Small Business Impact Grant Program
In 2021, the Community Foundation made $1,155,000 in grants to six mission-driven lenders through the Catalyst-funded Small Business Grant Program. Our goal was to help small, underserved businesses in the region grow and thrive. Our premise was that helping lenders build capacity to provide flexible capital and technical assistance would give business owners a fair shot at success. The Small Business Impact Grant supports a broad range of underserved business owners but includes a particular focus on African Americans, who make up 28% of our metro’s population but own only 3% of businesses with employees.
Year One Progress Report
75 small, underserved business owners received loans through the Small Business Impact Grant Initiative in the first year of the grant. Of the 75:
The six mission-driven lenders who partnered with the Community Foundation on the initiative report that from 2021 to 2022::