News

New initiative will support entrepreneurs starting businesses downtown

By Lightning Reports, Published: May 7, 2023

The city of Hendersonville has launched a new initiative to help start, support and nurture new businesses on Main Street and in the Historic Seventh Avenue District.

Funded by a grant from the Dogwood Health Trust, the Downtown Hendersonville Opportunity Fund aims to support entrepreneurs at various stages of business — from idea to growth — through training, technical assistance and access to loan capital.

The Opportunity Fund is a partnership among the city's Downtown Program, Mountain BizWorks, Black Wall Street AVL and the Small Business Center at Blue Ridge Community College and includes support for entrepreneurs interested in launching, sustaining and growing downtown Hendersonville businesses. Training and program offerings are available to anyone, including current businesses already operating in downtown Hendersonville.

“Our goal in the program is to highlight training and support that already exists in the region, and further connect to loan capital businesses need in order to start or grow,” said Jamie Carpenter, the city's downtown manager. “We want this program to support the entire process for our local businesses, from creating or updating a solid business model that will thrive in our downtown, to ensuring they have the access to financing that is difficult to obtain for any entrepreneur, especially those without a large down payment or other equity to use as collateral.”

The program includes a focused outreach to low- to moderate-income residents, women and people of color, paying close attention to the Seventh Avenue District, historically a hub of Black-owned businesses. 

To help connect with historically underutilized businesses, program partners Black Wall Street AVL will
provide an important connector between resources available. BWS AVL utilizes a ‘family’ model for new entrepreneurs of color to increase accountability and camaraderie among new business owners.  

"We aim to draw attention to the history of the 7th Avenue District and identify opportunities to infuse some of the entrepreneurial spirit into the present day and have highlighted that through the partnerships in this program,” said Bruce Waller, executive director of Black Wall Street AVL. 

Known as Brooklyn, the community was located in and around Seventh Avenue and included homes, civic organizations and many Black-owned businesses. In the 1960s, urban renewal projects displaced residents while transforming the the neighborhood into what is known today as Green Meadows. 

The program provides businesses and entrepreneurs of all stages a roadmap to success with training and technical assistance, mentorship, and guidance. The centerpoint of the Downtown Opportunity Fund is a small business loan program in partnership with Mountain BizWorks to provide loan capital for businesses that are not otherwise eligible for traditional bank financing.

In addition to Mountain BizWorks, program partners Black Wall Street and Blue Ridge Community College Small Business Center will provide training, technical assistance and mentorship to support entrepreneurs to find success.

The following classes and training sessions are scheduled:

• May 11 - 5:30-7:30p.m. - How to Start a Business in the Summer of 2023 BRCC Small Business Center - Free - (RSVP required)
• May 23- 9-11 a.m. – Commercial Real Estate: Financing for BIPOC Entrepreneurs with Mountain BizWorks and Partners in Equity at Daddy D’s Suber Soulfood – free breakfast and informational session (RSVP required)
• June 8 – 10-11 a.m. (Virtual) Commercial Real Estate 101: From Contracts to Closings
  (RSVP required)
• June 9 – 10-11a.m. (Virtual) Commercial Leasing 101: Empowering Tenants through Lease Negotiation (RSVP required)
• June 12 -5:30-7:30 p.m. How to Create and Present a Winning Business Pitch - BRCC Small Business Center - Free - (RSVP required)
• June 13 - 5:30p.m. - 7:30 p.m. - Financing Your Business - BRCC Small Business Center - Free - (RSVP required)
• June 15 - 5:30-7:30 p.m. - Best Free and Low-Cost Marketing for 2023 - BRCC Small Business Center - Free - (RSVP required)]
• July 18 - Evenings for six weeks, Mountain BizWorks Foundations Course - Join a cohort of aspiring and existing entrepreneurs to gain all of the foundational business skills needed to turn your business dream into a reality. Qualifying residents may receive a scholarship up to 90 percent of the course cost.

Go here to register. For more information about the Downtown Hendersonville Opportunity Fund, please visit hvlopp.org.