{"id":289566,"date":"2026-07-16T15:38:26","date_gmt":"2026-07-16T19:38:26","guid":{"rendered":"https:\/\/ncrc.org\/?p=289566"},"modified":"2026-08-04T11:10:55","modified_gmt":"2026-08-04T15:10:55","slug":"nashville-summit-series-brief-4-barriers-solutions-for-small-business","status":"publish","type":"post","link":"https:\/\/ncrc.org\/nashville-summit-series-brief-4-barriers-solutions-for-small-business\/","title":{"rendered":"Nashville Summit Series &#8211; Brief 4: Barriers &#038; Solutions for Small Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"289566\" class=\"elementor elementor-289566\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6057fdc e-con-full e-flex e-con e-parent\" data-id=\"6057fdc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-734c43a elementor-widget__width-inherit elementor-widget elementor-widget-n-carousel\" data-id=\"734c43a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;carousel_items&quot;:[{&quot;slide_title&quot;:&quot;Slide #2&quot;,&quot;_id&quot;:&quot;48d1f94&quot;}],&quot;slides_to_show&quot;:&quot;1&quot;,&quot;slides_to_scroll&quot;:&quot;1&quot;,&quot;image_spacing_custom&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0,&quot;sizes&quot;:[]},&quot;slides_to_show_tablet&quot;:&quot;1&quot;,&quot;autoplay_speed&quot;:8000,&quot;speed&quot;:2000,&quot;slides_to_show_mobile&quot;:&quot;1&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;infinite&quot;:&quot;yes&quot;,&quot;offset_sides&quot;:&quot;none&quot;,&quot;image_spacing_custom_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;image_spacing_custom_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-carousel.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-carousel swiper\" role=\"region\" aria-roledescription=\"carousel\" aria-label=\"Mortgage Carousel v1\" dir=\"ltr\">\n\t\t\t<div class=\"swiper-wrapper\" aria-live=\"off\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" data-slide=\"1\" role=\"group\" aria-roledescription=\"slide\" aria-label=\"1 of 1\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b8f28d8 e-flex e-con-boxed e-con e-child\" data-id=\"b8f28d8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-f8ad9fc e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"f8ad9fc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_delay&quot;:750}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-76793c6 elementor-widget elementor-widget-text-editor\" data-id=\"76793c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>BRIEF 4:<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-66f5cb6 elementor-widget elementor-widget-text-editor\" data-id=\"66f5cb6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Nashville Summit Report Series:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9e36082 elementor-widget elementor-widget-heading\" data-id=\"9e36082\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Barriers &amp; Solutions for Small Business<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ac79f86 elementor-widget elementor-widget-text-editor\" data-id=\"ac79f86\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>July 2026<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d09b7b0 e-flex e-con-boxed e-con e-parent\" data-id=\"d09b7b0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-60d1db5 elementor-widget elementor-widget-text-editor\" data-id=\"60d1db5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/ncrc.org\/nashville-summit-series\">Summit Report Series Home<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4e2f897 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e2f897\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;63680be&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:&quot;1&quot;,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8cf0b53\" data-id=\"8cf0b53\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-912966f elementor-widget elementor-widget-off-canvas\" data-id=\"912966f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;entrance_animation&quot;:&quot;fadeIn&quot;,&quot;exit_animation&quot;:&quot;fadeIn&quot;}\" data-widget_type=\"off-canvas.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div id=\"off-canvas-912966f\" class=\"e-off-canvas\" role=\"dialog\" aria-hidden=\"true\" aria-label=\"Off-Canvas Video\" aria-modal=\"true\" inert=\"\" data-delay-child-handlers=\"true\">\n\t\t\t<div class=\"e-off-canvas__overlay\"><\/div>\n\t\t\t<div class=\"e-off-canvas__main\">\n\t\t\t\t<div class=\"e-off-canvas__content\">\n\t\t\t\t\t<div class=\"elementor-element elementor-element-8575f60 e-con-full e-flex e-con e-child\" data-id=\"8575f60\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1be3ee1 elementor-widget elementor-widget-video\" data-id=\"1be3ee1\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/g3VoSrskzno&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-944483e elementor-widget elementor-widget-off-canvas\" data-id=\"944483e\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;entrance_animation&quot;:&quot;slideInDown&quot;,&quot;exit_animation&quot;:&quot;slideInDown&quot;}\" data-widget_type=\"off-canvas.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div id=\"off-canvas-944483e\" class=\"e-off-canvas\" role=\"dialog\" aria-hidden=\"true\" aria-label=\"Off-Canvas Report\" aria-modal=\"true\" inert=\"\" data-delay-child-handlers=\"true\">\n\t\t\t<div class=\"e-off-canvas__overlay\"><\/div>\n\t\t\t<div class=\"e-off-canvas__main\">\n\t\t\t\t<div class=\"e-off-canvas__content\">\n\t\t\t\t\t<div class=\"elementor-element 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class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Part 7: Investor Lending Analysis<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6826edb elementor-widget elementor-widget-text-editor\" data-id=\"6826edb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tComplete the form to download <br>the full report:<\/br>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1a627a elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"d1a627a\" data-element_type=\"widget\" data-e-type=\"widget\" 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elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[field_5e53299]\" id=\"form-field-field_5e53299\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Zip Code\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance elementor-field-group elementor-column elementor-field-group-field_6521488 elementor-col-100\">\n\t\t\t\t\t\t\t<div class=\"elementor-field-subgroup\">\n\t\t\t<span class=\"elementor-field-option\">\n\t\t\t\t<input type=\"checkbox\" name=\"form_fields[field_6521488]\" id=\"form-field-field_6521488\" class=\"elementor-field elementor-size-sm  elementor-acceptance-field\" checked=\"checked\">\n\t\t\t\t<label for=\"form-field-field_6521488\">Yes, send me updates by email about NCRC research, events and news.<\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-100 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-sm\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download Now<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b489dc5 elementor-widget elementor-widget-text-editor\" data-id=\"b489dc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Briefs 1 and 2 in this series established the methodology behind the Nashville Summit and the seven structural barriers that cut across the housing, workforce and small business development ecosystems. This fourth brief has a narrower focus that will be of interest to those working in the small business development ecosystem. It documents the barriers raised by practitioners and funders during the small business support dialogues and the solutions participants raised that would work with limited federal government support.