Bruce P. Corrie, PhD, ALANA Brain Trust
The Governor and Legislators need to establish two long- term billion dollar investment funds to support wealth building initiatives in the ALANA (African Latino Asian and Native American) communities.
ALANA Entrepreneurship Fund – which will offer investments to build capital and capacity for ALANA entrepreneurs. A billion-dollar fund.
ALANA Workforce Fund – which will offer investments in ALANA workforce skill development in critical areas of the Minnesotan economy. The fund will also support investments to keep higher education affordable for ALANA students. A billion-dollar fund.
Rationale:
- An investment of a billion dollars into ALANA economy will have an almost $2 billion growth in output of goods and services in Minnesota and support over 12,000 jobs. This investment will also support a tax base of over $200 million. This is a great return on investment according to the ALANA Brain Trust IMPLAN Economic model. Investing in the ALANA economy benefits all of Minnesota,
- ALANA communities make up 20 percent of the population of Minnesota and these investments make up around 20 percent of the current budget surplus.
- The pandemic illustrated that ALANA workers are in vulnerable but essential sectors of the economy. ALANA workers were deeply impacted by the pandemic. African American unemployment rates are currently double the overall unemployment rate.
- We need a stable source of long-term funding to achieve progress in ALANA workforce and business development.
- The Judicial Select Committee on Redistricting in their Final Order acknowledged the role of the ALANA communities in preserving the 8 congressional districts in Minnesota and their growing presence across Minnesota. They Judicial Panel in their Final Order asked the legislature to consider the input provided by the Corrie Plaintiffs and ALANA testimony on the need for adequate political representation of their economic interests. The new legislative districts have 100 percent of the Senate districts and over 70 percent of the House districts with an ALANA economy of at least $100 million and calls for adequate political representation.
- Minnesota’s ageing workforce and a globally challenged economy will need the presence of highly skilled workers to meet the challenges ahead.
- Entrepreneurship has become both the primary as well as secondary choice for ALANA communities as they seek to survive crises like the pandemic as well as global economic shocks. Yet the business ecosystem is not easily accessible to the ALANA entrepreneur.
- Small piecemeal funding is not the solution. Long term funding building ALANA capital, capacity and skills is needed.
