{"id":58940,"date":"2023-07-19T10:47:17","date_gmt":"2023-07-19T17:47:17","guid":{"rendered":"https:\/\/lapost.us\/?p=58940"},"modified":"2023-07-19T10:47:17","modified_gmt":"2023-07-19T17:47:17","slug":"small-business-owners-need-access-to-funding","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=58940","title":{"rendered":"Small Business Owners Need Access to Funding"},"content":{"rendered":"
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By<\/span>Peter White<\/a><\/div>\n<\/div>\n<\/div>\n
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Four experts explore the challenges women and marginalized communities face to start and expand a small business.<\/p>\n<\/div>\n<\/div>\n

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Sen. Mark Warner, D-Virginia and co-chair of the \u00a0Community Development Finance Caucus,<\/u><\/a>\u00a0joined a venture capitalist, a community leader, and a young entrepreneur July 14 to lay out the challenges and solutions for starting and growing small businesses in a post-Covid 19 environment.<\/p>\n

Over 33 million small businesses make up about 99.9% of businesses in the US, and employ almost half of its workforce. During the Covid-19 pandemic, 40% of Black and Latino-owned businesses shut down, many permanently.<\/p>\n

Community Development Finance Institutions \u2014 CDFIs \u2014 were one of the keys to recovery, said Warner. \u201cIn a strange bedfellows kind of moment, I partnered strongly with then-Secretary Steve Mnuchin of the Trump administration during the COVID-19 pandemic to try to get a lot of capital into our minority depository institutions,\u201d he said, at the news briefing organized by Ethnic Media Services. Warner and Mnuchin were able to distribute $12 billion in funding through CDFIs, Minority Depository Institutions \u2014 MDIs \u2014 and Tier 1 capital through a Treasury Department initiative known as the Emergency Capital Investment Program.<\/p>\n

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