Part of the US Small Business Administration’s mission is to facilitate a successful transition to civilian life for military veterans. Understanding the current state of veteran entrepreneurship, in particular, the type of challenges veterans face in starting and growing businesses is fundamental to fulfilling this responsibility. The US Small Business Administration’s Office of Veteran Business Development (OVBD) has partnered with the Federal Reserve Bank of New York to examine veteran business financing, which is critically tied to their performance and growth.
Of particular concern for policymakers is whether veterans have a more difficult time accessing capital than nonveteran business owners. In order to substantiate policy intervention on behalf of veteran entrepreneurs, it is necessary to size the market and understand the needs and challenges. While anecdotal evidence points to capital access challenges, systematic data collection has been limited. This paper first outlines the current literature on veteran entrepreneurship and then presents new small business credit data from the Federal Reserve Banks’ Small Business Credit Survey. The data, for the first time, provide substantial evidence that veteran-owned businesses face greater difficulty in accessing capital relative to nonveteran-owned businesses.
This study, conducted by an independent research firm and commissioned in partnership by Upwork and Freelancers Union, surveyed more than 6,000 U.S. workers. In its fifth annual year, findings show Americans are spending more than 1 billion hours per week freelancing. Beyond quantifying the amount of freelancing happening, new insights delve into why people are increasingly choosing to work this way.
The Tax Cuts and Jobs Act will widen racial disparities in economic well-being, according to the new report from the Institute on Taxation and Economic Policy (ITEP), released with Prosperity Now. ITEP’s estimates provide valuable insights into how the recent federal tax changes will worsen the wealth disparity between white families and families of color.
This National Consumer Law Center report examines the annual percentage rate (APR), including both interest and fees, allowed in each state and the District of Columbia for a $10,000 five-year loan. An APR cap is the single most effective step states can implement to deter abusive lending and ensure that families are not caught in a debt trap that’s nearly impossible to escape.
California Feudalism: The Squeeze on The Middle Class Chapman University, Center for Demographics and Policy First published October 2018 California was built by people with aspirations, many of them lacking cultural polish or elite educations, but dedicated to hard work, innovation, family, and community. A large number came from other countries or poor backgrounds: sharecroppers
Upstart Co-Lab has published The Community Reinvestment Act and the Creative Economy: Investing in Creative Places and Businesses as Part of Comprehensive Community Development with the Federal Reserve Bank of San Francisco.
The following report presents four nonprofit organizations implementing workplace-based financial coaching models: $tand by Me located in Delaware, Working Credit NFP in Illinois, Neighborhood Trust in New York, and WorkLife Partnership in Colorado.
In conjunction with the Partnership for Lending in Underserved Markets (PLUM), a Milken Institute and U.S. Small Business Administration initiative to develop actionable solutions to long-standing barriers that constrain minority entrepreneurs from accessing capital, the PLUM Los Angeles Technical Assistance Working Group spent considerable time exploring what culturally competent technical assistance looks like and identifying best practices around program design, service delivery, curriculum, and marketing and outreach.
Black women launch new businesses more often than any other group in the nation. The Federal Reserve Bank of Kansas City went to the source to find out what motivates them to take the leap. Black Women Business Startups, by Dell Gines, a senior community development advisor, offers a research-driven look at black women business owners, their business insights, and ideas for increasing the number, strength, and growth of businesses owned by black women.
Given the relationship between a small business’s access to financing and its outcomes, and given the growing share of minorities in the U.S. population, it is important that creditworthy firms and entrepreneurs, irrespective of race or ethnicity, are able to secure adequate financing to achieve growth and success. Data from the Federal Reserve System’s 2016 Small Business Credit Survey allow for a closer examination of the experiences of minority-owned small businesses in applying for and obtaining financing.