LISA RANGLIN is president of the Rhode Island Black Business Association, a Providence-based nonprofit that advances business opportunities of Black-owned and minority businesses in the Ocean State. The association recently received the Distinguished Service for Small Business Advocacy Award from R.I. General Treasurer Seth Magaziner for its role in helping the treasurer’s office spread awareness to local businesses during the COVID-19 pandemic.
What does the award from Seth Magaziner mean to you and the association? I was super excited to accept the award on behalf of the organization. As the founder of the organization, we’re going on our 11th year. I think this puts the icing on the cake in terms of all the work we’ve been doing to be recognized in such a meaningful way, specifically around advocacy for greater investment in small businesses. This [award] is confirmation and validation of the work we’re doing and how important it is, but also specifically for communities of color.
How has the association helped Black-owned businesses navigate the pandemic? The partnership with Treasurer Magaziner was instrumental early on in the pandemic. We sprung into action, basically supporting our businesses. What we did in the partnership was specifically dissemination of vital information out to businesses around resources that would be available. Whether it was the [Paycheck Protection Program] loans or grants, or cleaning supplies and masks, we were hands-on making sure we were there for our businesses. We also provide microloans, which range from $500 to $10,000, to businesses.
What challenges are local Black-owned businesses still facing and how is the association responding to them? We have seen an increase in demand [in services] and our organization continues to be underfunded. We’ve seen what the pandemic has shown us regarding all these disparities around the state across the board. I recently had a conversation with [Providence Mayor Jorge O. Elorza] that we have exceeded our goals in assisting 40 businesses with $40,000 worth in microloans. I shared that with the mayor with the hope that we’ll see more than $40,000 because we’re in a state where we cannot provide basic health insurance for our staff.
What new initiatives does the association have on the horizon? We have a new program that we got funding for from the state called the Emerging Leaders Development Program. That is a six-month training program in partnership with the University of Rhode Island. It will provide participants with skills and tools that they will need to advance their careers. We just started a relationship with Bank of America Corp. for a financial literacy program that will support businesses in terms of bankability and establishing relationships with credit institutions. We have also received a $450,000 multiyear grant … specifically for microgrants. We are trying to leverage that grant to find more money to have a dedicated resource to administer that program.
