Making a Difference

An excerpt from OZY -

MINORITY ENTREPRENEURS STRUGGLE TO GET BUSINESS LOANS. THIS FUND AIMS TO FIX THAT
By Laura Elizabeth

Bennett says she’s proof the EOCF works. A quick cash injection helped her say yes to the arena project, bring on workers and deliver the job. “Being able to do that one project teleported us to a whole different level,” she says now. “We are getting looked at by contractors that wouldn’t have known who we were two years ago. And we are looking at bigger and better opportunities that we would never have been able to consider before.”

The EOCF has been deemed such a success — with $4.5 million loaned to more than 40 minority entrepreneurs since it launched in 2015 — that the fund has lately attracted new investors and tripled from $6.5 million to $18 million. Based on the Detroit model, similar funds will be introduced to San Francisco and New York this year.

But the problem the fund wants to solve goes far beyond a handful of cities. A 2016 report from the Hamilton Project, which studies fiscal policy, called for better federal funding to help minority and women entrepreneurs nationwide, arguing this could help resolve major social injustices.

http://www.ozy.com/acumen/minority-entrepreneurs-struggle-to-get-business-loans-this-fund-aims-to-fix-that/83095?utm_source=dd&utm_medium=email&utm_campaign=01152018&variable=e3bf1057d4e3c0988a79ae4bce515610