Insights into the world of small business lending and development
Small Business Financial Stability: What is the Role of Mission-Based Lenders?
For many, entrepreneurship means risking the promise of a stable income and benefits for a shot at greater long-term financial success. Yet, in an economy characterized by increasingly unpredictable income volatility—even within a single job—many individuals view entrepreneurship as a necessary tool to realize a more certain economic future. Particularly for entrepreneurs of color, business ownership holds the promise to reduce generations of financial disparity. In fact, a report published by the Association for Enterprise Opportunity and funded by the W.K. Kellogg Foundation reports that business ownership reduces the average wealth gap between black and white adults from a multiplier of 13 to a multiplier of 3.