technical assistance and funding readiness for minority-owned businesses
Little Rock, Ark. – Southern Bancorp Community Partners (SBCP), a Community Development Financial Institution (CDFI) and partner of Southern Bancorp, Inc., has announced the 30 business owners who will take part in its Minority Business Empowerment Program (MBEP). The entrepreneurs, who represent the first of two cohorts in 2024, will now begin the 12-week program, which provides business technical assistance and funding readiness.
“We’re excited to welcome these businesses into our Minority Business Empowerment Program,” said Kenya Davenport, Interim President of Southern Bancorp Community Partners. “With the support of this impactful program, more local entrepreneurs will have access to the building blocks needed to succeed, scale, and create additional jobs and opportunities in our communities.”
Southern Bancorp’s MBEP is a no-cost, 12-week development program. The business technical assistance provided is led by experts through both group learning and one-on-one sessions, and centers around seven key business disciplines: sales and operations, financial management and accounting, human resources, marketing and communications, management and leadership, business growth strategies, and digital technology integration. Upon completing the program, participants are better prepared to seek funding to support their business operations, growth potential, and scalability.
All members of the incoming MBEP cohort and the program’s partners were invited to a special kick-off event on Tuesday, July 9, which was held at Mosaic Templars Cultural Center in Little Rock (photos here). Special guests and speakers at the event included: Mayor Frank Scott Jr., City of Little Rock; Darrin Williams, CEO of Southern Bancorp, Inc.; Kenya Davenport, Interim President of SBCP; Ralph Brown, VP, Asset Development Services of SBCP; and Darbi Dorleia, CEO of BCA Culture.
The MBEP is supported by program partner Simmons Bank, which in May announced a $1.25 million investment for the program’s operations and funding. Simmons Bank’s support includes a 10-year, $1 million Equity Equivalent (EQ2) investment and a $250,000 grant to cover the technical assistance costs for participating businesses. Southern Bancorp, Inc., contributed an additional $1 million investment to the program.
According to a study led by McKinsey & Company, about 15 percent of white Americans hold at least some business equity, compared to only 5 percent of Black Americans. Of those who do, the average Black American’s business is worth about 50 percent of the average American’s and about a third of the average white American’s. If existing minority-owned businesses reached the same average revenue as their industry counterparts, it would result in an estimated $190 billion in GDP growth nationwide.
Southern Bancorp’s overall mission is to narrow these kinds of gaps in the financial world, which are particularly prevalent in rural, minority, and underserved communities.
The full roster of MBEP’s 2024 Summer Cohort listed below:
- Robert Alexander, KustomMade Properties, LLC (Little Rock)
- Felicia Bailey, C&C Lawn Service Care, LLC (Little Rock)
- Arnetta Bradford, HeBrews 11:1 (Hope)
- Cassandra Carey, Ascend Clean (Benton)
- Raysha Clark, The Collective (Little Rock)
- Brian Clay & Kari Watson, AlmsTravel, LLC (Cabot)
- Ammoria Daniels, ArkLaMiss Logistics, Inc. (Maumelle)
- Melanie Desmuke-Battles, Scholars for the Soul: An Education Solutions Firm (Little Rock)
- Edward Garland, APEX Senior Care & Consulting, LLC (Little Rock)
- Tina Gilbert, Next Level Training Solution Group (Springdale)
- Roland Gosey, Williams Funeral Home (Arkadelphia)
- Monica Hale, Plush Homes Company-Realtors (Little Rock)
- Dameake Harvey, Dameake Right Choice Tax Services (Little Rock)
- Robert Henderson, Sims Mortuary (El Dorado)
- Kelly Hollis, EcoPump, LLC (Little Rock)
- Sara Hurst, Bella’s Kitchen & Wellness (Little Rock)
- Alysha Johnson, Luxe the Salon Suites, LLC (North Little Rock)
- Tandra Jordan, Ms. Tan’s OCD Cleaning Service, LLC (Little Rock)
- Rodney Livingston, Silver Back Expedited Shipping, LLC (Bryant)
- Angela McGhee, Definitive Formulations, LLC (Conway)
- Erin McMurrian, Empact Realty Group (El Dorado)
- Jerald Mitchell, TV Mounting Pro, LLC (Little Rock)
- Patrick Oliver, Say It Loud! Readers and Writers (Dallas, TX)
- Lydia Page, LLI Development, LLC (Little Rock)
- Latasha Robinson, Yoni Steam and Detox (Newport)
- Krystle Rucker, KRB Hair Studio (Bryant)
- Toshua Shelton-Wiggins, Always Promoting Independence (North Little Rock)
- Shannon Smith, SSD Realty Group (Little Rock)
- Keisha Walker, Dawn Realty & Associates (Little Rock)
- Lynn Walls, Heaven Sent Adult Daycare Center (Sherwood)
The Minority Business Empowerment Program is made possible through a collaborative group of program partners, including Simmons Bank, the City of Little Rock, the Winthrop Rockefeller Foundation, Fifty for the Future, BCA Culture, and Southern Bancorp, Inc.
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About Southern Bancorp
Founded in 1986 by some of the nation’s leading political, business, and philanthropic leaders with an initial investment of $10 million, Southern Bancorp, Inc., along with its development partners – Southern Bancorp Bank and Southern Bancorp Community Partners – has grown into a $2.6 billion asset organization with 56 locations serving 65,000 customers across two states. Southern Bancorp has a unique array of financial products and services designed to help individuals at all stages of life’s financial journey – from teaching kids how to save to helping entrepreneurs and families realize the American Dream. Southern Bancorp is a certified Community Development Financial Institution, certified B-Corp, and proud member of the Global Alliance for Banking on Values. Learn more at www.BankSouthern.com and www.SouthernPartners.org.