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16f8c28 elementor-widget elementor-widget-text-editor\" data-id=\"16f8c28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\"><b>Devin Thompson, <\/b><i>Director, Place-Based Strategies<\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a721dc elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8a721dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d1c2b5 elementor-widget elementor-widget-heading\" data-id=\"7d1c2b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key Takeaways<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3a4fc83 e-grid e-con-full e-con e-parent\" data-id=\"3a4fc83\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-e42533f e-con-full e-flex e-con e-child\" data-id=\"e42533f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ec5d52e elementor-widget elementor-widget-heading\" data-id=\"ec5d52e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-150f603 e-con-full e-flex e-con e-child\" data-id=\"150f603\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f35ea81 elementor-widget elementor-widget-text-editor\" data-id=\"f35ea81\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">A broken market where traditional lenders are too slow for entrepreneurs\u2019 needs is driving viable businesses to Merchant Cash Advance lenders that are systematically extracting wealth from entrepreneurs. CDFIs need specialized debt consolidation and training tools to help stabilize entrepreneurs caught in the debt trap.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-068b83c e-con-full e-flex e-con e-child\" data-id=\"068b83c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-05a74ba elementor-widget elementor-widget-heading\" data-id=\"05a74ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c14b3ed e-con-full e-flex e-con e-child\" data-id=\"c14b3ed\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d45d922 elementor-widget elementor-widget-text-editor\" data-id=\"d45d922\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">Most technical assistance programs are built to help a business survive the first year rather than build long-term, sustainable community wealth. The model has to shift toward building something an owner can sell, pass on or leverage for future generations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f03a75 e-grid e-con-full e-con e-parent\" data-id=\"6f03a75\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-9886dff e-con-full e-flex e-con e-child\" data-id=\"9886dff\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c1e5b6a elementor-widget elementor-widget-heading\" data-id=\"c1e5b6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cbf9c8b e-con-full e-flex e-con e-child\" data-id=\"cbf9c8b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e9cec74 elementor-widget elementor-widget-text-editor\" data-id=\"e9cec74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"p1\">Procurement systems lock many smaller entrepreneurs out because they were designed by and for large businesses. Thus, bonding requirements, reimbursable payment schedules and bundled contract packages all function as barriers to small and minority-owned firms regardless of their track record or quality of work.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-8da3aec e-con-full e-flex e-con e-parent\" data-id=\"8da3aec\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-6e22ffd e-con-full e-flex e-con e-child\" data-id=\"6e22ffd\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1758665 elementor-widget elementor-widget-heading\" data-id=\"1758665\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Small Business Development &amp; Financing Specific Barriers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f2bc65 elementor-widget elementor-widget-text-editor\" data-id=\"8f2bc65\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In addition to the cross-cutting systemic failures, the small business dialogues identified specific barriers that are suffocating the ability for entrepreneurs from underinvested communities to grow to scale and gain value from their business as an asset:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9194b9d elementor-widget elementor-widget-heading\" data-id=\"9194b9d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1. Gaps in Early-Stage Capital and Equity<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c8fd76b elementor-widget elementor-widget-text-editor\" data-id=\"c8fd76b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">The market has significant funding gaps in higher-risk areas essential for new business development. While bank capital exists for established firms, there is a lack of risk tolerance for new ventures. This typically surfaces through these specific organizational hurdles:<\/p><ul><li style=\"font-weight: 400;\"><strong>The Pre-Seed Void:<\/strong> There is a critical shortage of pre-seed funding, character-based microloans and early-stage working capital avenues. Early-stage businesses often rely on CDFIs while lacking access to the broader traditional capital needed to survive the initial years. Small-dollar loans, typically under $100,000, are too costly to originate, with revenue failing to cover the costs of origination. This then leads CDFIs to seek subsidies to avoid rates that would be detrimental to the borrower\u2019s business.<\/li><li style=\"font-weight: 400;\"><strong>The Equity Gap:<\/strong> There is a profound void in the equity capital system for minority-owned businesses. Multiple participants raised the issue of venture capital firms often looking for reasons to say no to diverse founders, leaving them without the capital for growth needed to scale. Black, Brown and women entrepreneurs are more likely to be denied by traditional lenders regardless of income level, indicating systemic exclusion.<\/li><li style=\"font-weight: 400;\"><strong>Unequal Cost of Capital:<\/strong> An inequitable structure exists where mission-driven lenders serving higher-risk, lower-wealth populations may pay a higher interest rate for their capital than traditional banks pay. This cost is then passed down, deterring further borrowing and limiting effective business scaling. In turn, many small business owners end up utilizing high-interest, personal credit cards rather than navigating the expensive and complex processes attached to loan products.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-354b23f elementor-widget elementor-widget-heading\" data-id=\"354b23f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2. Harmful Merchant Loans and Debt Consolidation Needs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62769a6 elementor-widget elementor-widget-text-editor\" data-id=\"62769a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">In the absence of accessible traditional financing, established small businesses are being driven toward failure by predatory financial products. The consequences of this market failure are felt most acutely in these critical areas:<\/p><ul><li style=\"font-weight: 400;\"><strong>The Rise of MCAs:<\/strong> High-interest, Merchant Cash Advances (MCAs) have become a scourge, offering quick cash at usurious rates that trap businesses in a cycle of debt. Entrepreneurs turn to these products because they need cash for emergency priorities and cannot wait for the lengthy underwriting of traditional loans. Many business owners do not understand the true cost of these products (i.e., APR vs. interest rate, etc.). This has created an urgent need for specialized debt consolidation services from CDFIs to rescue viable businesses that are technically profitable but drowning in predatory debt service payments.