BOM YEG Community Rental Program
Black Owned Market Edmonton is a volunteer collective whose aim is to uplift, build and support Black owned businesses, entrepreneurs and creatives in the Edmonton area. Through the Field Law Community Fund we will be able to contribute to economic empowerment within the Black community.
The Community Fund will allow BOM YEG to purchase capital items which will reduce operational costs for BOM YEG while creating an accessible community equipment rental program which is already in its infancy stage. Capital items include fire rated pop-up event tents, folding tables, folding chairs, radios with headsets, mobile payment systems and safety equipment to meet regulatory requirements. These items will directly benefit BOM’s sustainable growth goals as the cost of renting or purchasing the necessary equipment will be reduced, this will allow a higher percentage of profits to be invested into additional innovative programs and services such as the BOM Business Bursary, reduced and/or waived vendor participation fees, and capacity building workshops. Additionally, through the accessible community equipment rental program items will be available for rent at a lower cost than industry standards to allow the community access to equipment required to host events and community gatherings. The community rental program will allow entrepreneurs and organizations from any background the ability to enter additional market opportunities with specific equipment requirements that present a barrier for participation. Renting the required equipment can cost up to $225 through commercial outlets whereas BOM YEG has packages as low as $25 drastically reducing overhead expenses.
In BOM YEG’s first year we have reinvested over $26K into the Black community through providing innovative platforms to sell products/services and hiring local Black entrepreneurs in professional capacities such as photography, videography, catering, website development and marketing. The community rental program is one way BOM YEG is able to practice group economics and increase our economic impact within the community.
Who Will it Benefit?
Small Black owned businesses lack the benefits of their counterparts such as generational wealth, and access to funding due to systemic racism and the legacy of racial oppression. The equipment purchase will benefit the BOM YEG vendor collective including their networks which is made up of 100 members. These vendors will have access to the equipment at reduced rates when participating in BOM YEG pop-ups or renting on their own to attend other markets within the Edmonton area.
Community event organizers will also benefit from the purchase of the equipment as rentals will be more financially accessible. Our rental equipment allows event organizers to have professionally curated spaces which meet regulatory requirements and provide protection in inclement weather. The scope of the event has the potential to be expanded as operational costs related to hosting an event are drastically reduced. As BOM YEG rental packages can start at one-tenth of the cost of renting at commercial outlets it would allow event organizers to increase the amount of stalls they are able to set up.
The wider community will also benefit from the increase in events from a diverse background of organizers. Community events can expand into additional communities or allow events to proceed rain or shine.
According to the 2016 Federal Census Edmonton has a Black population of 54,285 which is the third highest visible minority. Each of these individuals can indirectly benefit from the purchase of these items as they have the opportunity to utilize the equipment as they participate in markets, they are invited along with the wider community to attend the market which showcases their community in a positive narrative and they can rent the equipment through the community equipment rental program.