Washington, D.C. | October 24, 2023 ― During today’s 2023 Freedman’s Bank Forum, the Economic Opportunity Coalition (EOC) announced a new goal to reach $3 billion in committed deposits from the nation’s largest corporations for community lenders known as Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). In addition to expanding access to capital for underserved individuals and communities and disadvantaged businesses across the nation, the EOC is also issuing a call to action to companies in Investing in America sectors (semiconductors, clean energy, batteries/EVs, heavy industry, and biomanufacturing) to strengthen domestic supply chains and build wealth for underserved communities.
Michael Roth, Co-CEO of charter EOC member Next Street, said “We are on the cusp of a new economy in the US spanning infrastructure upgrades, the net-zero transition, and reshoring of advanced manufacturing fueled by trillions of dollars of public and private investments. This moment offers an opportunity to reshape a new procurement economy where diverse small and medium sized businesses have equitable access to economic growth.”
These efforts represent another bold step forward in the EOC’s pursuit of its mission to ensure that access to capital is no longer a barrier to thriving anywhere in the nation. They also build upon an EOC landmark achievement, announced last month, to connect small businesses, especially those from underserved communities, with trusted resources they need to open, grow, and maintain their business. The user-friendly platform – NYC Funds Finder built by charter EOC member Next Street, and funded by EOC members Mastercard Center for Inclusive Growth and Kresge Foundation – is where small businesses can review funding options, including loans and grants, and request free 1-on-1 financing assistance from the New York City Department of Small Business Services.