<\/li><li style=\"font-weight: 400;\"><strong>A Symptom of Systemic Failure:<\/strong> The reliance on non-traditional financial products is not just a sign of a business\u2019 shortcomings but of a broken lending market that is failing the entrepreneurs\u2019 credit needs. Traditional lenders are often too slow for small businesses in distress, leaving predatory options as the only fast capital available. This reality is compounded by rising delinquency rates that mirror the Great Recession, forcing even mission-driven lenders to pull back, further widening the gap that MCAs fill.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35ad8fd elementor-widget elementor-widget-heading\" data-id=\"35ad8fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3. Deficiencies in Business Fundamentals (TA Mismatch)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5f9ab9 elementor-widget elementor-widget-text-editor\" data-id=\"e5f9ab9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">There is a mismatch between the technical assistance (TA) provided to small business owners and the actual needs of their business operations. This gap hinders growth and contributes to the loss of valuable community assets. This challenge exists as both a broad misalignment and specific missed opportunity:<\/p><ul><li style=\"font-weight: 400;\"><strong>Survival vs. Strategy:<\/strong> Technical assistance often concentrates on foundational business startup and survival skills, thus delaying, or entirely preventing, entrepreneurs from developing the strategic capabilities necessary for sustainable growth and accessing traditional financing. Many business owners possess excellent technical skills related to their trade but lack the essential habits of business ownership. TA providers frequently dedicate resources to teaching these basic survival skills, a necessity that consumes time and prevents focusing on growth planning with the entrepreneur towards a stage where paying for services would become viable.<\/li><li style=\"font-weight: 400;\"><strong>The &#8220;Silver Tsunami\u2019s&#8221; Particular Needs:<\/strong> The lack of specialized planning tools and succession models is contributing to the loss of established small businesses due to the aging of their owners, leading to a significant decline in community assets and stable jobs. A noteworthy number of long-term small businesses are closing because their owners are aging out and lack a formal succession plan. This indicates a systemic failure to facilitate the transition of these legacy businesses to new owners.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca2a3fb elementor-widget elementor-widget-heading\" data-id=\"ca2a3fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4. Exclusion from Market Access and Public Procurement<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcbb1fd elementor-widget elementor-widget-text-editor\" data-id=\"fcbb1fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Small, diverse businesses are frequently locked out of the most lucrative opportunities in their own cities due to the dynamic of institutional procurement. This structural lockout is driven by several overlapping policy and administrative failures:<\/p><ul><li style=\"font-weight: 400;\"><strong>Structural Barriers:<\/strong> Some of the barriers have included overly complicated bidding processes and a failure by governments to break down large procurement packages into smaller, accessible contracts. Engaging with these complex government systems forces small businesses to divert precious resources away from revenue-generating work, acting as an implicit tax on participation.<\/li><li style=\"font-weight: 400;\"><strong>Bonding as a Gatekeeper:<\/strong> Mandatory bonding requirements act as a strict gatekeeper, disqualifying smaller firms that lack the financial history to secure them regardless of their ability to do the work. Advocates argue that waiving bonding requirements for contracts under $1 million is essential to opening the market.<\/li><li style=\"font-weight: 400;\"><strong>Market Access:<\/strong> Many small businesses simply do not have access to financial markets that allow them to scale sustainably. The system needs to shift from merely funding businesses to actively helping them build their customer base and their market share. A particularly telling example raised by a participant is that tribal members who wish to build businesses often face severe difficulties in finding commercial properties on tribal lands, forcing capital and talent to leave the reservation for border towns. This concentrates poverty on tribal lands and stifles internal economic development.<\/li><li><strong>The Loss of Contracts:<\/strong> In the New Normal, MDIs and organizations serving targeted populations are losing contracts as programs supporting minority-serving institutions come under political attack. This shrinks the customer base for mission-driven lenders, creating a vicious cycle of disinvestment.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c5e8c2 elementor-widget elementor-widget-heading\" data-id=\"9c5e8c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Small Business Development &amp; Financing Specific Solutions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-413e4d2 elementor-widget elementor-widget-heading\" data-id=\"413e4d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Focus TA on Asset Accumulation and Succession<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ea4fdf elementor-widget elementor-widget-text-editor\" data-id=\"4ea4fdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">The technical assistance (TA) model needs to be reformed in a way that focuses on feasibility and acquisition strategies. Too many owners treat their business as simply &#8220;buying a job&#8221; for themselves rather than building a sustainable and scalable entity. We must position the business as an asset that can be bought and sold to ensure generational wealth creation. The following strategic shifts could support generation of entrepreneurial wealth:<\/p><ul><li style=\"font-weight: 400;\"><strong>Mandate Exit Strategy Planning:<\/strong> TA providers should require exit planning from the beginning. This shift requires moving beyond developing a pre-revenue business plan to help someone follow their dream by providing critical analyses of pricing strategies, market feasibility and wealth generating exit strategies. Practitioners must ensure the business is profitable enough to attract future buyers.