This piece was written by Norris Williams and Sheila Nelms.
Capital, like water, flows through the path of least resistance—but for businesses in overlooked areas, that path is often clogged. Local government leaders play a critical role in directing capital to attract and retain businesses, but their impact is limited on the broader community ecosystem—especially in undervalued commercial corridors. According to public capital decision-makers in our network, this barrier can be broken.
Local government agencies who serve businesses in their city—what we call Business-Serving Agencies, or BSAs—can become catalysts for capital beyond public funds by partnering with philanthropic and private capital providers to create more inclusive economic outcomes. Local governments are often misunderstood as having deep financial reserves; in reality, they are stewards of public dollars that come with boundaries. That said, they can still organize and leverage capital locally in powerful ways.
In our Truist Foundation-supported Breaking Barriers to Business (B3) initiative, local government leaders are reshaping how capital flows into their cities’ undervalued commercial corridors through an innovation we’ve coined “Sustained Capital Tables.” Simply put, a Sustained Capital Table is a group of lenders, investors, and grantors regularly convened by a BSA with an aligned mission to channel financial capital through corridor infrastructure, local business support organizations, and directly to business owners.
These tables serve as a central place for capital providers to learn alongside one another about impactful business development objectives that are being achieved in commercial corridors. When motivated, they can pool capital to share in the success. The cherry on top is that by putting a little skin in the game, BSAs can leverage public funds to attract matching funds from private and philanthropic sources.
As our partners in each city have begun to organize their Sustained Capital Tables, we couldn’t leave you hanging without insights that could be helpful – we wanted to give you a sneak peek at some of the first objectives each table plans to accomplish. Happy learning.
Atlanta’s first objective is to keep longstanding, often family-owned or community-rooted businesses in place while ensuring they share in the economic growth of their legacy corridors.
Atlanta’s business owners are experiencing complex government compliance requirements and limited participation in the city’s relentlessly growing economy, so they need stronger government relationships and participation in major opportunities. Living Cities and Main Street America are working with the Department of City Planning in collaboration with neighborhood business community leaders to embed commercial corridor priorities into citywide small area planning systems – including participation in major economic opportunities like large entertainment events. As a result, Grove Park Foundation is working with the city to ensure businesses are “investment ready” to participate in the economic activity of the 2026 FIFA World Cup.
Charlotte’s first objective is to support business incubators (physical spaces that nurture and grow businesses) in their opportunity corridors.
Charlotte’s business owners are experiencing stifled business incubation spaces due to zoning challenges and crime-ridden gambling operations as next-door neighbors, so they needed a safe space to spark business creation. Living Cities and Main Street America are working with the Department of Economic Development’s Corridors of Opportunity program in collaboration with neighborhood business community leaders to strengthen business incubator hubs. As a result, Sugar Creek Business Association secured a lease for a commercial facility to start their business incubator and attracted an additional $25,000 grant from Hartford to complete the build-out. It is estimated that 30 or more business owners in the corridor will benefit.
Memphis’ first objective is to establish capital access clinics for businesses within their heritage corridors.
Memphis’ business owners were missing announcements about business workshops and networking opportunities developed by local government leaders, so they needed stronger connection. Living Cities and Main Street America are working with the Entrepreneurs Network Center in collaboration with neighborhood business community leaders to establish ambassadors through certified development corporations to extend the business workshops and networking events on the ground. As a result, Memphis Mayor Paul Young provided a letter of support for a grant application by A Better Whitehaven – a participating organization in B3 – enabling their ability to expand local business support through the partnership with Entrepreneurs Network Center.
Miami’s first objective is to enable commercial property acquisition in cultural corridors.
Miami’s business owners are experiencing displacement due to rising lease costs and ambitious commercial property investors after fresh interest in re-evaluated cultural districts, so they needed ownership of their properties. Living Cities and Main Street America worked with the Department of Human Services to connect relationships that would clear zoning and permitting hurdles. As a result, Allapattah Community Development Corporation successfully acquired a $3.3M commercial property on behalf of their business community, ensuring local business owners can stay in place.
Nashville’s first objective is to drive customer traffic and investment interest into emerging destination corridors for tourism.
Nashville’s business owners are experiencing low customer traffic in their corridors despite being a tourist-driven city, so they needed branding and marketing support. Living Cities and Main Street America are working with the Department of Finance’s Office of Impact and neighborhood business leaders to formalize official cultural districts. These districts will highlight unique neighborhood identities while maintaining unified, city-wide branding as emerging destinations for tourism and investment. As a result, the Historic Jefferson and Buchanan District will have official boundaries and wayfinding signage to let visitors know they’re experiencing the city’s historically significant and unique business community.