In this Must Know…
- Climate + Small Biz Summer School recap
- This week’s Goodie Highlight is the Kauffman Foundation’s new FastTrac pilot course, “Entrepreneurial Growth: Pathways to Profitability.”
Responsible Small Business Lending Win
Earlier this month, California’s DFPI finalized a rule that will expand its authority to regulate unfair, deceptive, and abusive acts and practices (UDAAP). With the expansion, DFPI will be able to issue rules defining UDAAPs for commercial financing. This is great news! These regulations create UDAAP authority and require firms to report APR and is a mini version of the CFPB’s 1071 rule. CAMEO worked with the Responsible Business Lending Coalition and other colleagues to submit comment letters. We obtained most of what we asked for and we are working on a strategy to remedy what wasn’t included in the regulations. Thanks to all of you who signed onto the comment letters!
Lawsuit Targets Efforts to Support Black Women Entrepreneurs
A lawsuit has been filed against the Fearless Fund, which provides grants and venture capital to Black women entrepreneurs. The lawsuit alleges that the fund discriminates on the basis of race.
According to CrunchBase, funding to Black female startup founders makes up less than 0.35 percent of all venture capital spent in the US. Funds like the Fearless Fund are vital in tearing down the longstanding structural barriers that have kept this severely underrepresented group from accessing opportunities.
A group of over 70 venture funds has spoken out in an open letter condemning the lawsuit and reiterating their commitment to support Black women entrepreneurs.
Summer School Recap
Yesterday, we held another Climate + Small Biz Summer School session. This time, we tackle access to capital for the green economy.
First we welcomed Vincent Barnes from the Alliance to Save Energy who gave us even more info on the Greenhouse Gas Reduction Fund. Then Jen Leybovich Verne from Main Street Launch helped us tease out the opportunities the fund presents and also discussed her CDFI Climate Crisis Working Group. And finally, Jonathan Verhoef from the California Treasurer’s Office gave us the run down on their GoGreen Business Energy Financing Program which is looking for participating lenders!
If you missed the live session, you can watch the recording here.
Our final summer school session (for now) will be about Operationalizing Climate Programs and will take place September 13, 2023 at 11:00am PT. We will tackle how to engage your low-income clients in the climate discussion.
The Goodies
New Research
- 57% of small businesses are optimistic about their future one year after the Inflation Reduction Act was passed, according to Small Business for America’s Future’s recent survey.
- AEO’s newest report, “Breaking Barriers to Capital Access for Returning Citizens,” sheds light on the many barriers faced by formerly incarcerated entrepreneurs.
For Your Clients
- Applications are open for the Kauffman Foundation’s new FastTrac pilot course, “Entrepreneurial Growth: Pathways to Profitability.” Deadline to apply is August 31, 2023.
- Ask your clients to complete Small Business Majority’s survey on accounting, financial management, and digital tools for small businesses.
Member News
- OFN will apply to the Greenhouse Gas Reduction Fund as a lead applicant to the Clean Communities Investment Accelerator. Learn how you can support or participate in this program.
- Fresno Area Hispanic Foundation and Logan Heights CDC are among the recipients of DFPI’s CalMoneySmart grants. Kudos!
Other Goodies
- Take Action: Sign NCRC’s letter urging Congress to oppose the proposed $46 million cut to the CDFI Fund in the FY2024 spending bill.
- Jobs: Community Vision, The Office of the Comptroller of the Currency, Pacific Community Ventures, and RUNWAY announced new jobs recently. See who else is hiring!