<\/li><li style=\"font-weight: 400;\"><strong>Facilitate Entrepreneurship Through Acquisition:<\/strong> Address the &#8220;silver tsunami&#8221; of retiring owners by aligning technical assistance incentives and funding towards acquisition of existing sustainable businesses over seeding pre-revenue startups. Mature businesses with existent cashflow are derisked ventures when compared to start-ups, with significantly lower failure rates. Education on acquisitions and sourcing support are needed to connect emerging entrepreneurs with these opportunities. Models like <a href=\"https:\/\/newmajoritycapital.com\/\" target=\"_blank\" rel=\"noopener\">New Majority Capital<\/a> provide funds to cover equity, while <a href=\"https:\/\/project-equity.org\/\" target=\"_blank\" rel=\"noopener\">Project Equity<\/a> supports employee buyouts to transition workers into owners.<\/li><li style=\"font-weight: 400;\"><strong>Prioritize Real Estate and Commercial CLTs:<\/strong> Owning the building and sharing in the asset\u2019s appreciation is essential for moving up the economic ladder. TA programs must emphasize real estate acquisition. Commercial community land trusts (CLTs) offer a specific mechanism for this. They allow retiring owners to sell their property while ensuring the land remains under community control, preserving the neighborhood&#8217;s economic fabric.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a36ea13 elementor-widget elementor-widget-n-accordion\" data-id=\"a36ea13\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1710\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1710\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> CASE STUDY: Collective Real Estate Ownership <\/div><\/span>\n\t\t\t\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1710\" class=\"elementor-element elementor-element-5f22879 e-con-full e-flex e-con e-child\" data-id=\"5f22879\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6cbcda6 elementor-widget elementor-widget-text-editor\" data-id=\"6cbcda6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Problem<br \/><\/strong>In Miami-Dade County, the racial wealth gap is stark and driven by a lack of assets. For minority small business owners, this manifests as a cycle of perpetual renting, further transferring wealth from their businesses to their landlords. These entrepreneurs generate income, but have reduced opportunities to build their net worth. They remain vulnerable to displacement the moment a neighborhood gentrifies, unable to capture the value they helped create.<\/p><p style=\"font-weight: 400;\"><strong>Solution<br \/><\/strong>The Miami Foundation launched the Collective Real Estate Ownership (CREO) program to convert small business renters into property owners. The core financial tool is a $500,000 forgivable loan used as a commercial down payment. Unlike other programs, the Foundation required business owners to build joint ventures and operate as collectives to purchase a property together. This structure allows smaller operators to pool their purchasing power, unlocking larger, higher-quality commercial properties that would be out of reach for a single entity.<\/p><p><strong>Implementation<br \/><\/strong>Funded as part of a pandemic-era grant from Wells Fargo, the program functions as a subordinate lender. The $500,000 acts as equity towards securing a primary mortgage from a bank and is paired with additional supports and restrictions: <\/p><ul><li><strong>Leveraged Forgivable Loan:<\/strong> The loan is forgiven at a rate of 20% per year over five years. If the owners occupy the property and maintain their partnership for the full term, the loan converts entirely to a grant.<\/li><li><strong>Collective Structure:<\/strong> Participants must navigate complex governance issues, such as operating agreements and equity splits. The Foundation found that purpose-built partnerships where businesses had existing relationships, such as a contractor and an architect buying an office together, were far more successful than attempting to match strangers.<\/li><li><strong>Technical Assistance:<\/strong> Capital proved insufficient on its own. The program had to provide extensive legal and technical support to help owners structure these joint ventures and navigate the closing process.<\/li><\/ul><p style=\"font-weight: 400;\"><strong>Impact<br \/><\/strong>The program deployed approximately $4 million in loans, which leveraged $22 million in real estate assets. Eleven transactions resulted in property ownership for nearly 30 entrepreneurs, demonstrating the efficiency of shared equity models. Participants reported that ownership has fundamentally changed their relationship with local government and their stability in the market.<\/p><p style=\"font-weight: 400;\"><strong>Lesson<br \/><\/strong>Commercial lenders were hesitant to underwrite owner-occupied collective models, viewing them as riskier than traditional investment properties. This was mitigated over time by engaging senior lenders to negotiate underwriting criteria for participating projects.<\/p><p>Entrepreneurship support needed to be tailored to meet the changing needs of the partnerships, teaching business owners how to manage a physical asset through the structuring of an equity sharing formula, ensuring the strength of the partnership long after the deal closed.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-901793d elementor-widget elementor-widget-heading\" data-id=\"901793d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Implement Capital Plus Approaches with Flexible TA<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-86c4602 elementor-widget elementor-widget-text-editor\" data-id=\"86c4602\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Capital Plus model integrates mandatory technical assistance directly into the lending process. It stabilizes small businesses and improves overall loan quality by ensuring entrepreneurs have the skills to manage the money they borrow. Operationalizing this more staffing intensive model would have its greatest impact if the following shifts were made:<\/p><ul><li><strong>Score Engagement as a Credit Enhancement:<\/strong> Write technical assistance into the loan contract with program participation becoming part of a &#8220;character score.&#8221; Consistent attendance and communication could serve as proxies for a borrower&#8217;s loan repayment reliability. Solution-oriented practitioners should deploy full-time officers to work with applicants for six weeks to three months before a loan is approved. This pre-loan work ensures the business model remains viable and significantly lowers delinquency rates.<\/li><li><strong>Deliver Flexibility for Real Schedules:<\/strong> Entrepreneurs are rarely 9-to-5 people and service delivery must match their reality. Some organizations record sessions and create webinars that allow owners to learn during times that are most convenient for their schedules. Online modules allow for the mastering of basic skills at their own pace before moving onto expensive one-on-one coaching. Furthering this with live support to clarify curriculum points with a coach becomes necessary to ensure learning uptake and use.<\/li><li><strong>Incentivize Training with Improved Loan Terms:<\/strong> Deep engagement requires more than a mandate: it requires a reward that compensates the entrepreneur for their time. Programs that offer a series of sessions on a variety of topics, such as cash flow planning and bookkeeping. Completing this bundle grants the borrower a tangible financial benefit, such as a meaningful reduction in their interest rate.