Black EOE Journal www.blackeoejournal.com 143
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ometimes success is survival. Certainly, this was the case with African American business during the Coronavirus pandemic. Recent figures from a survey conducted by the University of California, Santa Cruz, revealed that Black-owned businesses declined 41 per- cent from a pre-pandemic level of 1.1 mil- lion businesses to a current figure of just over 640,000 businesses. Businesses that survived the pandemic relied on organizations like the Greater Los Angeles African American Chamber of Commerce (GLAAACC) to provide up-to-date informa- tion and resources. GLAAACCs technical assistance and capacity building programs pro- vided updated information on the loans, as well as strategies on how to reset, pivot and reimag- ine business operations in preparation for the
Survive to Thrive
GLAAACC helps businesses position themselves for the 'new normal'
(MWIS), was able to weather the pandemic by connecting with new resources through GLAAACC, as well as doubling her efforts to advocate on behalf of small, minority-, women-, disabled- and veteran-owned busi- nesses. MWIS specializes in property, casualty insurance brokerage, surety bonds and risk management consulting services. In the male dominated insurance industry, where less than three percent of the compa- nies are owned by African American women, Merriwether has managed to build a thriving multimillion dollar business by fulfilling a niche in the industry. MWIS is the link between pub- lic entities seeking to provide contract opportu- nities and qualified small disadvantaged busi- nesses. The agency designs and administers a unique Contractor Development and Bonding
PHOTO CREDIT: GLAAACC
Ingrid Merriwether
on over $1.042 Billion in public works con- struction projects to-date, establishing strong bonding credit and building the foundation for ongoing business success. Bonding can be a major impediment for small contractors to be able to bid and par- ticipate on Public Works projects. Our goal is to reduce that barrier and provide them with technical support to enable them to participate in the larger arena of public construction, Merriwether said. In MWIS 23 years history providing bond- ing services, theyve only had two contractors fail to complete projects. That calculates to a loss ratio of less than one tenth of one percent. Merriwether adopts the philosophy of Aligned Risk Management, which is an approach to risk management that manages and reduces risk, while creating opportunity and inclusion for underrepresented business sectors. She attributes her firm's success to networking opportunities provided by GLAAACC and championing for the growth of small business owners. From the start, one of the core com- ponents of my organization was to advocate for the interests of small, minority, and women- owned businesses, she said. Advocating for others connected me with the right people and placed me in a position to see where the best opportunities for my business were.
Source: GLAAACC
Program (CDABPs) on behalf of public entities seeking greater inclusion of underrepresented businesses in public contracting. MWIS has administered CDABP for several large public entities including the City of Los Angeles, Los Angeles Metro, Alameda County and the City and County of San Francisco. Over a thousand small minority and vet- eran-owned businesses have completed pub- lic works contracts with the assistance of MWIS Contractor Development and Bonding Programs. Collectively, these programs have enabled small and minority contractors to bid
Recent figures from a survey conducted by the University of California, Santa Cruz, revealed that Black-owned businesses declined 41 percent from a pre-pandemic level of 1.1 million businesses to a current figure of just over 640,000 businesses. Businesses that survived the pandemic relied on organizations like the Greater Los Angeles Chamber of Commerce (GLAAACC) to provide up-to- date information and resources.
new normal. Before and particularly in the midst of the Coronavirus pandemic, GLAAACC provided information to keep our membership afloat, said GLAAACC Chairman Gene Hale. For us it was an emergency situation. We were a conduit for business resources. For many of our members, knowing about government and pri- vate assistance programs was the only means to keeping the doors open. A member of GLAAACC for over a decade, Ingrid Merriwether, president and CEO of Merriwether & Williams Insurance Services
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