The Rhode Island Black Business Association, known as RIBBA, has helped uplift and provide integral resources to minority-owned businesses since 2010, when the grass-roots organization was founded.
Last month, President and CEO Lisa Ranglin cut the ribbon on the organization’s new Equity Hub in Providence. Now, business owners can swing by the office for consultation and advice, or join in on programming workshops.
Though Ranglin said RIBBA continues to struggle with a lack of multiyear funding and is facing a $500,000 gap, she is pushing full steam ahead in achieving her vision of raising equity for communities of color in the state.
Q. What does RIBBA do?
A. We are an economic development organization based on these pillars of success: financial empowerment, workforce development, business development, contracting, learning series, capital pathways, advocacy, entrepreneurship, and mentorship specifically for the Black generation.
Our services have a direct domino effect on reduction in crime, increase in ownership, increase in tax rolls, and really leveling the playing field for families who have been shut out for so long.
Q. How would you describe the racial wealth gap in Rhode Island?
A. I can tell you that many Black [Rhode Islanders] have $400 in the bank. Many of them are living in poverty, paycheck to paycheck. Unemployment within the Black community is higher than any other race in our state. Black businesses continue to be shut out of access to capital contracts and the resources they need to grow and thrive. Our community continues to suffer because of structural racism.
Q. What resources will the new Equity Hub provide?
A. Our top priority is continue to elevate the work that we’re doing. We’ll expand our learning opportunities not just here in the hub, but across the state.
Small businesses are the backbone of the economy. We know when Black businesses are actually thriving, they create jobs and they put more Black people to work. We also know when people are working, we have lower food insecurity and an increase in education outcome. We know that the work we continue to do and the service that we’re expanding will continue to reduce disparities and create a level playing field for access and resources. This hub is not just for the Black community, it’s for the community in Rhode Island that are in need that can take advantage of the services that we have to offer.
Q. When is the office open?
A. The office is open 9 a.m. to 5 p.m. Monday through Friday at 220 Smith St..
While we do welcome walk-ins, we encourage people to contact us beforehand because we want to ensure that we’re providing them with the services they need.
Q. What’s the most important RIBBA staple?
A. Equity.
Banks and credit unions are not always lending to small businesses. We hope that as they start collaborating with us, they would see they are missing out on a huge asset in the communities of color. RIBBA is at the table really advocating and encouraging people to think about diversity, equity, and inclusion in a purpose-driven way, and diversity, equity, inclusion as it relates to closing the racial wealth gap.
Q. Why should Rhode Islanders support RIBBA?
A. I think RIBBA is and will continue to be that go-to organization for communities in need. What I would want Rhode Island to know is that we are working intentionally to close the racial wealth gap. I think everyone can give up their time: They can donate, they can volunteer. We are looking for skill-based volunteers to join a board to lead special projects. We are that one-stop shop when a client or one of our members comes into our organization. Anyone who wants to grow their business, grow their career, is looking to buy a home, or is looking to empower themselves through a learning series education is welcomed into our family.
The leaders of the state really need to roll up their sleeves and work intentionally to close the racial wealth gap. It’s not just a slogan. People are hurting, families are hurting, and families are absolutely sick and tired of not having adequate resources to meet their basic needs.
Alexa Coultoff can be reached at alexa.coultoff@globe.com. Follow her @alexacoultoff.