<\/li><li><strong>Target Specific Needs:<\/strong> Capital Plus and similar high-touch models need to be tailored to specific interventions. For example, Baltimore Community Lending explicitly uses different strategic interventions during real estate and small business loan originations. Kiva Access Managers also use similar models to help businesses raise early-stage capital via crowdfunding platforms.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d224b6 elementor-widget elementor-widget-heading\" data-id=\"1d224b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Provide Specialized Debt Consolidation Services<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f18bf38 elementor-widget elementor-widget-text-editor\" data-id=\"f18bf38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Predatory high-interest debt needs to be convertible into patient capital that supports the entrepreneur\u2019s long-term goals. This solution would extricate established businesses from debt traps caused by products like Merchant Cash Advances (MCAs), thus repositioning them for sustainable recovery rather than liquidation. Supporting businesses escape the predatory lending cycle requires a focused effort on these specific refinancing and intervention measures:<\/p><ul><li><strong>Refinance Predatory and High-Interest Debt:<\/strong> The goal is to move businesses from survival mode to financial stability. This involves refinancing predatory loans, which can carry interest rates as high as 80-90%, into sustainable loans with rates around 8-9%. Rather than using rigid traditional underwriting structures, practitioners must use cash flow-based loan structures to determine a business&#8217;s actual ability to pay, which creates the breathing room necessary for recovery.<\/li><li><strong>Adopt a Foreclosure Prevention Counseling Model:<\/strong> Crises require direct intervention, not gentle coaching. Advisors need to adopt a style similar to foreclosure prevention support programs. This means telling business owners explicitly where they stand financially and what must change immediately to avoid closure. Financial literacy education is also important as it teaches borrowers the critical difference between annual percentage rate (APR) and simple interest, preventing them from falling back into the same traps.<\/li><li><strong>Mobilize Patient and Equity-Like Capital:<\/strong> Funding loans for underrepresented entrepreneurs requires capital sources that can wait longer for their repayment. Organizations should utilize equity equivalent (EQ2) funding and other patient capital sources to provide the low-cost capital needed to buy down interest rates. Additionally, equity-like tools that offer deferred or convertible payments can help stabilize a business&#8217;s balance sheet by reducing immediate debt service obligations.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e9ccf5 elementor-widget elementor-widget-heading\" data-id=\"3e9ccf5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Develop High-Quality, Specialized TA<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-602c9f2 elementor-widget elementor-widget-text-editor\" data-id=\"602c9f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Entrepreneurs are often technically sound but lack the specific back-office capabilities required to navigate complex capital markets. We need professional-grade support in legal, financial and strategic domains. Participants raised a broad array of TA solutions that could be grouped into five paths outlined below:<\/p><ul><li><strong>Bridge the Professional Services Gap:<\/strong> Small businesses cannot afford high-end consultants. To fill this void, organizations should leverage skills-based volunteer programs. For instance, Regions Bank provides a model where attorneys and web designers are loaned out to nonprofits for limited engagements to review lease agreements or redesign websites. This also includes specific legal support for setting up Delaware corporations or navigating patent processes for minimum viable products as well.<\/li><li><strong>Democratize Financial Language:<\/strong> Formal underwriting terms often alienate established owners. Practitioners must reform TA to use accessible language instead of industry jargon like &#8220;debt schedules.&#8221; The goal is to ensure a borrower&#8217;s verbal narrative supports their actual financials. This helps owners who have operated for years yet struggle to produce a formal balance sheet bridge the gap between their daily reality and banking standards.<\/li><li><strong>Focus on Market Expansion:<\/strong> TA should build the entrepreneur&#8217;s market access, not just their internal capacity. Programs like <a href=\"https:\/\/www.santanderus.com\/cultivate-small-business\/\" target=\"_blank\" rel=\"noopener\">Cultivate Small Business<\/a> teach food entrepreneurs the storytelling skills needed to make their unique business stand out. Providers should also coach businesses on scope expansion, such as helping a janitorial company move from residential cleaning to lucrative commercial contracts.<\/li><li><strong>Protect Vulnerable Entrepreneurs:<\/strong> In diverse business hubs like Detroit, TA has morphed into intensive &#8220;Know Your Rights&#8221; campaigns. These help business owners navigate the complex intersection of immigration status and the business space.<\/li><li><strong>Formalize Navigator Networks:<\/strong> <a href=\"https:\/\/cookcountysmallbiz.org\/\" target=\"_blank\" rel=\"noopener\">Cook County, Illinois<\/a> developed a navigator program where business service organizations mapped exactly where they fall on the continuum of resource provision. This creates a formal referral network that moves entrepreneurs to the most specialized expert for their current stage rather than trapping them in a generalist loop.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7288d20 elementor-widget elementor-widget-heading\" data-id=\"7288d20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Require Streamlined Procurement Access\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3414e4b elementor-widget elementor-widget-text-editor\" data-id=\"3414e4b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Advocate for comprehensive policy reforms to lower the barrier to entry for government and institutional contracts. Small and diverse businesses often struggle to grow not because of their capabilities but because of administrative and financial requirements designed for large corporations. Addressing this structural lockout requires an overhaul of current contracting through these specific policy and accountability reforms:<\/p><ul><li><strong>Reform Legislative and Local Policy:<\/strong> Local governments must overhaul their current contracting structures to make them more accessible to a broader array of bidders. This includes waiving bonding requirements for contracts under $1 million and reimagining insurance requirements that exceed a small firm&#8217;s capacity. Cities should also move away from reimbursable contracts, which require deep cash reserves that small firms lack. Instead, local governments should directly partner with working capital lenders to provide loans, secured by the contract itself, to bridge the costs before the contractor can seek reimbursement. Large procurement packages should be broken down into smaller increments manageable for Minority and Women-Owned Business Enterprises (MWBEs). Furthermore, policies should require general contractors to demonstrate MWBE use on private projects as a condition for receiving city contracts and subsidies, ensuring that their funding is catalyzing systems change and not solely furthering contract-seeking behaviors.