On Tuesday, Seattle Mayor Bruce Harrell, together with the Seattle Office of Economic Development (OED), Grow America, and JPMorgan Chase, celebrated the opening of La Union Studio, the first business to benefit from the innovative Business Community Ownership Fund (BCO Fund). This pioneering initiative represents the first of its kind in the nation, aiming to provide small business owners with a pathway to ownership of their commercial spaces.
La Union Studio, a BIPOC-owned interior design firm in the Mt. Baker neighborhood, is the inaugural beneficiary of the BCO Fund, a program designed to help small businesses in Seattle combat economic pressures such as rising rents and displacement.
“Our One Seattle agenda is intentional in building a city where people of all incomes and occupations can live, and small businesses of all backgrounds can afford to operate,” Mayor Harrell stated.
During a press event announcing the initiative, Harrell applauded the efforts of the Office of Economic Development and the collaboration with Grow America and JPMorgan Chase, emphasizing the role of this initiative in enabling “generational wealth building not just an idea—but a reality for our business owners.”
The BCO Fund, a collaborative effort involving a $20 million investment from OED and Grow America, seeks to address the challenges small businesses face due to escalating commercial rents in Seattle. It establishes LLCs to purchase ground-level commercial properties, thereby providing stable and affordable occupancy costs to business owners, protecting them from market fluctuations.
Owners Sonia-Lynn Abenojar and Sergio Max Legon-Talamoni of La Union Studio shared their excitement: “We are thrilled to open the doors of our new location and welcome our community in. It’s especially meaningful to us that we have a permanent, affordable space in a neighborhood where we have such deep roots.”
According to city officials, the program is a crucial tool for neighborhoods experiencing high rates of displacement, such as the Chinatown-International District, Central District, and Southeast Seattle. Here, small business owners, especially from marginalized groups, face significant displacement risks. The BCO Fund helps these businesses secure commercial spaces at rates well below market value, offering them financial stability and saving thousands annually.
City Council President Sara Nelson lauded the BCO Fund, emphasizing its potential to combat displacement.
“The best way to fight displacement is by giving entrepreneurs the ability to actually own their commercial space and take the worry of higher rents, or the building being sold from under them, off the table,” said Nelson. “The Business Community Ownership Fund is a game changing partnership for our city that makes sure that public dollars go to the small
businesses that need it most, so they can stay in town, create jobs and generate wealth. I look forward to seeing more small businesses grow and prosper in partnership with the fund.”
Daniel Marsh, President and CEO of Grow America, and Kerri Schroeder, representing JPMorgan Chase, also underscored the significance of the BCO Fund in providing long-term stability and growth opportunities for businesses like La Union Studio.
JPMorgan Chase and our Foundation are pleased to make a significant investment in the BCO fund,” said Schroeder. “This grant highlights our focus of providing an ecosystem of support, financing opportunities and contracting opportunities allowing BIPOC entrepreneurs to stabilize and grow as a tool for wealth creation and providing living wage employment.”
This landmark initiative, part of a continuum of economic development strategies, showcases Seattle’s commitment to closing racial wealth gaps, combating displacement, and supporting small businesses, paving the way for a more equitable and prosperous urban economy.
