Washington, D.C. — National League of Cities (NLC), with support from the Nasdaq Foundation, has selected 10 municipalities to participate in Legacy Forward, an initiative designed to support small and mid-size cities, towns and villages with efforts to invest in the long-term success of established businesses.
Through a competitive application process, NLC has selected a national cohort of cities, towns and villages committed to advancing economic resilience. As part of the program, these leaders will run programs to support legacy businesses that have been in operation for 20-plus years, which are central to a community’s history, identity and economy. Specifically, Legacy Forward aims to boost local government support for second-stage enterprises, or companies with less than 100 employees and $1 million to $50 million in revenue, with a focus on entrepreneurs navigating workforce challenges, supply chain disruptions and ownership transitions.
NLC’s 2026 Legacy Forward cohort includes the following cities.
- Chino, Calif.
- Fort Collins, Colo.
- Mount Pleasant, S.C.
- Oak Park, Ill.
- South San Francisco, Calif.
- St. Petersburg, Fla.
- Tacoma, Wash.
- Takoma Park, Md.
- Tempe, Ariz.
- Wilmington, Del.
“The loss of a local business takes decades of jobs, wealth and community identity with it,” said Clarence E. Anthony, NLC CEO and Executive Director. “Support from the Nasdaq Foundation is helping cities keep established businesses operating. Through the launch of Legacy Forward, we’re ensuring that the businesses anchoring our neighborhoods, and the entrepreneurs who’ve built them over decades, have local government in their corner when it matters most.”
While many municipal and philanthropic programs focus on launching new ventures, existing businesses generate up to 80 percent of net new local jobs. Many of these businesses are led by aging owners, few with clear succession plans, placing jobs, local tax bases and community identity at risk. Local government leaders are uniquely positioned to help but often lack the time, staff capacity and technical expertise to assist.
“Strong economies are built locally — by the businesses that create jobs and sustain communities,” said Jailan Griffiths, President of the Nasdaq Foundation and Global Head of Purpose at Nasdaq. “Expanding economic opportunity requires supporting businesses at every stage, including the intermediate moments that are often overlooked but essential to long-term stability. Through the Legacy Forward initiative, the Nasdaq Foundation is proud to help cities invest in existing businesses so they can grow, transition and continue contributing to shared prosperity.”
Local leaders from the 10 selected cities will take part in programming from June 2026 through February 2027. NLC will provide cohort participants with access to hands-on training, peer learning opportunities and tailored technical assistance to better identify, strengthen and sustain businesses poised for growth and community impact. The Legacy Forward initiative culminates with an in-person convening, where cohort cities will share lessons learned and showcase strategies for sustaining second-stage business growth.
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National League of Cities is the voice of America’s cities, towns and villages, representing more than 200 million people. NLC works to strengthen local leadership, influence federal policy and drive innovative solutions. Stay connected with NLC on Facebook, X, LinkedIn and Instagram.
The Nasdaq Foundation is committed to shaping a more equitable financial system by advancing strategic, scalable solutions that create better pathways for wealth creation and economic resilience.
