CITY OF SEATTLE
RESOLUTION __________________
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A RESOLUTION establishing the shared City and community goals and strategies of the Future of the Seattle Economy investment agenda as City policy and a critical foundation for economic development work in Seattle.
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WHEREAS, an inclusive economy is a prosperous economy, and history has shown that equity and inclusion bring economic benefits; and
WHEREAS, Seattle's ability to chart a trajectory of long-term vibrancy will depend on its ability to foster the full potential of all of its residents, workers, businesses, and neighborhoods; and
WHEREAS, providing financial and technical assistance to Black, Indigenous, and other people of color-owned small businesses, and businesses disproportionately impacted by the COVID pandemic, contributes to an equitable economic recovery, promotes public welfare, and provides the means to build generational wealth; and
WHEREAS, two of the major drivers of wealth creation are earning an income that outpaces inflation and the cost of living, and ownership of assets that accumulate in value, including businesses and real estate;
WHEREAS, entrepreneurs of color, women, and immigrants have not had equitable access to capital due to systemic and racial barriers, including historic discrimination in housing and lending, as well as ongoing drivers of the racial wealth gap, such as the devaluation of property in Black neighborhoods, and
WHEREAS, businesses owned by people of color were disproportionately impacted by the pandemic, with the Small Business Administration's Office of Advocacy reporting overall earnings between 2019 and 2020 dropping disproportionately for Black, Latino, and Asian business owners compared to their white counterparts;1 and
WHEREAS, in Seattle, about 33 percent of the workforce of the Seattle metropolitan area are Black, Indigenous, and other people of color, but these populations make up 43 percent of the out of work population and 42 percent of ...
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