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o December 8,2010 Bill 486-10 is filed with the Office of the City Clerk—sponsored by <br /> Council Members Tim Rouse,Derek Dieter,Karen White and Henry Davis,Jr: On <br /> December 13,2010,Bill#86-10 received a first reading and was referred to the Community <br /> Economic Development Committee for review and recommendation and set for second and <br /> third readings on January 10,2011. <br /> ® AprO 23,2M Bill#86-10 was passed unanimously and became law as 10081-11. <br /> Executive 5umma<e <br /> South Bend's changing economy,moving from an industrial manufacturing base to primarily a <br /> service economy,resulted in a growing number of socially and economically disadvantaged <br /> individuals who lacked the skills and training to shove into semce industry jobs being left behind. <br /> Many were forced to accept lower paying jobs to help augment the limited social services available <br /> to help them subsist.A frequent response to unemployment and dislocation of workers is for these <br /> individuals to attempt to start their own business. Black and Hispanic/Latino Americans are the <br /> primary constituents of this challenged group within South Bend. <br /> Many minorities simply desire the opportunity to participate in the free enterprise system,to develop <br /> their business ideas,to be their own bosses,and to attempt to succeed in it society that they perceive <br /> to be biased Numerous obstacles have prevented more minority owned companies from being <br /> created and becoming successful. Although most minotities have gone into business to obtain <br /> financial security,they often lack the tools,capital and informational resources needed to meet their <br /> goals. Most are less prepared„with less capacity and are overall less competitive. They lack access to <br /> opportunity,access to technical assistance and access to capital Today's competitive business <br /> environment demands suppliers have size,scale acid reach There are still very few minority firms in <br /> South Bend that have this combination of characteristics. Most are categorized as mictoenterprises. <br /> A microentetprise is a small business that will usually operate with fewer than 10 people and is <br /> started with a small amount of capital Most microcnterprises specialize in providing goods or <br /> services for their local areas.There are an estimated two million micro-entrepreneurs in the United <br /> States today,offering a variety of services and products from home-based day or elder care,auto <br /> repair,beauty and barber shops to specialty foods. <br /> In their June 2010 Benchmarking South Bend report,Karl King and John Roos state that <br /> Entrepreneut.com"2006 Hot Cities for Entrepreneurs"ranks South.]Bend among the lowest <br /> Indiana cities compared to all the Indiana Benchmark Metro's and all of the National Benchmark <br /> Metro's in all the categories. Those categories include:Overall Entrepreneurial Activity hank, <br /> Young Comfy Rank,Rapid Growth Rank,annual rate of business startups,annual rate of <br /> business closings,business churn rate,and enttepreneurial value added to the community. While <br /> King and Roos did not include rankings related to minority businesses in their report,additional <br /> 5 <br /> This proposal was compiled and created by Sale and Associates—ssnieassociates@aol.com <br />