<\/li><li><strong>Adjust Selection and Accountability:<\/strong> Selection committees should include local citizens without a financial or social interest in the contract to reduce bias and broaden decision-making power. Specific minority and small business targets should be a mandatory part of the initial contract formation process rather than an afterthought. Business Inclusion Advisory Councils, like the <a href=\"https:\/\/www.charlottenc.gov\/City-Government\/Departments\/Contracting-and-Procurement\/CBI\/CBIAC\" target=\"_blank\" rel=\"noopener\">City of Charlotte, North Carolina&#8217;s<\/a>, provide a model for holding local governments accountable to these goals. In tribal communities, internal preference policies should require a community-based procurement preference process before seeking outside corporate services.<\/li><li><strong>Streamline Administration Processes:<\/strong> Operating a business isn\u2019t easy, but many jurisdictions have found ways to make it simpler and less burdensome. States like Ohio offer 24-hour turnaround for business licensing. Cities can rezone for pop-up businesses and modular storefronts to provide physical footprints without long-term leases. For developers committed to community benefit agreements, cities should offer expedited review processes as long as businesses remain compliant with previous CBAs. City departments must adopt a business mentality, establishing firm timelines for reviews to reduce the uncertainty that kills momentum.<\/li><li><strong>Build Market Connectivity:<\/strong> Business support organizations need to intentionally bridge the gap between entrepreneurs and large-scale buyers of goods and services. Ecosystem-focused organizations, like <a href=\"https:\/\/thecoalitiondc.org\/dcap\/\" target=\"_blank\" rel=\"noopener\">The Coalition<\/a> in DC, are building detailed databases for institutional buyers like universities and hospitals to be able to search for diverse suppliers by specific criteria, such as crew size and certifications. In order to effectively address cash flow concerns, these systems should include payment processors for tracking invoices and ensuring timely payments. Physical and digital incubators, such as the Nashville Business Information Center or the Melannaire Marketplace in Louisville, create spaces where small firms build the track record needed to bid on larger contracts.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d949e73 elementor-widget elementor-widget-off-canvas\" data-id=\"d949e73\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;entrance_animation&quot;:&quot;slideInDown&quot;,&quot;exit_animation&quot;:&quot;slideInDown&quot;}\" data-widget_type=\"off-canvas.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div id=\"off-canvas-d949e73\" class=\"e-off-canvas\" role=\"dialog\" aria-hidden=\"true\" aria-label=\"Off-Canvas\" aria-modal=\"true\" inert=\"\" data-delay-child-handlers=\"true\">\n\t\t\t<div class=\"e-off-canvas__overlay\"><\/div>\n\t\t\t<div class=\"e-off-canvas__main\">\n\t\t\t\t<div class=\"e-off-canvas__content\">\n\t\t\t\t\t<div class=\"elementor-element elementor-element-2dc9dd8 e-con-full e-flex e-con e-child\" data-id=\"2dc9dd8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-221f4fa elementor-view-default elementor-widget elementor-widget-icon\" data-id=\"221f4fa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<a class=\"elementor-icon\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aclose%26settings%3DeyJpZCI6ImQ5NDllNzMiLCJkaXNwbGF5TW9kZSI6ImNsb3NlIn0%3D\">\n\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-times\" viewBox=\"0 0 352 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M242.72 256l100.07-100.07c12.28-12.28 12.28-32.19 0-44.48l-22.24-22.24c-12.28-12.28-32.19-12.28-44.48 0L176 189.28 75.93 89.21c-12.28-12.28-32.19-12.28-44.48 0L9.21 111.45c-12.28 12.28-12.28 32.19 0 44.48L109.28 256 9.21 356.07c-12.28 12.28-12.28 32.19 0 44.48l22.24 22.24c12.28 12.28 32.2 12.28 44.48 0L176 322.72l100.07 100.07c12.28 12.28 32.2 12.28 44.48 0l22.24-22.24c12.28-12.28 12.28-32.19 0-44.48L242.72 256z\"><\/path><\/svg>\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5934e8a e-con-full e-flex e-con e-child\" data-id=\"5934e8a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a69db47 elementor-widget elementor-widget-heading\" data-id=\"a69db47\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Series Introduction<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1a5f4b elementor-widget elementor-widget-n-accordion\" data-id=\"d1a5f4b\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;all_collapsed&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2190\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2190\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> <i>Methods and Definitions<\/i> <\/div><\/span>\n\t\t\t\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2190\" class=\"elementor-element elementor-element-9d08bff e-con-full e-flex e-con e-child\" data-id=\"9d08bff\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d75f373 elementor-widget elementor-widget-heading\" data-id=\"d75f373\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data Sources<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc9fbf2 elementor-widget elementor-widget-text-editor\" data-id=\"dc9fbf2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Home Mortgage Disclosure Act (HMDA) Data<\/strong>: Primary data source covering national mortgage lending patterns from 2018-2024, representing approximately 88% of all mortgage applications processed annually<\/p><p style=\"font-weight: 400;\"><strong>US Census Bureau Data<\/strong>: Used for demographic information, population statistics, and income data including the American Community Survey and Decennial Census data<\/p><p style=\"font-weight: 400;\"><strong>Consumer Financial Protection Bureau (CFPB) Data<\/strong>: Source for HMDA data collection and release<\/p><p style=\"font-weight: 400;\"><strong>Brookings Institution Research<\/strong>: Referenced for demographic projections and population growth analysis<\/p><p style=\"font-weight: 400;\"><strong>Federal Financial Institutions Examination Council<\/strong>: Source for HMDA data products<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c012019 elementor-widget elementor-widget-heading\" data-id=\"c012019\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Analysis Period and Scope<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa459d6 elementor-widget elementor-widget-text-editor\" data-id=\"aa459d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Time Frame<\/strong>: 2018-2024<\/p><p style=\"font-weight: 400;\"><strong>Loan Types Analyzed<\/strong>: Focus on home purchase loans for owner-occupied, site-built,\u00a01-4 unit\u00a0properties except as noted<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2c9457 elementor-widget elementor-widget-heading\" data-id=\"d2c9457\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data Processing