One Small Credit Union Is Powering Brooklyn's Economy

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.

Two conservation organizations are helping communities in Kyrgyzstan diversify their sources of income from livestock to include beekeeping, agroecology, ecotourism, and crafts. These efforts are preventing conflicts with snow leopards to conserve the local population. And some of the money made from the program goes towards funding environmental projects chosen by the community.

Generating Income For Tomorrow, or GIFT, works to foster economic prosperity and wealth in Kansas City’s Black community by providing grants to Black-owned businesses. Since its launch, GIFT has distributed $687,000 to 42 Black businesses and GIFT recipients have so far created more than 60 new jobs.

Existing services and resources for entrepreneurs disproportionately do not help minorities and women, making it difficult for them to become successful. Programs such as MORTAR aim to help these under served entrepreneurs by providing capital to help their businesses take off.

Point-of-sale-based agency banking helps make digital finance more accessible and inclusive, allowing small businesses to act as banking agents, offering services like cash withdrawals and bill payments through fintech platforms. This integration has been particularly impactful in regions without bank branches. The integration of fintech throughout Nigeria has not only led to more autonomy in personal finance but has also created significant employment opportunities.

The Heurich House Museum in Washington, D.C., has created two targeted initiatives—the Urban Manufacturing Incubator and the DC Makers' Guild—to support local small-scale artisan businesses facing barriers to growth such as high rent fees and limited visibility. These programs provide mentorship, business coaching, market entry opportunities, like various mini markets throughout the year, and advocacy support to improve market conditions for these small businesses.

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.

Sacramento’s Cannabis Opportunity and Racial Equity program is helping people who were adversely affected by discrimination during America’s war on drugs to start businesses in the regulated cannabis industry. Qualifying entrepreneurs receive wraparound support including funding and small-business education. So far, 10 dispensary licenses have been awarded to participants.

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.

Community banks in Wyoming were able to better serve local businesses in securing federal funds from the Paycheck Protection Program. The smaller banks were able to quickly pivot their staffing and operations need to process the overwhelming number of applicants, resulting in an approval rate of 100 percent in some counties. Personal connections in the smaller communities also led banks to work overtime and do everything in their power to help local businesses, in contrast to big banks which appeared to prioritize clients with higher net worth, according to reports.