Nonprofit opens expanded office in Portsmouth
PORTSMOUTH — Nestled in the 700 block of High Street in Portsmouth’s Olde Towne is a new nonprofit business hub called Bloom Coworking, which aims to help entrepreneurs and startups launch their ideas.
City and state leaders gathered Monday to celebrate the grand opening of Bloom Coworking, which focuses on helping women- and minority-owned businesses. Launched by nonprofit economic development organization the Portsmouth Partnership, the center offers affordable office space, training sessions and opportunities for networking and collaboration.
“What we’ve found is that people who are coming here to start businesses are those of underserved populations,” said Portsmouth Partnership President Johnny Garcia. “We’re helping small businesses and people that have ideas get off the ground.”
Michelle Wren, executive director of the Portsmouth Partnership, said Bloom Coworking opened some office space at 719 High St. to help workers during the pandemic. That allowed the nonprofit to test the waters as it continued raising funds for its $1.3 million campaign. Bloom Coworking now anchors 100 business owners and entrepreneurs, and there are more on a waitlist.
“For them to have a space to cultivate their ideas and grow and become successful is really important to then grow the economic development of the city,” Wren said. “It’s the smaller companies that are the backbone.”
Wren said one of the nonprofit’s missions is to revitalize underused property. The location on High Street is ideal as “the gateway to downtown,” she said.
Wren said Bloom is partnered with Norfolk-based Black BRAND, which provides 12-week educational cohorts for business owners and entrepreneurs.
Bloom is also partnered with Old Dominion University and Tidewater Community College.
Wren said $1 million has been raised to date, with another $300,000 needed. The $1 million comes from public and private donations, along with state and local funding. The city dedicated $25,000, Virginia’s Department of Housing and Community Development gave $100,000 for the building, and another $100,000 grant from Go Virginia allowed for a startup stability program. That program allowed 40 entrepreneurs to have office space at a subsidized rate.
But since it only lasted a year, Wren said Portsmouth Partnership is seeking other sources of funding to provide a similar perk.
Latrilla Boyd, a real estate agent with EXP Realty, said she joined Bloom Coworking in hopes of surrounding herself with like-minded people to grow her business. And though a business owner doesn’t have to use Bloom’s services to be successful, Boyd said it’s worth it.
“If you’re not in a space like this, sure, you can try to find your way,” she said. “This helps prop your business even more.”
Since joining, Boyd said the experience has been “stimulating and inspiring,” and being surrounded by fellow entrepreneurs brings about accountability.
“Everyone here is very supportive,” she said. “And that’s what’s needed when you’re starting out because it’s an ebb and flow and you need those people.”
Boyd called Bloom Coworking a “great repreentation of who is here in the city,” adding that the focus on women- and minority-owned businesses seems to come organically.
The Breeden Company, based in Virginia Beach, owns both the temporary and new building structures.
“Why Bloom? Because it signifies growth in an economy that’s stricken by — other than a pandemic — other issues that we face in Portsmouth,” Garcia said. “And oh, do we face a lot of issues in Portsmouth. But we will prevail.”