Posted by: LISC Small Business on November 16, 2017
Starting a small business is often a risky proposition; starting a small business in a disinvested community, where blight and crime tamp down opportunity and chase away financing, might seem insurmountable.
But in underserved urban and rural areas across the country, entrepreneurs are putting down roots and growing their businesses. They are creating jobs, improving safety, delivering new goods and services to residents and proving the value of investing in places that traditional lenders often overlook.
Steve Hall, vice president for LISC Small Business, a nonprofit lender, said Small Business Saturday (Nov. 25) is one of the few times all year that businesses like these get the broader public attention they deserve. “Small Business Saturday was started to really push these mom and pop stores,” Hall said. “These businesses need local support to survive.”
LISC Small Business is a program of the Local Initiatives Support Corporation (LISC), a national nonprofit that has invested more than $17 billion to expand economic opportunity and revitalize disadvantaged urban and rural communities. This year, LISC Small Business has financed more than 30 small businesses in low-to-moderate income areas, providing both capital and technical assistance to help entrepreneurs succeed and grow. That number is expected to double by the end of next year, with a total of some $15 million invested.
LISC Small Business focuses on start-ups and small loans that banks typically aren’t able to finance. The investments are part of LISC’s broad economic development strategy to help raise standards of living through support for good housing, health, education, safety, financial literacy, businesses and jobs. Continued [+]...