Ignite Business Women Investment Group
Background
After years of frustrating experiences with landlords and rental properties, a group of Brooklyn Center small-business owners were fed up. They wanted to move from renting to owning to give themselves and their businesses much-needed stability and more control over their futures. Alone, property ownership was out of reach. But together, using the cooperative model, this group of business women bought a property and took one step closer to achieving their dream: a vibrant small-business community serving the African diaspora.
Journey to Shared Ownership
The business women’s journey to shared ownership began in 2019. Many of them were struggling to operate out of a high-rise building with almost no foot traffic or visibility. Out of this frustration and amidst the COVID-19 pandemic in 2020, 60 of the business owners started “The Brooklyn’s Minority Business Women Network,” a group chat for connecting to resources and organizing around solutions. In 2021, 24 members of the group chat founded the Ignite Business Women Investment Group (IBWIG). Working in close relationship with African Career, Education & Resource Inc. (ACER) and with the technical support of Nexus Community Partners, IBWIG incorporated as a cooperative and began looking for a property to buy in 2022.
They did not need to look far—across the street from their high-rise, Shingle Creek Center sat partially empty and fully underutilized. In 2023, the Ignite Business Women Investment Group purchased it. Situated in the heart of Brooklyn Center, Shingle Creek Center is close to city hall, a community center, a library, and a clinic—the perfect location for small businesses looking to connect with their community. No longer rife with vacancies, Shingle Creek Center is bustling with new small businesses owned by immigrants. It is home to a bridal boutique and a travel agency, with plans to add a childcare center, small business center, realty office, and ACER’s expanded office.
The Ignite Business Women Investment Group and ACER worked with the MN Department of Employment and Economic Development (MN DEED), Sunrise Bank, Shared Capital Cooperative, and Minnesota Consortium of Community Developers (MCCD) to fund this project.
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