In this Must Know…
- Join our Advocacy Day Prep Session on June 1, 2021 at 2:00pm PT.
- Racial Disparities in PPP…
- … and Recovery
- Register for CAMEO’s Advocacy Day 2021 on June 8, 2021.
- This week’s Goodie highlight is that the SBA opened applications for its Community Navigator Pilot Program.
Prepare for Advocacy Day
Join our Advocacy Day Prep Session on Tuesday, June 1, 2021 at 2:00pm PT to learn about the policies and issues that we’ll be promoting the following week.
With the huge, historic budget surplus and other money coming into the state for small businesses, we’ll be pushing for money for CDFIs, street vendors, commercial rent relief, and thanking our legislators for historic investments in small business.
We will provide you with talking points and tips on meeting with legislators.
And if you haven’t yet registered for Advocacy Day on June 8, what are you waiting for?
Racial Disparities in PPP
A recent investigative report by Reveal and the LA Times found that, across the nation, PPP loans were disbursed to White-owned businesses at a much higher rate than BIPOC-owned businesses. In the LA area, for example, “businesses in majority-White areas received loans at twice the rate that majority-Latinx tracts received, one and a half times the rate of businesses in majority-Black areas and 1.2 times the rate in Asian areas.”
Another report found that, of those that did receive PPP loans, Black-owned businesses were far less prepared to deal with the impact of the pandemic and CDFIs played a huge role in helping them apply and get approval for those loans.
… and Recovery (Survey)
Despite the clear racial disparities (as shown above) in access to capital from government programs, a new survey from Reimagine Main Street found that Black and Hispanic business owners are among the most optimistic about the future of their businesses and the overall economy.
Women business owners, however, and especially those over 50, expressed lower confidence and predicted a slower recovery. Read all the survey highlights here.
- Take Action: Reach out to your members of Congress to support $1 billion for the CDFI Fund.
- The Small Business Administration is accepting applications for its new Community Navigator Pilot Programfrom now until July 12, 2021.
Research & Resources
- The SBA Office of Advocacy published its Spring 2021 Economic Bulletin.
- The Business Ownership Initiative’s recent article examines creating a secondary market for loans originated by community-based microlenders.
- PCV’s Lending team will host a webinar on June 4, 2021 at 12:00pm PT where they’ll share Access to Capital Best Practices.
- Join Madison Services Group on June 2, 2021 at 11:00am PT to learn how to find opportunities in federal appropriations.
- CAMEO in the News: Carolina was interviewed by Telemundo Bay Area on the California Relief Grant program.
- Jobs: LISC LA, Pacific Community Ventures, and Main Street Launch announced new jobs recently. See who else is hiring!