Mercado on 5th has been awarded a $50,000 grant from U.S. Bank Foundation that will enable the popular outdoor market to expand its reach and technical assistance to minority-owned businesses and aspiring entrepreneurs.
The six-year-old nonprofit in Moline’s Floreciente neighborhood was one of 20 recipients of the one-time 2021 U.S. Bank Foundation Market Impact Fund grant.
“We are dedicated to empowering our communities by listening to those with lived experience and supporting their ideas on how to address racial and economic inequities and creating lasting change,” said Jeanne Miller, community affairs manager for the greater Minnesota area at U.S. Bank. “In addition to the funding, we are exploring ways to support these leaders and organizations by creating points of connection and access as well as opportunities to build their networks. We look forward to learning from these leaders as we continue to work to break down traditional power dynamics in philanthropy.”
Since the Mercado was launched in 2016 by Maria Ontiveros and her grandfather, Bob Ontiveros, founder of Group O, the organization has served as a platform for more than 100 small businesses and nonprofits.
“We would like to thank U.S. Bank for its generosity and support of our organization.” said Mercado President Maria Ontiveros. “This grant award will enable us to greatly expand upon our mission.” Working with its community partners, Mercado has assisted over 25 new minority-owned startup businesses. The new programming is expected to expand Mercado’s reach to help five additional start-ups and at least 75 existing business owners.
Now in its fifth season of its Friday night markets, Mercado has grown to become a valuable resource for assistance, education and support to the Hispanic community. With the new grant funding, Mercado will expand its educational programming through a newly created Creciendo Juntos/Growing Together program.
“Minority business owners have come to rely on Mercado’s community leveraged entrepreneurial ecosystem,” said Mercado Director Anamaria Rocha. “Creciendo Juntos will greatly expand Mercado’s capacity to provide technical assistance and education as well as strengthen our partnerships with our economic development partners.”
Rocha said the Market Impact Grant will boost Mercado’s visibility and expand its offerings. With the funding, Mercado will secure a new permanent office space close to the Illinois Small Business Development Center at Western Illinois University – Quad Cities Campus (SBDC at WIU-QC). It also will offer two zero-cost courses - consisting of eight weekly workshops each - for minority business owners and start-ups beginning in September.
The new office space not only creates a physical hub for minority businesses but will increase traffic to SBDC. Mercado plans to work with its existing partners and forge new partnerships to increase educational resources in financial literacy and management skills as well as access to funding for minority-owned businesses.
“As a trusted resource to a very engaged network of vendors and patrons, we will continue to be the bridge to new and existing economic development partners and business service providers,” said Rocha, who grew up in the Floreciente neighborhood.
The 2021 Market Impact application process was by invitation focusing on Emerging Leaders, which was defined as directors with less than three years in their position. Preference was given to women, minorities and those under 40. Rocha, who was hired as Mercado’s director in March, will be one of U.S. Bank’s 20 featured Emerging Leaders.
For the past several years, Mercado has been a driving force behind the development of an inclusive entrepreneurial ecosystem in the Quad Cities. It partners with a multitude of other organizations including Illinois SBDC at WIU-QC, Black Hawk College, Palomares/St. John’s Catalyst Kitchen and the Greater Quad Cities Hispanic Chamber. Mercado has the capacity to serve individuals across the six-county, bi-state Quad Cities region.
In 2018 with the financial support of founder Bob Ontiveros, Mercado and the Illinois SBDC at WIU-QC created the Minority Business Equipment Grant program. Over four grant cycles, the program has awarded more than $62,000 to minority-owned businesses for equipment-related purchases.
For more information on Mercado and its business assistance programs, contact Rocha at 305.934.5297 or anamaria@mercadoonfifth.org.