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One Small Credit Union Is Powering Brooklyn's Economy

Oscar Perry Abello Lucas Grindley

May 13, 2024 |

Next City |

Podcast |

Over 15 Minutes

Response Location: United States, New York, New York

The Brooklyn Cooperative Federal Credit Union provides small business loans to local Black and Brown businesses, through average investments of $24,000. This small, community lender provides more funding to local businesses than larger national banks like Citibank, Wells Fargo and Bank of America, helping support local businesses and finance community development.

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South Africa's SAB Foundation: Why 90% of its investees are still in business five years later

Anna Patton

April 04, 2024 |

Pioneers Post |

Text |

1500-3000 Words

Response Location: South Africa, Johannesburg

The SAB Foundation is an independent trust set up by South African Breweries (SAB) as part of the government’s Broad-Based Black Economic Empowerment scheme. It helps businesses — particularly underserved entrepreneurs like women and people with disabilities — grow and thrive. Since 2010, the Foundation has backed more than 6,400 social impact businesses in their early stages.

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Fewer Illinois residents using payday lenders after state capped interest rates

Amy Yee

March 15, 2024 |

Chicago Sun-Times |

Text |

800-1500 Words

Response Location: United States, Chicago, Illinois

The Predatory Loan Prevention Act caps loan interest rates at 36%, including all fees. Before the Act passed, rates were extremely high, including 297% for payday loans and 178% for auto-title loans. The Illinois Legislative Black Caucus pushed for the Act to pass in an effort to close the racial wealth gap and address socioeconomic disparities, as these high-interest rates historically affected minority groups.

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The Black Immigrant Women Who Bought a Minneapolis Mall

Oscar Perry Abello

February 20, 2024 |

Next City |

Text |

Over 3000 Words

Response Location: United States, Minneapolis, Minnesota

Ignite Business Women Investment Group and the nonprofit African Career, Education & Resources Inc. (ACER) are working together to raise funds to collectively acquire commercial real estate for members of the group and other small businesses — particularly those owned by African immigrants — in the community. Joint efforts allowed members to acquire and revitalize an old strip mall, providing retail space for local small business owners.

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How Nigeria's $428 million ICT backbone project is enabling rural financial inclusion

Johnstone Kpilaakaa

July 20, 2023 |

Benjamindada.com |

Text |

1500-3000 Words

Response Location: Nigeria

The Nigeria National Information and Communication Technology Infrastructure Backbone (NICTIB) Project is increasing rural financial inclusion and addressing the digital divide by funding projects that make it easier for telecommunications companies to expand their connectivity to rural communities, allowing locals to access digital banking services.

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Local Social Impact Investors Are Pulling Chicago Out Of Junk Bond Status

Oscar Perry Abello

May 02, 2023 |

Next City |

Text |

1500-3000 Words

Response Location: United States, Chicago, Illinois

The city of Chicago is offering municipal bond investors — specifically those interested in ESG investing — opportunities to fund social projects like planting 15,000 trees in historically disinvested neighborhoods over the next three years, converting motels and single-room buildings into housing for people transitioning out of homelessness and replacing the city’s gas-powered vehicles with electric.

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Businesses face more and more pressure from investors to act on climate change

Michael Copley

April 09, 2023 |

NPR |

Radio |

3-5 Minutes

Response Location: United States

Every year, investors who are shareholders in publicly-traded companies have the chance to vote on proposals that shape the way the companies address issues like climate change. Whether or not they pass, climate-related proposals send a clear message about the problems activist investors want to see addressed which can spur action.

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Banks For The People

Piper French

March 02, 2023 |

Noēma |

Text |

Over 3000 Words

Response Location: United States

Public banks are owned and run by governments, and because they store money for the state instead of individuals, they can invest back into the communities they serve instead of extracting from them in the chase for profits.

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A Mobile Bank On Wheels Reaches Bronx Residents Where They Are

Emily Nonko

January 24, 2023 |

Next City |

Text |

800-1500 Words

Response Location: United States, New York, New York

A coalition of community organizations in the Bronx created a mobile bank with the New York City credit union to combat the lack of access to financial institutions. The bank on wheels travels around the borough to provide services and do outreach.

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Silicon Valley Discovers an Age-Old Child Care Hack: The Neighbors

Alisha Haridasani Gupta

August 31, 2022 |

The New York Times |

Text |

1500-3000 Words

Response Location: United States, San Francisco, California

Otter connects those in need of childcare with nearby stay-at-home parents who can provide it. The business has gathered millions in investments to continue its growth and, since its start in 2020, has relaunched in San Francisco serving about 250 parents with about 12,000 on standby waiting for Otter to become available in their area.

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