News Summary
Birmingham’s City Council has approved a $185,000 investment to revitalize small businesses, focusing on Archibald & Woodrow’s BBQ relocation to a new space. This initiative not only aims to attract small businesses but is also expected to create 20 new jobs. With significant redevelopment planned and Goldman Sachs launching a $100 million initiative to support Alabama’s small businesses, Birmingham is set for economic growth and community support.
Birmingham City Council Sets Sights on Boosting Local Economy with BBQ Investment
Birmingham is heating things up as the City Council has just approved a significant investment of $185,000 aimed at revitalizing small businesses. This exciting move specifically targets the beloved local eatery, Archibald & Woodrow’s BBQ. With a plan to relocate to the former Rib-It-Up space on First Avenue, this revamped establishment is sure to become a hot spot for BBQ lovers.
Incentives That Make Sense
The funding package approved by the City Council includes a five-year revenue sharing incentive and a two-year hiring incentive. This support not only paves the way for Archibald & Woodrow’s relocation but also brings a promise of job creation. Approximately 20 new jobs are expected to sprout up as a result of this venture. City Councilor Crystal Smitherman has highlighted the importance of attracting established small businesses to not only thrive but to build a vibrant local economy.
Investing in the Future
The redevelopment of the new site will involve a generous estimated investment of about $80,000 from the developers. And the forward momentum doesn’t stop there, as Birmingham officials predict an impressive $1.5 million in projected annual sales tax revenue from the BBQ business alone. This is just one more reason why supporting local businesses is vital for keeping the economy on a strong footing.
Goldman Sachs Joins the Party
On an even larger scale, Goldman Sachs has launched a whopping $100 million initiative to support small businesses in rural areas of Alabama. This new initiative builds upon their successful 10,000 Small Businesses program, which provides loans, training, and valuable access to grants. The program aims to be a game-changer for entrepreneurs across 20 states over the next five years.
Community Support from our Leaders
The initiative comes at a time when U.S. Senator Katie Britt and Congresswoman Terri Sewell are stepping up to advocate for small business owners. They recently introduced a bipartisan pledge designed to ease tax burdens. Their efforts are crucial, especially when a recent survey revealed that a staggering 72% of rural small business owners are dissatisfied with existing tax policies, and 70% feel that regulatory burdens are too heavy to bear.
Small Businesses: The Heart of Alabama
With over 99.4% of businesses being small enterprises in Alabama, they employ nearly half of the state’s workforce. These businesses are the lifeblood of local economies, and initiatives like those from Goldman Sachs are crucial in ensuring their success. Asahi Pompey, the global head of corporate engagement at Goldman Sachs, has pointed out just how vital small businesses are for the economic fabric of Alabama.
A Bright Road Ahead
The Goldman Sachs program is designed to offer a “mini-MBA” and access to capital for rural small business owners, with many sectors—including professional services, food and beverage, technology, and healthcare—set to benefit. Businesses that have completed this program have reported noteworthy spikes in job creation and revenue growth, showcasing just how impactful such initiatives can be.
As Birmingham embraces this new chapter in enhancing local businesses, it is a great reminder of how community support and targeted investment can create a vibrant environment for entrepreneurship. So, whether you love BBQ or are a local business owner, there’s a lot to be excited about in Birmingham’s promising future!
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Author: STAFF HERE BIRMINGHAM WRITER
The BIRMINGHAM STAFF WRITER represents the experienced team at HEREBirmingham.com, your go-to source for actionable local news and information in Birmingham, Jefferson County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Sidewalk Film Festival, Sloss Music & Arts Festival, Magic City Classic, and civil rights commemorations. Our coverage extends to key organizations like the Birmingham Business Alliance and the Birmingham Civil Rights Institute, plus leading businesses in healthcare, finance, and manufacturing that power the local economy such as UAB Medicine, Regions Bank, and Encompass Health. As part of the broader HERE network, including HEREHuntsville.com, we provide comprehensive, credible insights into Alabama's dynamic landscape.
