ANHD 2016 Building the Community Development Movement
Since the earliest days of the Great Recession, small businesses have been singled out as the best vehicle for job creation, economic development, and neighborhood stabilization. Despite this rhetoric, as banks tightened their credit standards, most small businesses have been unable to access the credit they need to grow or overcome a temporary setback. “Space available” signs have sprung up in neighborhoods across the five boroughs as small businesses have been forced to close their doors.
Last week, Citigroup responded to this need by launching a new program to steer capital to small businesses in economically distressed areas. This is not a conventional loan program, however. While Citi is providing $25 million in capital, it is partnering withNext Street—a “merchant” bank—to disburse the loans and provide strategic business consulting, which is designed to accelerate the business’s growth.
While it’s encouraging that the loan fund will target businesses that are minority- and women-owned and located in low- and moderate-income communities, companies will need to generate between $3 million and $60 million in revenue annually to qualify. This threshold surpasses what many would define as “small.” However,Next Street’s partners describe the Fund as a pilot; hopefully, as the model proves effective, it can be expanded to smaller businesses as well. ANHD applauds Citi Community Capital for not just throwing money at a problem but crafting a novel approach with knowledgeable partners that will allow neighborhood-based businesses and their employees to thrive.
The website for the Next Street Opportunity Fund is: http://www.nextstreet.com/opportunity_fund. General inquiries can also be sent to: opportunityfund@nextstreet.com.
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