Opportunity Finance Network (OFN) and Goldman Sachs 10,000 Small Businesses announced today that Pacific Community Ventures was selected among 24 mission-driven small company lenders to participate in the Small Business Finance Collaborative. This excellent and intensive technical assistance program is designed to increase small company capacity in lending in underserved communities within the U.S.
Responsible, affordable credit isn't readily available for small businesses, especially minority and women-led businesses, because of the decrease of mainstream finance serving the forex market. This new program will build the capacity of CDFIs (community development financial institutions) along with other mission-driven lenders to deliver responsible and affordable loans to small businesses and entrepreneurs nationwide.
Expanding Access To Working Capital
OFN will provide PCV and the other mission-driven small business lenders with an intensive two-year program of peer learning, training, and technical assistance. Consequently, each participant can create and implement a strategic growth intend to improve lending strategies and practices, while maintaining asset quality. Funding is supplied by Goldman Sachs 10,000 Small Businesses with additional support from Surdna Foundation.
“Our nation's economic recovery continues to be very uneven, with minority and women-led smaller businesses in underserved communities experiencing barriers to the credit they have to succeed. The participants within the Collaborative are uniquely positioned to achieve these communities, helping owners avoid expensive loans. They will build ways of aid small business and encourage sustainability, growth, and job creation,” said Mark Pinsky, president and CEO of OFN.
About The Collaborative
The Small company Finance Collaborative is made upon a successful prior initiative in 2011-2022 where participants reported doubling their assets, increasing their self-sufficiency ratio, and quantity of small businesses reached. Participants within the Finance Collaborative will expand on concepts learned in a previous training, including value proposition, innovation, talent management, and the lending life-cycle. The curriculum's foundation is adapted from the Babson-designed Goldman Sachs 10,000 Small Businesses education program.
“Research shows that small businesses would be the leading drivers of economic growth and job creation in this country. Our partnership with OFN will continue to support mission-driven lenders, so that even more entrepreneurs gain access to the capital they have to succeed,” said Esta Stecher, CEO of Goldman Sachs Bank USA. “These lenders were chosen due to their expertise and leadership in this region. We look forward to seeing the outcome they will have in underserved communities.”
The Finance Collaborative members reflect the variety of mission-driven small business lenders and approaches. Employed in urban, rural, and Native communities, these lenders provide a range of lending products and business models. The little Business Finance Collaborative participants are:
- Access to Capital for Entrepreneurs, Inc. (ACE)
- Accion Boise state broncos o Arizona o Colorado o Nevada
- Bridgeway Capital
- Brooklyn Cooperative Federal Credit Union
- California Coastal Rural Development Corporation (Cal Coastal)
- CDC Small company Finance
- CEI
- Colorado Enterprise Fund (CEF)
- Community First Fund
- Community Reinvestment Fund, USA (CRF)
- Craft3
- Entrepreneur Fund
- Excelsior Growth Fund
- Growth Capital
- Kentucky Highlands Investment Corporation (KHIC)
- LiftFund, formerly known as Accion Texas
- Montana Community Development Corporation (Montana CDC)
- Northern Initiatives
- Pacific Community Ventures
- PIDC Community Capital (PIDC-CC)
- The Support Center
- Travois
- VEDC
- Virginia Community Capital (VCC)
About Opportunity Finance Network
OFN creates growth that's good for communities, investors, individuals, and the economy. Members of OFN are community development financial institutions (CDFIs) that deliver responsible lending to assist low-wealth and low-income communities join the economic mainstream. Through 2012, OFN's Network originated a lot more than $33.3 billion in financing in urban, rural, and Native communities, and financed development/rehab of 960,000 housing units, started or expanded nearly 94,000 business and microenterprises, and helped create or maintain nearly 600,000 jobs.
About Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses is really a $500 million investment to assist small businesses in the United States create jobs and economic growth by giving entrepreneurs with a practical business education, access to capital and business support services. The program is based on the broadly held look at leading experts that greater use of this combination of education, capital and support services best addresses barriers to growth. The program is active in urban and rural communities across the Usa.
(photo: Finance by Simon Cunningham)
