How to Rebuild a War-torn Middle Eastern City? Start with the Souk

CNote has provided a source of funding for federally certified Community Development Financial Institutions by pooling cash from foundations, bigger banks, philanthropists, and donor-advised funds to counter the lack of available cash flow experienced by CDFIs, which are lenders but not banks. Federal COVID-19 funding set aside $30 billion specifically for CDFIs that overwhelmingly lend to women- and minority-owned businesses, which face persistent racial and gender biases and are unable to successfully tap into lending and grants such as the Paycheck Protection Program through traditional lenders.

Black Girl Ventures levels the playing field for women of color who seek capital for their business ventures. Entrepreneurs are invited to pitch their ideas at crowdfunded sessions, which means the funding varies depending on the size of the crowd and its willingness to invest. In addition to capital, BGV recognizes the need for minorities to access a network, mentoring, and business coaching to navigate the systems necessary to build a business. The nonprofit has chapters in several cities and works with local organizations that are already in place helping black businesses.

In 2016, the city of Rochester, NY partnered with Kiva—a crowd-funded microlender—to serve aspiring or established small-business owners. Their partnership offers interest-free loans, and already 20 of the loans have been fully repaid. This article looks at six different case studies of residents who have benefitted from the program.

A start-up accelerator in Salvador, Brazil is aiming to support black-owned businesses through its business incubator resources. Dende Valley, named as a nod to Silicon Valley, is an accelerator that prioritizes and trains black entrepreneurs to combat systemic racism and lack of opportunity in Brazil. There were 107 applicants for 30 spots this year, and the company expects to triple availability next year as people look to take advantage of their programs.

“UNDSCVRD SF," funded by the SOMA Community Stabilization Fund and produced by the nonprofit Kultivate Labs, is a night market held once a month from July to November that features a range of Filipino vendors. There were over 35,000 attendees in 2019 and it generated $300,000 in sales. It also serves as a testing ground to select businesses for Kultivate Labs’ SEED Accelerator Program and grantees for the SOMA Fund. The former provides bootcamps and one-on-one support for Filipino-owned businesses that are located in, or would like to be located in, a permanent space within the SOMA cultural district.

A survivor of Haiti's earthquake sought out a new home on an unclaimed plot of land which is home to one of the country's largest cemeteries. Madame Roy built a neighborhood from the ground up with the help of architects and funding from people who wanted to be residents of the future city. Roads, homes, a cistern, a soccer field, and a school were all built without the help of the Haitian government. 200,000 residents who lost everything in the earthquake have found a chance to start over in the new city of Canaan.

Empowering young entrepreneurs fosters new, sustainable, and inclusive approaches to design and fashion. In Brazil, designers from Aglomerado da Serra, a favela in Belo Horizonte, are using up-cycling to make a more sustainable—and inclusive—fashion brand. The brand, Remexe, represents just one of the projects undertaken at Lá da Favelinha, a cultural center and showcase of novel ideas from the favela. With the support of grant funding, designers from Remexe also held a workshop in Bristol, helping their colleagues in the UK create a sister social enterprise group, Re:Wurk.

The New Communities Land Trust was created in the 1960s as a way to build power and equity for and among African Americans in Georgia. The Trust works with Black farmers on many different levels, including helping them strengthen their farming practices and businesses. While the Trust was lost in 1985 due to discriminatory bank practices, it was restarted with a $12 million settlement from the federal government.

Kimber Lanning, is the founder of Local First Arizona, a coalition of local businesses with 3,200 members, making it the largest in the country. Local First helps local businesses obtain the resources they need to compete with large corporations. They also try to educate people and dispel myths they have about buying local

Many small towns in rural Appalachia are struggling to adapt to the greater evolutions of the American economy away from the coal industry. But some places, like the little town of Hemphill in Kentucky, are using the opportunity to get creative with local enterprise and unite the community in launching new ventures. The Hemphill Community Center is now a central resource for launching new small businesses, arts and cultural events, and fostering shared resources and renewed growth for the town.