Heard on the Street – here’s what we were reading last week:
Cities, Here’s Your Small Business Survival Playbook: A new report for the Institute for Local Self-Reliance, “Safeguarding Small Business During The Pandemic: 26 Strategies For Local Leaders,” synthesizes the best of the small business programs found across the country, and makes some suggestions for other strategies that haven’t yet been tried.
A Small Business Reading List: The New Localism conducted a deep dive into the work of foundations, think tanks, consultancies (including Next Street), constituency organizations, government, and academia to understand what strategies have been deployed in the past to promote economic inclusion and equitable growth.
This lender wants to close the racial wealth gap and ‘put poverty out of business’: There are currently more than 1,100 CDFIs across the country, with a total of $211 billion in assets. Recently, they distributed $7.3 billion in Paycheck Projection Program loans, which were made available to small businesses impacted by Covid-19.
Renewed Focus on Race Triggers Surge of Interest in Community-Based Lenders: The coronavirus pandemic and the heightened attention on race have thrown new light on a longstanding source of economic inequality: Black communities have less access to credit than white ones. To address that gap, Washington and Wall Street are turning to CDFIs to address that disparity.