ABOUT
OUR MISSION
BUILD COMMUNITY WEALTH IN UNDER-RESOURCED COMMUNITIES OF COLOR BY SUPPORTING ENTREPRENEURS
THE PROBLEM
- GROWING POVERTY: In 2017, 1 in 5 people (20%) in Marion County lived in poverty, a rate that has nearly doubled since 2000 when it was 11% (SAVI).
- RACIAL WEALTH GAP: In 2015 in Indianapolis: 10% of white people lived in poverty, compared to 26.3% of people of color; Unemployment was 5.3% for white people and 10% for people of color; the median hourly wage for white people was $22/hour and $16/hour for people of color (National Equity Atlas)
- UNDER-RESOURCED ENTREPRENEURS: In Indianapolis in 2016 there were 1,025 African American and 669 Hispanic-owned firms with employees compared to 27,128 white-owned firms (U.S. Census Bureau). In 2007 the average revenue of Black sole proprietors in Indianapolis was $23,000 (National Equity Atlas).
OUR SOLUTION
- INVEST IN UNDER-RESOURCED ENTREPRENEURS: We are raising $1 million to launch ALKHEMY an entrepreneurship hub at 38th and Illinois which will support 40 entrepreneurs over two years, providing 12 months of training, mentorship, technical assistance and financial resources.
- ESTABLISH REVOLVING LOAN FUND: We are partnering with the Boston Impact Initiative as a member of their Fund-Building Cohort of 12 cities. They will provide technical support to help us establish a $5-20 million integrated capital fund to provide grants and low-to-no interest loans to social enterprises.
- BUILD COMMUNITY WEALTH: We facilitate public programs that bring people together to build skills, relationships and collaboration to support a resilient local economy where money, goods and services circulate in our community.
WHY WILL THIS WORK?
- ENTREPRENEURS CREATE JOBS: Small businesses make up over 99% of the businesses in Indiana and employ 45% of employees (SBA, 2018 Small Business Profile).
- COMMUNITY WEALTH CREATES RESILIENCY: “When families possess assets — valuable skills, social networks, a home, some savings, an ownership stake in a business — they enjoy greater resilience, and are better able to withstand occasional shocks like unemployment or illness.” (Ted Howard, What is Community Wealth Building and Why is It So Important?).
- OUR EXPERIENCE & COMMUNITY ROOTS: Kheprw Institute is rooted in the experiences of the African American community and since 2003 we have sustained our work in large part through social enterprises, including KI NuMedia, Community Controlled Food Initiative and Scarabys Consulting.
WHAT WE DO
We cultivate an ecosystem that supports the successful launch and growth of social, cooperative enterprises to build community wealth, agency, and a vibrant local economy in low-income communities of color and under-resourced communities.
WHAT MAKES US UNIQUE?
- We focus on building community wealth economic, social and cultural.
- We provide culturally relevant training, relationship building and mentors.
- We put resources directly in the hands of people of color and low-income people to build cooperative, synergistic social enterprises that address community challenges.
WHO WE ARE
Alkhemy is a program of Kheprw Institute (KI). KI is a 501(c)3 nonprofit organization that works to create a more just, equitable, human-centered world by nurturing youth and young adults to be leaders, critical thinkers and agents of change in their communities. We believe an emphasis on self-mastery through the lens of community engagement leads to fundamental community change. Creating and providing opportunities for youth and young adults to develop self and contribute to the betterment of community promotes community self-reliance and community actualization.
KI sees the people in any community as its most valuable assets and is committed to working with youth and young adults to bring about change in disenfranchised communities that leads to empowered, self-sustainable communities. An intergenerational organization, we work to build community voice, community agency and community leadership by empowering youth and young adults who are committed to achieving equity. Supporting their development in skills, abilities and experiences as leaders, they are working in and with the community to bring about the change they want to see in the world where all are valued and given opportunities to fulfill their potential.