Giving Compass’ Take:
· Local Initiatives Support Corporation explains the important role small businesses play in the U.S. economy and society overall.
· What opportunities do small businesses provide communities? How can philanthropists support small and local businesses?
We’ve said it before, but it bears repeating: small businesses are integral to the health of communities and the economy. A recent report, in fact, shows that they account for 44 percent of all U.S. economic activity and create two-thirds of new jobs. They also drive innovation and competitiveness. They provide goods and services to local places and enliven corridors and neighborhoods.
This year, LISC intensified its commitment to small business development, specifically to women- and minority-owned enterprises in communities where we work—with the goal of sparking wealth-building for families and job creation in areas of persistent poverty. The businesses we serve are those often deemed too risky, too uncollateralized, too small, by traditional lenders—but who nevertheless have enormous potential to be successful.
Our national lending team, for its part, has closed or approved nearly 50 loans for economic development projects this year alone, totalling $91 million. A portion of that figure makes up small business loans, or loans that directly and indirectly nurture small entrepreneurship.
And our new SBA 7a lending subsidiary, immito, is off and running. In 2019, immito has made nearly $6 million in loans to entrepreneurs who don’t fit conventional financing parameters.
Read the full article about the importance of small businesses at Local Initiatives Support Corporation.
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