St. Louis Unveils New Funds Aimed at Boosting Economic Opportunity in Historically Marginalized Neighborhoods

St. Louis officials on Tuesday unveiled a set of new funds and initiatives intended to support economic development in communities that have long been marginalized.

The centerpiece is the Economic Justice Accelerator Fund, which will pool donations from private companies with philanthropic dollars, money from the American Rescue Plan and other public sources. Its stated goal is to create economic mobility and opportunity across the city.

Mayor Tishaura Jones announced the efforts at an event marking 314 Day. She described the fund as the next phase of her continuing economic justice plan, which aims to reverse decades of disinvestment in the city's primarily Black and brown communities.

"This is a team effort, and government cannot shoulder this burden alone," Jones said. She added that when the visions and actions of philanthropic, civic and private-sector partners align alongside government, "we can truly make a long-lasting difference for generations to come."

A Mastercard representative announced an initial $1 million investment in the fund, the first contribution from a private source. That money will go toward supporting small businesses through the Northside Economic Empowerment Center. The center is located at Sumner High School and opened earlier this year. It offers technical assistance, mentorship and investment to women- and minority-owned businesses.

Jones spoke about how the city's fortunes are interconnected, saying St. Louis cannot thrive if half of its residents are left to fail.

The mayor's office also announced additional funds and grant programs under the economic justice initiative. These include money for neighborhood beautification, down payment assistance for low-income homebuyers and work to develop uninhabited properties.

Many of the programs will be financed with federal American Rescue Plan dollars. U.S. Rep. Cori Bush, a Democrat who represents parts of St. Louis, used the occasion to highlight the $490 million the legislation brought to the city.

"We are still seeing the massive and life-changing impact that this funding continues to have on our communities," Bush said, pointing to the $1,400 stimulus checks, PPP loans for small businesses, and funding for schools, child care programs, community health centers and economic grant opportunities like those announced at the event. "This funding is saving, and it's improving lives. And that's our work," she said.