ATLANTA — A new report from Gusto reveals a 67% spike in people launching their own businesses after being laid off, and in response to this growing trend, Pinnacle Bank has opened a new Economic Empowerment Center in Atlanta to help aspiring entrepreneurs get their start.
Located off Northyards Boulevard in downtown Atlanta, the center officially opened Thursday evening during a grand opening event that drew city leaders, community members, and business leaders.
Pinnacle Bank has committed $1 million to support five local businesses through the center, with a focus on minority- and women-owned ventures.
Among those inspired to build something new after a layoff is Myron Walker, founder of LinkCarCare.
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After a career in tech came to an unexpected end, Walker pivoted into mobile car detailing, building contracts with companies like Amazon and local apartment complexes.
“Tech has its ups and downs, and I actually experienced layoffs,” Walker said. “One of the biggest things with us — we started gathering contracts with some of the local Amazons, schools, and apartments.”
Data from the U.S. Census Bureau shows business applications across the country rose nearly 6.5% in March, with forecasts predicting a strong rise in business formations in the South over the next year.
To help meet that demand, Pinnacle’s new center aims to provide entrepreneurs with financial literacy training and mentorship opportunities.
“We spend a lot of time training financial literacy and how to start businesses and pull yourself up from the situation you might be in as an unemployed or newly unemployed person, and does starting a business make sense for you,” said Rob Garcia, Pinnacle’s regional chairman.
The initiative also includes partnerships with local nonprofits, like Gener8tor, to provide wraparound support services.
Charles Inokon, CEO of Breva, previously participated in the Gener8tor program in Milwaukee. He was one of the five businesses chosen for the $1 million investment there. He now credits the experience with helping him scale his business, which has now expanded to Atlanta.
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