Supporting Small Businesses, Bridging the Digital Divide: Insights from Verizon's Panel on Entrepreneurship
4.11.2023
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LISC StoriesEconomic Development
Verizon recently hosted a panel discussion on supporting small businesses, particularly those owned by women and people of color. The panel featured business development experts, including LISC LA Executive Director Nicole Williams, who shared insights on creating a supportive ecosystem for small business growth.
One key takeaway from the discussion was the importance of collaboration and partnerships between businesses, community-based organizations, and government agencies to create an ecosystem that supports small businesses. This includes providing access to capital, mentoring, coaching, and resources for navigating government programs and regulations.
Nicole highlighted LISC LA-specific programs and initiatives that can help small businesses, such as the Asset Building for Communities of Color program, the Entrepreneurs of Color Loan Fund, and the Ascend LA program for diverse entrepreneurs. Elmy Bermejo, from the Small Business Administration (SBA), encouraged small businesses to utilize resources like the SBA's Lender Match and the SCORE mentoring program.
The panel discussion emphasized the critical importance of supporting small businesses during the pandemic, especially those owned by women and historically underserved communities. LISC LA played a crucial role in providing flexible and forgivable capital to small businesses, as well as providing community and technical assistance support to help them adapt to changing business models. The panelists also discussed successful programs like the Verizon Small Business Recovery Fund and the Small Business Digital Ready Fund, which invest in human capital, ecosystem development, and financial capital. They stressed the need for technology connectivity and the efforts made by LISC LA, SBA and local governments to address the digital divide. Additionally, they shared various SBA programs and resources available to support women-owned businesses and ensure small businesses have the tools needed for success.
Verizon's Small Business Digital Ready program was also discussed, offering courses and resources to help small businesses succeed in the digital economy, including mentorship opportunities and Spanish-language courses.
Overall, the panelists emphasized the importance of creating a supportive ecosystem for small business growth and encouraged businesses to take advantage of the available resources. Small businesses can overcome obstacles and thrive in today's economy by working together and leveraging these resources.
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