King’s Dream Commissioned to Provide Financial Coaching to Black, Latine, and Tribal Small Businesses
Updated: Dec 18, 2024
King’s Dream Business Consulting has been commissioned to provide business coaching for grant recipients of the Washington State Department of Commerce’s Small Business Investment Grant. We are the only business consulting company that has been asked to partner with The Workforce Development Council of Seattle-King County (WDC) and this inaugural financial wellness program.
According to the Bureau of Labor Statistics, nearly 20% of small businesses in the U.S. fail within their first year, with a five-year failure rate close to 50%. These figures are even higher for minority-owned businesses due to limited capital access and systemic financial inequities, like lower loan approval rates. The Workforce Development Council of Seattle-King County (WDC) is addressing these disparities by awarding $9.8 million to 40 small businesses and nonprofits, primarily owned by individuals from Black, urban Indian/Tribal, and Latine communities. This grant was made possible through funding from the Washington State Department of Commerce’s Community Reinvestment Project.
WDC partnered with King’s Dream to provide trauma-informed, culturally conscious financial coaching to the awarded Seattle small businesses. We plan to help strengthen their operations and community impact by providing business advisory services such as strategic planning, marketing strategies, financial management, operational efficiency, and human resources consulting.
“Financial coaches employ a proven, integrated investment approach – working together across career, education, and lending programs – to help families achieve their goals.” – Commerce Director Mike Fong
The ‘War on Drugs’ and the Injustice Faced by Seattle’s BIPOC Communities
It is projected that 62% of the funds awarded will go to Clark, King, Pierce, Snohomish, Spokane, and Yakima Counties, and the remainder of the funds will go to 33 counties where selected businesses will receive grants of up to $15,000 each. The counties were strategically chosen to help communities disproportionately impacted by the “War on Drugs.”
The War on Drugs started as a set of government-led policies in the 1980s aimed at reducing the illegal drug trade in the United States; however, over time, it became associated with racist policing tactics like "stop and frisk," heavy surveillance of Black and Latine neighborhoods, and harsher sentencing for Latinos and Black individuals compared to white people. The War on Drugs led to mass incarceration, the breakdown of families, and the loss of employment opportunities that are still affecting communities today, over 50 years later.
The WDC reported that the Small Business Investment Grant aims to promote equity in economic development, address the injustices faced by minority communities affected by the War on Drugs, and provide targeted support to BIPOC-owned and operated businesses in King County.
Working with WDC on this project aligns with the King’s Dream mission to serve the greater Seattle community and its minority-owned small businesses. Despite the lasting economic harm caused by the War on Drugs to Black, Latine, and Indigenous families, we are committed to addressing these injustices to promote economic equality in Seattle. We're looking forward to working with some of the most innovative businesses in the area, like May I Make a Suggestion, Ace Academy, and African Print Takeover, that are passionate about giving back to the community with education, mental health, and youth empowerment services. These businesses have a mission to help Seattle’s communities of color thrive and grow!
Small Business Grant Recipient Spotlight
May I Make a Suggestion (MiMas) LLC is a small business in Seattle that “aims to cultivate a community centered in diversity and wellness by conveying a message that is clear, simple and universally resonant.” They focus on developing and facilitating client-specific programs and workshops centered on cultural diversity and sustainable wellness. Their youth programs offer opportunities for students and their parents to learn more about legacy, financial readiness, healthcare, sustainability, and environmental impact.
The Academy for Creating Excellence (ACE) was created to serve the “traditionally underserved young Black men and Black Male Educators in the academic and social system.” Their mission is to prepare men of color for excellence by fostering safe spaces to facilitate their growth and best understand themselves as viable world citizens. They offer several resources such as individualized learning plans, teacher grants, social events, professional development, and special events like the Black Male Educator Summit. Partnerships with the City of Seattle Department of Education and Early Learning, the City of Seattle Department of Human Services, Seattle Public Schools, and others help their message reach more Black men and youth in the community.
We look forward to getting started on this initiative to foster long-lasting partnerships with the small businesses in our community. To learn more about the additional development services King’s Dream can provide for your business, schedule a discovery call today.
About King's Dream Business Consulting: Founded in 2019, King's Dream Business Consulting is a small business consulting and management firm established initially in response to Seattle's gentrification and displacement of its minority business communities. To Date, King's Dream has served over 200 small businesses nationwide. King's Dream Business Consulting is a leading provider of business advisory services, offering strategic planning, marketing strategies, financial management, operational efficiency, and human resources consulting. Committed to the success of small businesses, King's Dream Business Consulting provides tailored guidance and support to drive sustainable growth.
Tyra Douyon is an Atlanta-based journalist, poet, and educator. She developed her unique writing style and media correspondence skills in print and digital publishing, specializing in education, real estate, advertising, marketing, and arts/entertainment news. She’s a graduate of Kennesaw State University, where she earned her Bachelor's in English Education and Master's in Professional Writing. Along with freelance writing, she is a published poet and staff editor for an independent press/literary arts magazine.
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