Momentus Capital’s Chief of External Affairs, Robert Villarreal, recently testified in front of the Senate Committee on Small Business and Entrepreneurship about improving access to capital in disinvested communities through the Small Business Administration (SBA) Community Advantage (CA) loan program.
The Community Advantage pilot program was launched in 2011 to expand the points of access that small business owners had for getting loans from mission-driven financial institutions. These lenders intentionally support underestimated community members, businesses, and organizations – with an emphasis on assisting people of color, women-owned businesses, and startups.
By Ellis Carr, President and CEO of Capital Impact Partners and CDC Small Business Finance (each is part of the Momentus Capital branded family of organizations)
In 2022, a Fast Company piece by Porter Braswell released new statistics that painted a telling picture: in 2021, only 1.4% of Black founders received venture capital funds. That’s a stark number when you consider that more than 13 percent of the U.S. population is Black or African American. It is not surprising, however, given that Black investors only make up 3% of the venture capital industry. The numbers are similarly poor for women-led startups, which only receive 2.3% of venture capital funding, and whose leaders only make up 5.7% of venture capital partners.
When you think that racial inequality, specifically as it relates to Black Americans, has cost our economy over $16 trillion over the last 20 years, it’s clear that our approach to investing in diverse entrepreneurs needs to change.
Like 2020, 2021 presented challenges for small business owners, often revealing historical and systemic disinvestment in communities of color. It also created opportunities for businesses to adapt and rebuild.
While communities and businesses are still dealing with the repercussions of the pandemic, we can work together to foster a positive outlook for the year ahead.
With our sister organization CDC Small Business Finance, our team has taken a look at what our community members, partners, and investors may experience in 2022.
Take a look at our predictions for this year and how trends and policies may affect you and others in the community development/small business space.
During the 1963 March on Washington for Freedom and Jobs, attendees peacefully and constructively protested for the end of systemic barriers and racial segregation. These barriers kept members of disinvested communities from good-paying jobs or from owning businesses wherever they chose, which would allow them to share in the prosperity that others experienced.
Welcome to our Spotlight series where we highlight members of our new enterprise with Capital Impact Partners.
Earlier this year we announced the formation of our exciting new enterprise that united Capital Impact Partners and CDC Small Business Finance under a single strategy and leadership team.
We believe that in order to ensure that traditional and mainstream financial systems are equitably serving Black, Hispanic, and Indigenous communities to drive solutions that support economic mobility and wealth creation, we must think differently. This series is designed to introduce you to the many people who are working hard to drive change and create a powerful new voice for communities and small businesses.
In this Spotlight, meet LaKisha Gant. LaKisha is our Senior Vice President of Commercial Real Estate Lending.
Welcome to our Spotlight series where we highlight members of our new enterprise with Capital Impact Partners.
Earlier this year we announced the formation of our exciting new enterprise that united Capital Impact Partners and CDC Small Business Finance under a single strategy and leadership team.
We believe that in order to ensure that traditional and mainstream financial systems are equitably serving Black, Hispanic, and Indigenous communities to drive solutions that support economic mobility and wealth creation, we must think differently. This series is designed to introduce you to the many people who are working hard to drive change and create a powerful new voice for communities and small businesses.
In this Spotlight, meet Shelli Hayman. Shelli is our Senior Vice President of Small Business Lending.
Welcome to our Spotlight series where we highlight members of our new enterprise between CDC Small Business Finance and Capital Impact Partners.
Earlier this year we announced the formation of our exciting new enterprise that united Capital Impact Partners and CDC Small Business Finance under a single strategy and leadership team.
We believe that in order to ensure that traditional and mainstream financial systems are equitably serving Black, Hispanic, and Indigenous communities to drive solutions that support economic mobility and wealth creation, we must think differently. This series is designed to introduce you to the many people who are working hard to drive change and create a powerful new voice for communities and small businesses.
This Spotlight is onKim Dorsett. Kim is our Chief Human Resources Officer.
Welcome to our Spotlight series where we highlight members of our new enterprise between CDC Small Business Finance and Capital Impact Partners.
Earlier this year we announced the formation of our exciting new enterprise that united Capital Impact Partners and CDC Small Business Finance under a single strategy and leadership team.
We believe that in order to ensure that traditional and mainstream financial systems are equitably serving Black, Hispanic, and Indigenous communities to drive solutions that support economic mobility and wealth creation, we must think differently. This series is designed to introduce you to the many people who are working hard to drive change and create a powerful new voice for communities and small businesses.
This spotlight is onDiane Borradaile. Diane is our Chief Lending Officer.
In August, our President and CEO Ellis Carr participated in “Catalyze,” a podcast of the Greater Washington Partnership. “Catalyze” brings together leaders from Baltimore to Richmond who are working to make this the most inclusive growth region in the country. It features leaders from across the Capital Region in conversation about how business is taking a stand to catalyze solutions to close the racial equity gap.
Welcome to our Spotlight series where we highlight members of our new enterprise with Capital Impact Partners.
Earlier this year we announced the formation of our exciting new enterprise that united Capital Impact Partners and CDC Small Business Finance under a single strategy and leadership team.
We believe that in order to ensure that traditional and mainstream financial systems are equitably serving Black, Hispanic, and Indigenous communities to drive solutions that support economic mobility and wealth creation, we must think differently. This series is designed to introduce you to the many people who are working hard to drive change and create a powerful new voice for communities and small businesses.
This Spotlight is on Robert Villarreal. Robert is our Chief External Affairs Officer.
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