Methods<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-408f167 elementor-widget elementor-widget-text-editor\" data-id=\"408f167\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Race\/Ethnicity Calculation<\/strong>: Detailed subgroup identification method that prioritizes specific ethnic codes (11-14 for Hispanic subgroups, 21-27 for Asian subgroups, 41-44 for Pacific Islander subgroups) over broader categories<\/p><p style=\"font-weight: 400;\"><strong>Missing Data Treatment<\/strong>: &#8220;No Data&#8221; loans excluded from demographic calculations rather than treated as a separate racial category<\/p><p style=\"font-weight: 400;\"><strong>Year-over-Year Comparisons<\/strong>: Multi-year data compared using identical calculation methods across the 2018-2024 period<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4c3aae elementor-widget elementor-widget-heading\" data-id=\"e4c3aae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key Metrics and Definitions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6266f98 elementor-widget elementor-widget-text-editor\" data-id=\"6266f98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Low- and Moderate-Income Borrower (LMIB)<\/strong>: Borrowers with household income below 80% of area median income<\/p><p style=\"font-weight: 400;\"><strong>Low- and Moderate-Income Census Tract (LMICT)<\/strong>: Geographic areas where median family income is at or below 80% of metro area median family income<\/p><p style=\"font-weight: 400;\"><strong>Majority-Minority Census Tract (MMCT)<\/strong>: Census tracts where racial\/ethnic minorities comprise more than 50% of residents<\/p><p style=\"font-weight: 400;\"><strong>Cost Per Dollar<\/strong>: Calculated as (Total Payments Over 30 Years + Closing Costs) \u00f7 Original Loan Amount<\/p><p style=\"font-weight: 400;\"><strong>Market Share<\/strong>: Percentage of total loans in a market originated by a specific lender<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a9be21 elementor-widget elementor-widget-heading\" data-id=\"8a9be21\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Calculation Formulas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9d7de13 elementor-widget elementor-widget-text-editor\" data-id=\"9d7de13\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Percentage Calculations<\/strong>:<\/p><ul><li style=\"font-weight: 400;\">Low and moderate-income borrower percentages: (LMIB\/Total Loans) \u00d7 100<\/li><li style=\"font-weight: 400;\">LMI Tract percentages: (LMICT\/Total Loans) \u00d7 100<\/li><li style=\"font-weight: 400;\">Majority-minority tract percentages: (MMCT\/Total Loans) \u00d7 100<\/li><li style=\"font-weight: 400;\">Race and ethnicity percentages: (Race group\/(Total Loans-No Data)) \u00d7 100<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b29021e elementor-widget elementor-widget-heading\" data-id=\"b29021e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data Quality and Limitations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff15ffa elementor-widget elementor-widget-text-editor\" data-id=\"ff15ffa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>Coverage Limitations<\/strong>: Analysis limited to loans with reported demographic data (approximately 4.7\u00a0million\u00a0of 5.3 million total loans in 2024)<\/p><p style=\"font-weight: 400;\"><strong>Census Boundary Changes<\/strong>: 2020 Census redrew neighborhood boundaries, affecting historical comparisons for majority-minority tract analysis starting in 2022<\/p><p style=\"font-weight: 400;\"><strong>Missing Data Impact<\/strong>: Growing number of loans without demographic data affects trend analysis accuracy<\/p><p style=\"font-weight: 400;\"><strong>Multiracial Identity Challenges<\/strong>: Difficulty measuring lending equity for people identifying as multiple races<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17ab2cb elementor-widget elementor-widget-heading\" data-id=\"17ab2cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Terms<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36af6db elementor-widget elementor-widget-text-editor\" data-id=\"36af6db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\"><strong>AAPI<\/strong>\u00a0&#8211; Asian American and Pacific Islander: Demographic label that groups together Asian and Pacific Islander communities<\/p><p style=\"font-weight: 400;\"><strong>AHO<\/strong>\u00a0&#8211; Access to Home Ownership: Office of Hawaiian Affairs program that guarantees portions of home loans for Native Hawaiian first-time homebuyers<\/p><p style=\"font-weight: 400;\"><strong>CDFI<\/strong>\u00a0&#8211; Community Development Financial Institution: Specialized lenders focused on serving underserved communities<\/p><p style=\"font-weight: 400;\"><strong>CFPB<\/strong>\u00a0&#8211; Consumer Financial Protection Bureau: Federal agency that oversees mortgage lending and consumer financial protection<\/p><p style=\"font-weight: 400;\"><strong>CRA<\/strong>\u00a0&#8211; Community Reinvestment Act: Federal law requiring banks to meet credit needs of their entire communities, especially low-income areas<\/p><p style=\"font-weight: 400;\"><strong>FHA<\/strong>\u00a0&#8211; Federal Housing Administration: Government agency that insures mortgages<\/p><p style=\"font-weight: 400;\"><strong>GSE<\/strong>\u00a0&#8211; Government-Sponsored Enterprise: Companies like Fannie Mae and Freddie Mac that buy mortgages from lenders<\/p><p style=\"font-weight: 400;\"><strong>HMDA<\/strong>\u00a0&#8211; Home Mortgage Disclosure Act: Federal law requiring lenders to report detailed mortgage lending data<\/p><p style=\"font-weight: 400;\"><strong>HoPI<\/strong>\u00a0&#8211; Hawaiian or Pacific Islander: Demographic category for Native Hawaiian and Pacific Islander populations<\/p><p style=\"font-weight: 400;\"><strong>HUD<\/strong>\u00a0&#8211; US Department of Housing and Urban Development: Federal agency that oversees housing programs<\/p><p style=\"font-weight: 400;\"><strong>IHBG<\/strong>\u00a0&#8211; Indian Housing Block Grant: Federal program funding housing development on tribal lands<\/p><p style=\"font-weight: 400;\"><strong>LEI<\/strong>\u00a0&#8211; Legal Entity Identifier: Unique identification code for financial institutions<\/p><p style=\"font-weight: 400;\"><strong>LMI<\/strong>\u00a0&#8211; Low- and Moderate-Income: People or areas with incomes at or below 80% of area median income<\/p><p style=\"font-weight: 400;\"><strong>LMIB<\/strong>\u00a0&#8211; Low and Moderate-Income Borrower: Borrowers with incomes below 80% of area median income<\/p><p style=\"font-weight: 400;\"><strong>LMICT<\/strong>\u00a0&#8211; Low- and Moderate-Income Census Tract: Geographic areas where median incomes fall below 80% of regional average<\/p><p style=\"font-weight: 400;\"><strong>MIP<\/strong>\u00a0&#8211; Mortgage Insurance Premium: Monthly fee paid by FHA borrowers to protect lenders against default<\/p><p style=\"font-weight: 400;\"><strong>MMCT<\/strong>\u00a0&#8211; Majority-Minority Census Tract: Neighborhoods where racial\/ethnic minorities make up more than 50% of residents<\/p><p style=\"font-weight: 400;\"><strong>RHS<\/strong>\u00a0&#8211; Rural Housing Service: USDA program providing housing assistance in rural areas<\/p><p style=\"font-weight: 400;\"><strong>VA<\/strong>\u00a0&#8211; Veterans Affairs: Government department that provides benefits to military veterans, including mortgage guarantees<\/p><p style=\"font-weight: 400;\"><strong>YoY<\/strong>\u00a0&#8211; Year-over-Year: Comparison between the same period in consecutive years<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3766a43 elementor-widget elementor-widget-text-editor\" data-id=\"3766a43\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">The Home Mortgage Disclosure Act (HMDA) data is collected and released each year by the Consumer Financial Protection Bureau (CFPB). This dataset offers unparalleled details about 88% of the mortgage applications processed each year. This information is critical for any regulator, advocate or lender that wants to understand the market. Data of this kind promotes fair and efficient markets.