Small business resource providers in Oregon, Minnesota, Arkansas, Oklahoma and Indiana will receive funding, training and technical assistance through the MicroBiz Capital Accelerator Program from the National Community Reinvestment Coalition (NCRC).
The combined $150,000 in grants, made possible by support from Morgan Stanley and JPMorgan Chase, will help scale innovative and equitable small business lending and other capital programs across the country.
In addition to direct funding, the MCAP grantees will receive a series of peer-learning opportunities, technical assistance on effectively scaling up their work and training focused on equitable program design, delivery and implementation of their capital programs.
MCAP is NCRC’s latest program to expand grant making and capacity building opportunities for its more than 700 member organizations.
The recipients awarded MCAP grants are:
Oregon Capital Access Network (OreganCAN) – Rockwood, Oregon
OregonCAN, a subsidiary of the Community Development Corporation of Oregon, provides low-barrier access to capital to microentrepreneurs from underserved populations in Rockwood – a BIPOC and low-income neighborhood and the state’s poorest community – as well as throughout greater East Multnomah County. OregonCAN seeks to leverage its capital program and Rockwood Food System Collaborative to reach immigrant and refugee urban farmers and food entrepreneurs.
Mni Sota Fund (MSF) – Minneapolis, Minnesota
Mni Sota Fund, services the urban Indian community in the Twin Cities by providing loans ranging from $500 to $150,000 to Indigenous-owned microbusinesses and entrepreneurs, who make up less than 1% of business owners in Minneapolis and often operate in informal markets. MSF will explore the expansion of a new Indian entrepreneur cohort, via its Ozhigin Fellowship program, with an eye toward providing culturally sensitive technical assistance and capital opportunities.
People Trust Community Loan Fund (PT) – Little Rock Arkansas
People Trust provides loans to businesses with a high need for financial resources. With 75% of their loans made to borrowers of color, and 80% to low- and moderate-income borrowers, PT is providing safer, more affordable credit alternatives to predatory lending for disadvantaged entrepreneurs unable to access traditional credit and banking services. The organization seeks to deepen its reach to minority borrowers utilizing innovative marketing and engagement tools.
Avanzando Juntos (AJ) – Tulsa, Oklahoma
Latino-led Avanzando Juntos (AJ) has a mission to advance the success and ensure the inclusion of Tulsa’s Latino community through building prosperity, community ownership and civic power. Its Mi Gente Loan Fund is providing zero-interest loans to small businesses owned by Latino entrepreneurs who were ineligible for or unable to access federal pandemic assistance. The organization is hoping to leverage its success to expand its programming over the next few years.
Flagship Enterprise Center (FEC) – Marion County, Indiana
FEC manages the Indiana Black Owned Business Loan Fund serving Black entrepreneurs in Marion County by providing access to affordable small business loans. FEC’s loan scoring algorithm and closing fee collateral requirement waivers allow them to support capital access for owners who are “unbankable.” FEC seeks to achieve its lending goal of $2 million to Black business owners by 2024 and expand its program success to Latino businesses.
For more information about MCAP, contact Joshua Devine at jdevine@ncrc.org. For more information about grant opportunities, contact impact@ncrc.org. For press inquiries, contact Alan Pyke at apyke@ncrc.org.
