Omaha 100, Inc: Omaha 100 Business Grant

ID

336

OrgName

Omaha 100, Inc

PhysicalAddress

2401 Lake St, Omaha NE 68111

MailingAddress

Website

www.omaha100.org

SocialMediaAccounts

Name

Malinda Williams

Title

Executive Director/CEO

EmailAddress

Malindaw@omaha100.org

Phone

+1 (803) 229-2117

Team

Yes

TeamExplanation

Omaha 100 Staff and technical service providers

OrganizationalChart

see attachment

OtherCompletedProjects

Omaha 100 has served as an organization that provided access to the American dream for over 30 years. Recently, were chosen as one of the three organizations to provide SSBCI funding and technical assistance/wrap around services to underserved businesses in the North Omaha community.

ProposalTitle

Omaha 100 Business Grant

TotalBudget

10675000.0

LB1024GrantFundingRequest

10675000.0

ProposalType

Service/program

BriefProposalSummary

Omaha 100 Inc. intends to provide $100,000 for 100 businesses over the next 3 years, under its 100 program to grow 100 scalable businesses with underserved leaders of color. In addition to this funding, Omaha 100 Inc will also be providing skills training, industry education, and business coaching technical assistance to North Omaha community businesses. Through its partnerships, Omaha 100 Inc. will coordinate technical assistance to provide business advisory, accounting, financial advisory, and legal services. To reverse the widespread economic turmoil that deepened existing disparities and challenges disproportionately felt in low-income and minority communities in North Omaha due to the COVID-19 public health emergency. Omaha 100 Inc. will focus on underserved Social Economic Disadvantaged Individuals (SEDI) and Very Small Business (VSB) owners impacted by the global pandemic. Omaha 100 case managers and instructors will follow up with businesses to provide guidance and assistance with skills training. This will allow Omaha 100 Inc. to function as an all-in-one resource that can provide funding and technical assistance to underserved business owners spurring economic growth in the process. The pandemic highlighted the multisector approach that works so well in Nebraska – businesses, government at all levels, and the private sector working together committed to a common goal of serving Nebraska businesses. We urge the state to maintain that commitment by partnering with Omaha 100. The Economic Recovery Act funding can be about more than just a continuing response to the COVID pandemic – it can be a forward-looking approach to charting a strong, thoughtful, and strategic path for long-term recovery and resiliency. As trusted partners, Omaha 100 will be an integral part of the recovery for North Omaha and our innovative approaches can help fuel resiliency. While the funding is short-term, there will be a long-term impact on the resiliency of the North Omaha community. For Omaha 100 specifically, the funding is short-term. It will allow us to fully engage with North Omaha businesses and ramp up our operations to support access by the sector. This would not be possible without financial support. The following statements are deeply rooted in our core values and drive how we show up and what we believe in our daily work. · Successful businesses are supported businesses. North Omaha businesses need support from one another to achieve their greatest goals. · No business can achieve its mission on its own. It is only when we connect, convene, and collaborate to strengthen relationships so that we achieve something greater than ourselves. · Leaders make better decisions when they represent the communities they serve. Decisions made with a community are more viable than decisions made for a community.

Timeline

Grants would be distributed to a minimum of 100 business over 2 years.

PercentageCompletedByJuly2025

1.0

FundingGoals

Fundamental Change (i.e., a proposal that will continue to elevate North or South Omaha's presence and perception within the region, significantly improving the lives of area residents through physical development) Long-Lasting Economic Growth (i.e., a proposal that will foster gainful employment opportunities and financial investment in the area, leading to the creation of generational wealth and widespread economic vitality in North and South Omaha) Transformational (i.e., a proposal that will help energize, recharge, or spur significant and favorable advancements in North or South Omaha's function or appearance)

Community Needs

Policy (i.e., develop or improve context-sensitive education, finance, health, training, zoning, etc.) Quality of Life (i.e., create or enhance natural spaces, mixed uses, parks, safety, etc.) Sustainable Community (i.e., create or enhance housing, services, education, civic uses, recreation, etc.)

OtherExplanation

ProposalDescriptionAndNeedsAlignment

"IF you can see it you can be it". Way to do that is through changing our approach to investing in entrepreneurs. Instead of over mentored and underfunded. This is the opportunity to not only recruit top talent but also provide that talent with an opportunity that has not always been afforded to the minority community. We cannot "job" our way out of the wealth gap, we have to rely on entrepreneurship and innovation to create sustainable industry in our community. This is a chance to place big bets on our best and brightest.

