| Name | William |
|---|---|
| Last Name | Ladd |
| Home Address | 8217 Stillwater Circle Ooltewah, TN 37363 United States |
| Organization Name | First Baptist Cares |
| Describe Your Role In The Organization | I currently serve as President of the 501c3 non-profit, First Baptist Cares |
| Organization Address | 506 E. 8th Street Chattanooga, TN 37403 United States |
| Website | https://currentlynowebsite.org |
| Best Phone Number To Reach You | 4234008248 |
| Alternate Phone Number | 4239100835 |
| Email Address | fbcareschatt@gmail.com |
| Alternate Email Address | williamladd@comcast.net |
| Please Describe Your Project In Detail | First Baptist Cares is a community 501c3 non profit, in Chattanooga, whose mission is to connect the underserved and marginalized within our community with essential living and life resources to flourish. Our program, the Minority-Owned Business Support Program, is designed to provide minority businesses with the tools and resources necessary for long term flourishing. Tools and resources include but not limited to are: Access to financial advisors and office space; assistance in developing a business plan for long term sustainability and growth; and establishing partnerships with financial institutions, the City of Chattanooga, the Chattanooga Urban League, the Chattanooga Area Chamber of Commerce, and other minority businesses to serve as partners and mentors. |
| Please explain how your project meets the requirements of the American Rescue Plan | The impact of the Covid-19 pandemic on businesses was tremendous. However, many white businesses were rescued by the Paycheck Protect Program. Unfortunately, many minority-owed businesses were not positioned well to receive funds white business owners were positioned to receive. According to Claire Kramer Mills and Jessica Battisto of the Federal Reserve Bank of New York, "about 58 percent of Black-owned businesses were at risk of financial distress before the pandemic, compared with about 27 percent of white-owned businesses". Robert Fairlie of the Stanford Institute for Economic Policy Research states further that, "the pandemic contributed to tipping 41 percent of Black-owned US businesses into closure from February to April 2020". The American Rescue Plan is designated to advance equity and close equity gaps. Our Minority-Owned Business Support Program is also designed to advance equity and to close the equity gap between white and black businesses in Chattanooga. |
| Where would your project take place? | We plan to lease more unused space in First Baptist Church where we currently lease space. |
| How much will your project cost in total? | 550000.00 |
| Do you have any matching funding sources from other local governments, private entities, non-profits, or philanthropic entities for your project? | No |
| Please describe the source and list amounts of any other funding. | |
| What portion of the project are you asking the city to fund? | |
| If funded, when would your project start? | February 1, 2022 |
| How long would your project take to complete? | Our initial plan is a 3 year plan. |
| What milestones would you use to measure your project’s progress? | Measurement of our project's success will be collaborative. We plan to build a collaborative project management team to facilitate success for Black-owned businesses who use our services. To measure success, the project management team will collect data, analyze the data for successes and challenges, and report data results in an annual report. The collaborative team will consist of members from Chattanooga City Government, community non-profits, and Black-owned business leaders in Chattanooga. |
| How would you ensure accountability and transparency throughout the project lifecycle? | We currently have processes and procedures in place to insure accountability and transparency and we will continue those processes and procedures with the Minority-Owned Business Support Program as well. Those processes and procedures include: quarterly meetings with board members to discuss financial reports, publishing a annual report with financial metrics, and allowing the public access to yearly metrics. |
| If successful, how would your project benefit the community? | Mayor Kelly's One Chattanooga includes the goal of strengthening the Black middle class in Chattanooga. One of the benefits of our program is that it will indeed benefit Black-owned business in Chattanooga and ultimately the Black middle class. In the mid-1980's, I was a student at Morehouse College in Atlanta, GA. Atlanta in 1985 was not the Atlanta we see flourishing today. It was not until Mayor Maynard Jackson provided opportunities for Black-owned businesses that Atlanta flourished for all of its citizens and became the great city it is today. We now have a unique opportunity, through the ARP, to provide opportunities for Black-owned businesses and ultimately the flourishing of all of its citizens. |
| How will you attract community buy-in for your project? | We currently have community partners who work with our current projects and we find ourselves positioned to attract community buy-in for our Minority-Owned Business Support Program. |
| Is there anything else you would like us to know about your project? |