Black Owned Financial Institutions
The Empowerment network has been a catalyst for bringing together individuals and organizations to create highly effective economic and cultural pathways and institutions for North Omaha. “You need to have strong businesses, you need to have homeownership… and you also need to be able to save and invest your money so you can control your own destiny,” said Barney. One recent example is the Carver Legacy Center that will be located where the first Black-owned financial institution in Omaha opened in the 1940s. The center will offer a range of services designed to increase access to credit and capital for African Americans and North Omaha residents. “People can make deposits in a Carver Legacy account knowing that these dollars, leveraged into loans, will focus on benefiting African American businesses and the North Omaha community,” said Barney.
Youth Employment: Valuable Skills for Success
The generational wealth strategy starts early. With a wide range of programs aimed at career readiness and youth-centered entrepreneurship, youth employment programs are a foundational component of the empowerment network. Each year, nearly 7,000 youth receive the skills and exposure they will need to thrive in the workplace with opportunities connected to science, coding, engineering, the arts, culinary, construction law enforcement and aviation. The Network has hosted ongoing events for youth to showcase their business plans and prototypes and connect with local business leaders. These convenings have resulted in local CEOs investing in young people’s ideas. Most recently, youth participants received seed funds for start ups that included affordable shoe cleaning products, a candle company and a landscaping business. One former youth participant is now in training to become a pilot after participation. The MBK Community Challenge Competition investment has helped the Empowerment Network to leverage $2 million in additional investments to increase employment opportunities for youth, connecting them with jobs, mentors and hands-on experiential learning through STEAM and entrepreneurship training.
Moving forward the goal is to transform Omaha to be the first city in the country to close the long-standing economic, health and social gaps caused by racism and geographic segregation. Looking 5 years ahead Barney stated: “you’ll see 5,000 new and improved homes, 90 percent of kids graduating from high school, and an arts and culture district second to none in the country that celebrates the rich history of African Americans.” The Empowerment Network will continue to work with residents and elected officials to collaborate, align, and invest in programs and strategies that work. Thinking about the future staff member Jonathan Chapman states “We have the right people at the table right now to ensure the next generation don’t have to deal with the problems of the previous generations or even the current generations.”
