New capital access training targets diverse small businesses support networks
Submitted by The Initiative for a Competitive Inner City (ICIC)
BOSTON and NEW YORK, November 29, 2022 /CSRwire/ - United by their commitment to elevating diverse entrepreneurs as a means of attaining economic equity, the Initiative for a Competitive Inner City (ICIC) and Local Initiatives Support Corporation (LISC) have partnered to launch Bridging the Capital Access Gap, a free, publicly accessible curriculum and video series to help small business support organizations navigate the capital landscape with and for their clients.
The five-chapter, 16-part video series explores the small business lending landscape, the basics of loan underwriting and credit management, and the most effective strategies for seeking capital and cultivating long-term relationships with lenders. The video series is designed to build the capacity of small business support organizations and their teams across a range of experience levels, including those unfamiliar with or new to the financing landscape and those who have worked in conventional lending.
To inform the creation of the Bridging the Capital Access Gap course, ICIC and LISC conducted in-depth research, held local and national focus groups with key stakeholders, and partnered with capital access specialist Susan Brown. The goal is to support a more equitable future in which entrepreneurship is a tool for building generational wealth in underserved and under-resourced communities.
“Small businesses rely on financing to launch, expand in periods of opportunity, and persevere during moments of difficulty. It’s not surprising that access to capital is one of the most frequent issues raised by entrepreneurs across LISC’s national small business support network and ICIC’s programs to support small businesses in under-resourced communities,” said ICIC CEO Steve Grossman. “Capital access is especially challenging for business owners of color; in particular, Black entrepreneurs have more difficulty than their white counterparts in raising and accessing capital. ICIC and LISC came together to address the lack of high-quality, accessible training that business support networks can easily use to assist diverse small business owners in navigating the finance landscape.”
“We’re proud to share this vital resource with LISC’s Business Development Organization (BDO) Network and other technical assistance providers across the nation, connecting historically marginalized business owners to the capital they need to succeed. We encourage any organization connected to small business financing to register to attend our Live Watch Parties as well as interactive Office Hours with trainer Susan Brown. The curriculum and video series are also available to you to engage with at your own pace,” said LISC Senior Program Officer Armando Moritz-Chapelliquen.
For more information or to speak with an ICIC subject matter expert, please contact André Ledgister at firstname.lastname@example.org or (617) 238-3012, to speak with a LISC subject matter expert, please contact Thomas Brande at email@example.com or (201) 663-3952.
About Initiative for a Competitive Inner City (ICIC)
Initiative for a Competitive Inner City (ICIC) was founded by renowned Harvard Business School Professor Michael Porter in 1994 as a research and strategy organization that today is widely recognized as the preeminent authority on the economies of under-resourced communities. ICIC drives inclusive economic prosperity in under-resourced communities through innovative research and programs to create jobs, income, and wealth for local residents. Learn more at www.icic.org or @icicorg.
About Local Initiatives Support Corporation (LISC)
LISC is one the country’s largest community development organizations, helping forge vibrant, resilient communities across America. We work with residents and partners to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and places can thrive. Since our founding in 1979, LISC has invested $26.7 billion to create more than 436,000 affordable homes and apartments, develop 78.5 million square feet of retail, community and educational space, and help tens of thousands of people find employment and improve their finances. Learn more at www.lisc.org.
The Initiative for a Competitive Inner City (ICIC) was founded by reknown Harvard Business School Professor Michael Porter in 1994 as a research and strategy organization that today is widely recognized as the preeminent authority on urban economic growth. ICIC drives inclusive economic prosperity in under-resourced communities through innovative research and programs to create jobs, income, and wealth for local residents. To learn more about ICIC, visit icic.org.