It takes passion and grit to launch and grow a business. It takes material assets, too—including capital, infrastructure, professional services and technical advice, as well as relationships with financial institutions that can help a business move to the next level. Historic inequities in entrepreneurs’ ability to access assets has stacked the deck against people of color, women and other diverse small business owners.
White entrepreneurs have on average $106,720 in startup capital,
Black entrepreneurs raise only $35,205.
Source
To help entrepreneurs surmount those systemic barriers—and ultimately, to dismantle them-- LISC invests in small business ecosystems and business development organizations (BDOs) so small businesses can grow and flourish.
LISC supports 170+ local BDOs who partner with diverse small businesses owners.
What is a BDO?
Business Development Organizations (BDOs) are groups that serve businesses owned by BIPOC, women and other entrepreneurs in disinvested communities. BDOs strengthen small business ecosystems. They have deep local roots and the trust of their communities, and they understand the conditions on the ground and the needs of local small business owners. LISC’s network of BDOs is active in more than 25 markets nationwide.
BDOs offer comprehensive business services, including planning, financial coaching, assistance accessing new revenue streams and more. They function as a high-touch response system for emerging entrepreneurs and legacy small business owners alike, helping them to launch, operate, grow, develop resiliency and create new jobs in their communities.
BDOs include CDCs, CDFIs, chambers of commerce, business improvement districts, merchants associations, incubators, accelerators and more.
SBA Community Navigator Pilot Program
The Community Navigator Pilot Program lowers the barriers facing small business owners in underinvested communities.
LISC Small Business Resiliency Network
With support from the Wells Fargo Foundation, the LISC Small Business Resiliency Network will help entreprenurs innovate, expand and thrive as they face climate disasters.
“The Health of Black Businesses is the Health of Black Communities”
LISC and Nielsen Foundation teamed up to provide technical assistance and small grants. Part of the funding is earmarked for business development organizations (BDOs) that work with Black businesses based in centers of Black American culture.
LISC’s BDO Network of 170+ local partners receive:
- Technical assistance to support organizational capacity, program design and grants management
- Training and connection to LISC’s data management system to track their impact
- Preferred access to LISC financing, grants and other tools
- Membership to our peer-learning networks’ grass-roots solutions and strategies
Contact
You can help grow our network. Contact our BDO Team to explore how we can partner.