The Opportunity Zone tax incentive was conceived as a tool to promote economic development, job creation, poverty reduction, and support for new businesses in areas of concentrated poverty. With investments flowing into these newly designated zones for a few years now, our new report sought to find out: Are these investments supporting small business stability and growth, achieving the stated goal of place-based economic development and job creation in distressed communities? If not, why not? And what are the risks and rewards specifically for minority-owned legacy businesses within Opportunity Zones?
We’re pleased to announce a new report being released on October 29th called Unrealized Gains: Opportunity Zones and Small Businesses, which will take a close look at the impact of Opportunity Zones on small businesses—specifically the minority-owned and legacy businesses that form the social fabric of many neighborhoods in these areas.
Join us for a webinar on October 29th at 3 p.m. Eastern with the report authors to examine these findings.REGISTER NOW
If you register for the webinar, we’ll also send you a copy of the report directly to your inbox on October 29.
Why the focus on minority-owned and legacy businesses?
Small businesses help build sustainable competitive advantages and enduring enterprises. This gives people jobs and, perhaps most importantly, it creates long-term wealth. But there are serious challenges for legacy and small businesses—especially those that are minority-owned—due to limited access to capital, lack of investment in community infrastructure, the continued challenges of a globalizing economy, and now an unforeseen pandemic fueling a new economic crisis. So it is vital to determine if this new incentive is helping to close economic gaps—or widen them further.
This report tackles that question and examines the lay of the land when it comes to the impact of OZs on small businesses. It also provides recommendations to realize the full potential of these investments and bring benefits to communities, supporting current residents, mobilizing local economies, providing job opportunities, and protecting legacy businesses.
Sign up now to receive a copy and join us for the webinar on October 29th.REGISTER NOW
Smart Growth America produced this report with the Democracy At Work Institute (DAWI), made possible with generous support from Citi.