<\/p><p style=\"font-weight: 400;\">This series of research briefs will offer a deep analysis of this data and help\u00a0policymakers,\u00a0the\u00a0general public\u00a0and National Community Reinvestment Coalition (NCRC) members understand current mortgage market trends at the local level. There are a great number of topics that this data will help us explore via a series of episodes with\u00a0easy to understand\u00a0reports, policy suggestions, videos, data visualizations and maps. These insights can help various organizations and market actors to utilize this data to support fair lending programs and initiatives in their communities.<\/p><p style=\"font-weight: 400;\">There were several key takeaways and findings in the 2024 HMDA data that we will discuss in future episodes. This introduction and summary will be updated as new episodes in this series are published.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ae2c4d elementor-widget elementor-widget-heading\" data-id=\"0ae2c4d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Key Takeaways<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-865d092 elementor-widget elementor-widget-heading\" data-id=\"865d092\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Key Findings<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb35c5f elementor-widget elementor-widget-text-editor\" data-id=\"bb35c5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ol style=\"font-weight: 400;\"><li><strong>Declining Low-Income Access:<\/strong>\u00a0Lending to low- and moderate-income borrowers fell to 14.2% in 2024 (the lowest level since 2018), reflecting severe affordability challenges.<\/li><li><strong>Hispanic Market Growth:<\/strong>\u00a0Hispanic borrowers now exceed their population share in mortgage lending, reaching 17.7% of home purchase loans in 2024.<\/li><li><strong>Persistent Black Homeownership Gap:<\/strong>\u00a0Black borrower participation remains stagnant at 8.9% (well below their 11.7% share of the adult population), with declining shares in major metro areas.<\/li><li><strong>Less-Regulated Lenders Displacing\u00a0Banks:<\/strong> Mortgage companies and credit unions \u2013 whose lending activity is not covered by key economic opportunity laws like the Community Reinvestment Act \u2013 have greatly expanded their share of lending. Mortgage companies are making \u2154 of home purchase loans in 2024. Credit unions are now making more cash out\u00a0refinance\u00a0loans than banks and hold nearly the same share of the home equity market\u00a0that banks do, without the oversight offered by the\u00a0CRA.<strong>.<\/strong><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d61dee elementor-widget elementor-widget-text-editor\" data-id=\"2d61dee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Access and Affordability<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a0e5401 elementor-widget elementor-widget-text-editor\" data-id=\"a0e5401\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Low- and moderate-income (LMI) home purchase lending continues its long decline, now at just 25.8% of all home purchases on owner occupied, 1-4 unit site built homes. Upper income borrowers dominate homebuying, even in LMI and majority minority census tracts.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da41643 elementor-widget elementor-widget-text-editor\" data-id=\"da41643\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Demographic Shifts<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b512673 elementor-widget elementor-widget-text-editor\" data-id=\"b512673\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-weight: 400;\">Hispanic borrowers continue to expand their market presence, and in 2024 for the first time on record were slightly\u00a0<em>over<\/em>-represented in home purchase lending relative to overall population share. 17.7% of loan originations in 2024 went to a Hispanic borrower, exceeding the 16.8% percent of the overall adult population who identify as Hispanic. In contrast, the Black borrower share of the market remains well below their population representation (8.9%), with declines in key markets like Atlanta, Houston and Washington, DC.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2dd8de5 e-con-full e-flex e-con e-child\" data-id=\"2dd8de5\" data-element_type=\"container\" data-e-type=\"container\" 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class=\"elementor-element elementor-element-060f472 elementor-hidden-mobile e-flex e-con-boxed e-con e-child\" data-id=\"060f472\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[],&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;],&quot;sticky_offset&quot;:100,&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b65b6af elementor-widget elementor-widget-heading\" data-id=\"b65b6af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Nashville Summit Series <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c166b4c elementor-widget elementor-widget-heading\" data-id=\"c166b4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/nashville-summit-series-brief-1-background-and-our-methodology\/\" target=\"_blank\">BRIEF 1: Background and Our Methodology<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f30e46 elementor-widget elementor-widget-heading\" data-id=\"8f30e46\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/nashville-summit-series-brief-2-common-barriers-solutions-across-program-areas\/\" target=\"_blank\">BRIEF 2: Common Barriers &amp; Solutions Across Program Areas<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4929a33 elementor-widget elementor-widget-heading\" data-id=\"4929a33\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/nashville-summit-series-brief-3-barriers-solutions-for-affordable-housing\/\">BRIEF 3: Barriers &amp; Solutions for Affordable Housing<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed580bc elementor-widget elementor-widget-heading\" data-id=\"ed580bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/nashville-summit-series-brief-4-barriers-solutions-for-small-business\/\">BRIEF 4: Barriers &amp; Solutions for Small Business<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45f7e4c elementor-widget elementor-widget-heading\" data-id=\"45f7e4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/ncrc.org\/nashville-summit-series-brief-5-barriers-solutions-for-workforce-development\">BRIEF 5: Barriers &amp; Solutions for Workforce Development<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ea7a45 elementor-widget elementor-widget-heading\" data-id=\"7ea7a45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div 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