BengalNews Reporters
With spring fever finally in the air, it won’t be long before Buffalonians are looking forward to some summer fun, and this year they can add to their to-do list a trip to the West Side Bazaar - if it finds a home.
Having potential to offer a unique shopping experience with an international flair, the West Side Bazaar plans to give consumers an opportunity to browse food and products from countries such as Somalia, Iraq, Burma, Sudan, Rwanda, Liberia, and more.
If all goes well, the bazaar is intended to open in June.
Bonnie Smith, economic development director for Westminster Economic Development Initiative Inc. (WEDI), a not-for-profit involved with financial support for the bazaar said one of the obstacles yet to overcome is finding a suitable location.“We have researched several locations, lost a few, and continue to look. If we cannot secure a site before June we will have to reconsider our start date,” Smith said.
Charlie Moffitt, West Side Bazaar manager, said they hope to find a space near the Grant-Ferry neighborhood with about 2,000 square feet. He said they want enough room for each vendor to be comfortable, but not so much that intimacy is lost between vendors and consumers.
Unique in that it will house many micro entrepreneurs sharing resources under one roof, Smith said, the West Side Bazaar will function as a sort of incubator for retail businesses looking to grow. Although all entrepreneurs are welcome to participate, those attracted so far have been mostly immigrants and refugees that have settled on the West Side. Enthusiasm and commitment from vendors has been high, Moffitt said.
The hope is to see the bazaar gain momentum and prosper along with the vendors, Smith said. Intentions of the project are to offer subsidies to each vendor that will support them the first two years of opening their business. After those two years, the vendors are welcome to continue doing business within the bazaar or they may choose to move on and run their business independently.
The concept for the West Side Bazaar was born several years ago during meetings held among community organizations with a vested interest in the Grant Street area, including Councilman David Rivera’s office, WEDI, Jericho Road Ministries, Journey’s End Refugee Service, and PUSH, Moffitt said. The idea stemmed from a desire to revitalize the West Side commercial district.
Offering support to entrepreneurs who can positively influence the neighborhood benefits both businesses and consumers, Moffitt said.
Despite the lack of location, Smith said she thinks they’ve made very good progress in only a year’s worth of planning. Everything else is in place, including a business plan, on- going vendor workshops, mentor training, a logo, and a Web site in progress, she said.
Smith said one of the intriguing facts about the West Side Bazaar is the makeup of the vendor pool, and that it truly is an international place.
“We hope that the bazaar itself will become an icon on the West Side and draw people from all over the Buffalo region,” Smith said.
n Individual Development Account, or IDA, is a special type of savings account specifically for starting a business, buying a home, or for going back to school. There is a set of criteria that needs to be met in order to qualify for an IDA, for example being within a certain income level, attending financial literacy trainings and/or having a job. The criteria may change depending on the organization hosting the IDA.
ReplyDeleteAn IDA typically has a type of matching system. Each time someone deposits money into the account, a match is made from one to four times each deposit, depending on the particular program. So someone can deposit $50 and possibly receive an additional $100 towards their savings goal.
Setting up IDAs for vendors is one way the West Side Bazaar is providing support for their retail businesses, through organizations such as MicroBiz Buffalo Inc. and Belmont Shelter. The IDA program offered through MicroBiz Buffalo is funded through the Department of Health and Human Services Assets for Independence Act. and the John R. Oishei Foundation.
--Shrell Krawczyk
Cliché as it may sound the saying rings true, “you have to work from the ground up.”
ReplyDeleteMany entrepreneurial companies seek management when they are first starting out. Much like young chickens, new businesses are dependent and require assistance before they are strong enough to stand on their own.
“Business Incubators” help accelerate the development of new companies through a variety of business support resources and services. They are dedicated to helping start-up companies create large networks and a secure foundation on which to build.
As a non-for-profit organization, the Westminster Economic Development Initiative Inc., commonly referred to as WEDI, serves as an instrumental business incubator for the West Side Bazaar. Mentors coach the vendors while providing counsel on any and all financial and legal issues that need to be handled.
Collaborating with reputable organizations, like WEDI, makes all the difference for elaborate projects like the Bazaar. In the past, WEDI has transformed initiatives like Carmen’s Kitchen, located on West Avenue, from a family dream into a successful Puerto Rican-Mexican delivery restaurant. This partnership not only provided financial support, but in addition, WEDI helped boost clientele significantly.
--Liz Lewin