Heard on the Street: CDFIs as game changers, investing in women entrepreneurs of color, and more

By November 23, 2020 Heard on the Street

Heard on the Street – here’s what we were reading last week:

CDFIs have untapped potential as game changers for minority-owned businesses: Supporting underserved entrepreneurs is a key pillar of developing successful, equitable communities. However, one of the biggest challenges facing small businesses and entrepreneurs is access to capital. That’s where Community Development Financial Institutions (CDFIs) have a critical role to play.

To jump-start America’s economy, invest in women entrepreneurs of color: It may come as no surprise that women entrepreneurs of color face major barriers to accessing investment capital. In the midst of an unprecedented pandemic and civil unrest that has decimated small businesses, we need governments, corporate institutions, financial institutions, and individuals to think boldly and create avenues for capital and programs that will truly help women of color continue to innovate and contribute to our economic growth in heightened ways.

Small Business Struggle While New Businesses Surge: A Paradox?: Existing small businesses continue to struggle. New entrepreneurs are seeking opportunities. That is what the data appears to be saying about the state of small business and entrepreneurship amidst the third Covid-19 wave.

Biden’s big challenge: A growing racial wealth gap: When he takes office on Jan. 20, Joe Biden will face a gap between Black and white wealth that has grown into a yawning chasm during the past 10 months. Communities of color have borne the brunt of the economic devastation, particularly Black-owned businesses that have failed at a far greater rate during the pandemic than white-owned businesses.