VisioningWorkshopFindingsAlignment

Our community is currently oversaturated with nonprofits and this gives us the opportunity to change the status quo of what's expected of minority talent in east Omaha.

PrioritiesAlignment

This will transform the East Omaha community by providing transformational economic change that other places around the world have proven previously that it is an investment worth taking. The goal of 1024 is to create wealth in the East Omaha community and this program will do it similar to the way that Russell Construction did it for ATL. Omaha will become the center of gravity for minority businesses in the country.

EconomicImpact

1000+ new jobs across a minimum of 100 businesses

EconomicImpactPermanentJobsCreated

1000+

EconomicImpactTemporaryJobsCreated

EconomicImpactWageLevels

60-85k/yr

EconomicImpactAlignProposedJobs

As businesses scale and are attracted to the community, we will partner with other orgs that will create a talent pipeline to provide those businesses with skill sets to fill the needed positions.

CommunityBenefit

Vibrant economies need successful businesses. Local businesses contribute to the wealth and resources of each region in our city by creating jobs, increasing diversity, equity, and inclusion, resulting in a more robust and representative business sector in Omaha.

CommunityBenefitSustainability

Strong businesses contribute to strong communities. When businesses are provided with the support, they require work they can solve complex problems, create opportunities for quality of life, and offer invaluable networks and connections that strengthen our sense of place.

BestPracticesInnovation

All over the globe communities have proven that betting on their best and brightest create the best economic return. It has been proven in Atlanta, Minnesota, and Tulsa.

OutcomeMeasurement

Overall economic input, dollars leveraged, jobs created, increased tax revenue, individual business net profit, individual business revenue, businesses attracted and talent attraction.

OutcomeMeasurementHow

Partly internally but for more advanced measurements we may contract some of the analysis out

OutcomeMeasurementCoinvestment

Since we are providing entrepreneurs with non diluted dollars it will provide them the opportunity to scale which creates an opportunity for them to bring on more capital whether debt or venture. it will also make them more attractive to other investors/lenders.

Partnerships

Yes

PartnershipsOrgs

Chamber, Department of Economic Dev, POC Collaborative, NBDC, Midlands African Chamber, and the iHub. Each of these entities have collaborated with Omaha 100 with sourcing entrepreneurs as well as mentorship/technical assistance.

PartnershipsMOU

None at this time.

Displacement

No

DisplacementExplanation

PhysicalLocation

Our goal is to partner with the new North Omaha iHub, however our current address will serve as physical location.

QualifiedCensusTract

Within one or more QCTs

AdditionalLocationDocuments

PropertyZoning

ConnectedToUtilities

ConnectedToUtilitiesConnected

ConnectedToUtilitiesUpgradesNeeded

DesignEstimatingBidding

DesignEstimatingBiddingPackageDeveloped

DesignEstimatingBiddingCostsDetermined

GeneralContractor

GeneralContractorPublicCompetitiveBid

GeneralContractorPublicCompetitiveBidWhyNot

RequestRationale

Business grants will be up to 100k per business, 75k will pay for the acquisition and operation of start up space software, 600k will cover operations and capacity building for Omaha 100 as we grow staff and infrastructure to support the minimum of 100+ businesses.

GrantFundsUsage

as outlined above.

ProposalFinancialSustainability

Yes

ProposalFinancialSustainabilityOperations

Funding is not sustainable but the economic growth of the businesses as well as the momentum of Omaha having a focus on business and innovation.

FundingSources

FundingSourcesPendingDecisions

None for this program. As we are thinking about transformational change of our community, this type of approach needs support from a path of funding that supports big ideas which is why LB1024 is the perfect opportunity to invest in this transformational growth.

FundingSourcesCannotContinue

none for this program

Scalability

yes

ScalabilityComponents

smaller investments can be given as well as smaller quantity of businesses.

FinancialCommitment

Omaha 100 is committed to provide current staffing and back end support. To include but not limited to all legal, accounting, and reporting required.

ARPAComplianceAcknowledgment

1.0

ARPAReportingMonitoringProcessAck

1.0

LB1024FundingSourcesAck

1.0

PublicInformation

1.0

FileUploads

Organizational Chart