Access to Capital for Entrepreneurs of Color
Metro Atlanta is home to a network of organizations that provide a range of services to small businesses, from help accessing affordable capital to low-cost guidance in the nitty-gritty of business planning, cash-flow management, marketing, and staffing. We are committed to strengthening this network, amplifying the work already being done, and expanding our and our partners’ capacity to better serve the small business community.
The network of small business lenders and technical assistance organizations, while strong, is disjointed making it difficult for small businesses to find the right support.
LISC ATL strengthens this network and its support for small businesses by convening small business lenders and support organization, so that LISC Atlanta and the small business support ecosystem meet the needs of entrepreneurs of color. We support our partners and bring cohesion to the ecosystem by pooling resources, coordinating technical assistance, and increasing access to capital.
Initial convenings focus on:
1) Development of an online application platform through which entrepreneurs can connect with Atlanta-based capital and technical assistance providers (legal, marketing, financial, staffing etc.), increasing efficiency for the business and the providers.
2) Co-developing an additional microloan product that does not require crowdfunding. Removing the crowdfunding requirement will allow entrepreneurs of color to access capital without leaning on a sometimes limited network of family and friends.
3) Co-developing a lending product to serve businesses needing loans between $50,000 and $250,000 (the “missing middle”).
EOCF is designed to not only get much-needed capital directly into the hands of African American, Latinx, and other small business owners, but also provide critical support such as coaching, operational guidance, and training.
