Economic Opportunity

Economic opportunity has been missing in under-resourced neighborhoods across the country. The wealth gap grows every year as quality jobs become scarce for working-class individuals because of automation and outsourcing. Equitable development creates new assets and provides meaningful economic benefits such as opportunities for stable employment to the residents of under-resourced neighborhoods, which necessarily brings about healthier, more cohesive, and interconnected environments. Another key characteristic is the fostering of increased community ownership of community assets. Small, locally-owned businesses have community-based shareholders -- all the money spent goes to people in the neighborhood. Local investment and local hiring make these businesses community-contained economic entities and create a virtuous cycle of neighborhood-based wealth. This can help build financial equity and intergenerational wealth.

Developing incubators

Incubators are usually non-profit organizations with the goal of helping small businesses operate independently and successfully. They offer a wide range of resources, from physical workspaces and business mentoring to accounting assistance and legal counsel.

raising micro-capital

Pooling small amounts of capital is one strategy to overcome business-related barriers to entry. Micro lending — small loans, often through a peer-to-peer network — is becoming an increasingly useful and accessible tool for individuals who cannot obtain loans from traditional banks.

pop-ups & informal sales

By allocating space for temporary retail spaces, developers can open more possibilities small businesses. In terms of the food industry, allocating spaces for food trucks can further encourage entrepreneurship and for revenue to circulate throughout the neighborhood.