September 24, 2020
As someone who cares about small businesses and entrepreneurship, you are no doubt aware of the devastating effects that Covid-19 has had on Black and minority owned small businesses. Despite this, business ownership is a key factor to narrowing the racial wealth divide.
Our new brief by titled, “Making Entrepreneurship A Viable Path to Prosperity” outlines:
- Why many low-income and minority owned small businesses are in poor financial health;
- The barriers they face to accessing capital to start and scale a business; and
- How the federal government can broaden its support for low-income and minority owned small businesses and entrepreneurs, including providing funding to CDFIs and MDIs, improving data collection and credit access, and helping them build savings and manage cash flow at tax time.
You might also be interested in this thought piece on small business ownership and CDFI’s, written by Gary Cunningham, President of Prosperity Now.
We hope this brief will be helpful to you as you continue to work on these issues. We would also love to know how you’re currently addressing these challenges.
- What state or local policies would support the growth of entrepreneurship and small businesses led by people of color?
- Has your organization considered advocating for entrepreneurship as a path to building wealth?
- What are some ways your organization, or local CDFIs, have supported business in your community?
Thank you all in advance for sharing your thoughts!