Minneapolis Mayor Jacob Frey kicked off the last weekend of Black History month by touring a minority-owned business that benefitted from the city’s Ownership and Opportunity Fund.
“This month we’re celebrating the incredible Black-0wned businesses that we have throughout our city, that should be celebrated not just during the month of February, but year-round,” said Frey at Wenrich Construction, located in small but vibrant Greystone building in the North Loop neighborhood.
The business owned by Wendy Sullivan received a $600,000 grant from the Ownership and Opportunity Fund in 2022.
That allowed Sullivan to buy the building and the land it sits on.
Now she has a full staff in her growing construction, fencing, and interior demolition business, and also has enough room in her place to house other budding entrepreneurships.
“It changed the trajectory of my business,” Sullivan said. “To be able to own my space, to have equity and plant my roots, and know that I’m able to stay here.”
Mayor Frey said unlike ideas where throwing money at a problem doesn’t quite fix things, this program follows that idea with success.
“We’re seeing that played out right here,” he said. "You need to be able to bridge the gap between whatever the business owner has their equity and the market value.”
Frey said bridging that gap, businesses can take off, because they are no longer paying rent.
“We’re just trying to replicate that for a community that is traditionally left out.”
The mayor called the OOF a combination of money and partnership with talented people.
“You’re able to double-down on the investment and then triple-down on the return,” he said.