What’s happening at CCEO?
The Cornerstone Center for Economic Opportunity continues to develop its impact in the South Dallas community of Cornerstone Baptist Church. Although the COVID-19 virus has limited our ability to bring people together, the potential entrepreneurs continue to make progress in their businesses.
When the pandemic hit, we began working individually to members of the community who requested help with business plans. Over 100 community members have shown some interest, and dozens have begun the business planning process. In addition to assistance with business plans, CCEO offers accounting assistance when needed. When necessary, we also refer to other assistance offered by SCORE, Dallas College, and other providers in the community.
Financially, CCEO has given grants to seventeen of our business or nonprofit entrepreneurs totaling approximately $45,000 to date. Our smallest grants are $300 reimbursement for the state filing fee. Other grants have purchased equipment or provided for funding needs. In a number of cases we have given donated computers or other equipment to help the start up process.
At this point, entrepreneurs who are “in the pipeline” are projected to need an additional $50,000 in the coming months.
In addition to the work with these individual entrepreneurs, CCEO is working towards starting businesses that will hire people from the community with the hope of eventually selling the company to one or more of the employees. The first business is food related. Cornerstone presently operates a kitchen for the homeless meal ministry. We have hired a chef who is helping get the kitchen certified for a manufacturing license, so that we can prepare packaged foods for purchase from the Southpoint Market opened earlier this year. We believe that it will cost approximately $100,000 in equipment and improvements for the kitchen. Additionally, he will work with our cohort of food entrepreneurs to develop their businesses. Combining the Cornerstone food services with the entrepreneurs has the potential to have a big impact.
Other businesses that we are working on starting include a landscaping/lawn maintenance business, which will require approximately $50,000 in equipment and a laundry bundle service using the laundromat equipment.
Finally, we are in discussions with a trade school in Dallas with the hope of assisting members in the community to receive training for trades that offer immediate employment and significant earning potential.
