City of Raleigh, NC
09/03/2024 | Press release | Distributed by Public on 09/03/2024 13:06
New Program - Business Bloom
Raleigh Parks and Five One Labs, with the support of the Truist Foundation, partner to launch "Business Bloom" to jumpstart innovative refugee- and immigrant-led businesses in the City of Oaks.
Five One Labs has received a grant from Truist Foundation to partner with the City of Raleigh in supporting immigrant and refugee entrepreneurs to launch and formalize small businesses in Wake County.
"We are thrilled to partner with the Truist Foundation and the City of Raleigh to support refugee and immigrant entrepreneurs in creating impactful businesses, creating jobs and catalyzing opportunity in their communities," said Alice Bosley, Co-Founder of Five One Labs. "We look forward to seeing new innovative businesses come to life through this program."
The 2022 Wake County census revealed that 13.5% of residents are born outside of the United States. In North Carolina alone, more than 20% of Main Street business owners are immigrants, accounting for over 80% of new Main Street businesses since 2000. These dynamic, diverse entrepreneurs play a vital role in strengthening local economies and creating jobs.
"The City of Raleigh is dedicated to fostering a sense of belonging in our community. Raleigh Parks offers various programs to support refugees and immigrants so we are excited to partner with Five One Labs to connect community members with resources that enhance their growth and economic success," said Tierney Sneeringer, Cultural Outreach and Enrichment Program Manager.
With the Truist Foundation's support, Five One Labs and the City of Raleigh will launch the six-week Business Bloom program in September 2024 to enable even greater growth of immigrant- and refugee-led businesses locally. The initiative, which combines practical training, advisory support, and mentoring, is designed to help immigrant and refugee entrepreneurs bring their entrepreneurial visions to life in the City of Oaks. The program emphasizes experiential and practical learning, enhancing business and management skills, fostering peer collaboration and support, and connecting entrepreneurs with the local small business and entrepreneurial community.
"Our purpose at Truist is to inspire and build better lives and communities," said Truist North Carolina East Regional President Chris Bell. "Small businesses are crucial to the economy and we look forward to seeing the impact of the new Business Bloom program."
About Five One Labs
Five One Labs is a startup incubator that empowers a new generation of refugee and conflict-affected entrepreneurs to create sustainable livelihoods. Five One Labs participants enter a three-month long incubation program that includes training, mentorship, an inclusive community, and the opportunity to compete for seed funding at the end of the program.
About Raleigh Parks
There are more than 200 parks in Raleigh featuring classes and programs, art centers, athletic facilities, community centers, lakes, nature preserves, dog parks, playgrounds, swimming pools, greenway trails, historic sites, open spaces, and more!
The Raleigh Parks, Recreation and Cultural Resources Department is committed to establishing and advancing an equitable and inclusive community for all.
About Truist Foundation
Truist Foundation is committed to Truist Financial Corporation's (NYSE: TFC) purpose to inspire and build better lives and communities. The Foundation, an endowed private foundation established in 2020 whose operating budget is independent of Truist Financial Corporation, makes strategic investments in a wide variety of nonprofit organizations centered around two focus areas: building career pathways to economic mobility and strengthening small businesses to ensure all communities have an equal opportunity to thrive. Embodying these focus areas are the Foundation's leading initiatives - the Inspire Awards and Where It Starts. Learn more at Truist.com/Foundation.