Austin's Economic Opportunity Committee recently convened to discuss a groundbreaking initiative aimed at promoting equity and economic development for underserved communities. The meeting featured Tina Cannon, president and CEO of the Austin LGBT Chamber of Commerce, who presented the Regional Equity and Economic Development Plan (REPLAN), a collaborative effort among the Diversity Ethnic Chamber Alliance (DECA) comprising Black, Hispanic, Asian, and LGBT chambers.

Cannon highlighted the stark economic disparities in Austin, where median incomes for White households significantly outpace those of Black and Hispanic households. The REPLAN aims to address these inequities through a comprehensive strategy built on three pillars: resilience, equity, and investment. Key components include a place-based procurement initiative to enhance supplier diversity, a $1 million DECA loan fund to support businesses that struggle with traditional financing, and targeted technical support for minority firms.

The plan also emphasizes the importance of workforce housing and childcare, recognizing that these factors are crucial for business stability and growth. Cannon noted that the REPLAN not only seeks to uplift minority-owned businesses but also aims to set a national standard for economic equity initiatives, with other cities like Seattle already taking inspiration from Austin's model.

The meeting underscored a commitment to integrating diverse voices into economic planning, ensuring that the needs of historically excluded communities are prioritized. As the implementation phase begins, the DECA partnership looks forward to collaborating with the City of Austin to create a more inclusive and resilient economy for all residents.