Help Miami-Dade build a thriving economy with room for everyone | Opinion

South Florida is not new to enduring disasters. We have seen our share — from hurricanes Andrew to Irma to Wilma. Time and again, we have risen to the challenge to stabilize and revive our communities.

But now, we are fighting to weather the most unexpected storm: COVID-19.

The coronavirus crisis has brought our region, and the world, to an economic standstill. Most troubling, the economic crisis has disproportionately hurt businesses owned by people of color and women. A report from the National Bureau of Economic Research shows that between February and April, the pandemic shuttered nearly half of small Black-owned businesses nationwide. It also found that in that same time period, the number of Latino businesses decreased by 32 percent, and women-owned businesses were down by 25 percent. Last year, before the coronavirus crisis, a study by the Miami Urban Future Initiative at Florida International University (FIU) named the city of Miami the second most unequal city in the United States. The crisis is likely to deepen this inequity.

Businesses owned by people of color and women are pivotal to the vibrancy of South Florida. More than one in three Miami-Dade business owners is Black, Hispanic or a woman, according to FIU. In Broward, 52 percent of businesses are minority-owned, according to Census data. To ensure that South Florida’s economy can recover from the pandemic, we must preserve these businesses and jobs. Each and every one of our organizations and communities is at stake. But as stark as that sounds, we remain hopeful.

Just like after Hurricane Andrew, when our community banded together to rebuild, leaders across local government, universities and healthcare institutions — large organizations that act as “anchors” to the local economy — are rising to meet the challenge. More than 20 institutions, which spend billions of dollars annually in procurement, joined forces last year to create the South Florida Anchor Alliance. Convened by the Health Foundation of South Florida and supported by Citi, our aim is to create an inclusive, fair and thriving economy. The Alliance will do this by: 1) increasing the amount of money spent each year by participating institutions that goes to local small businesses, especially those that are minority-owned; and 2) creating more quality jobs for South Florida residents.

While the obstacles we face today may have been unexpected, our goal is as important as ever. Members such as Baptist Health South Florida, Broward Health, FIU, University of Miami, Miami Dade College, Broward College, Miami-Dade County Public Schools, Broward County Public Schools and both county governments are on the frontlines of the COVID-19 crisis. They understand the value of preserving diverse businesses as key to local recovery.

We have the opportunity to scale a lasting framework — one that can improve the way we do business, ensure no one is left behind and bring leading institutions together to collaborate on the biggest issues of our time.

At this moment, we are all being called upon to be more engaged — to find new solutions to deeply entrenched problems; to take brave steps and change the status quo; to recognize that, individually, we may get somewhere faster, but if we want to go farther, we need to go together.

We ask any large local institution that has not yet worked with us to consider joining. Small-business owners who want to learn how to bring on an anchor institution as a client should visit hfsf.org to sign up for our “Back to Business” webinar on Sept. 2 and we will show you how to make that possible. If you are someone looking for a job, stay tuned — because the work we are doing is expected to create more local jobs.

And if you are a fellow South Floridian who wants to make a difference, join us in supporting our local economy by supporting a local business.

Janisse Rosario Schoepp, Ph.D., is vice president of operations and strategy at Health Foundation of South Florida. Ines Hernandez is senior vice president of Citi Community Investing and Development (Florida).