Black- and brown-owned business often face challenges in securing working capital. With that in mind, a coalition of about 30 financial organizations have launched a program designed to help minority owned businesses gain access to loan funding.
The Philadelphia Growth, Resiliency, Independence, Tenacity Fund (PHL GRIT Fund) aims to build capacity of Philadelphia’s community development financial institutions (CDFIs) and increase access to capital while providing business counseling through professional services.
“Banks have never come together in this region to say why don’t we all pull together to help fix this systemic problem that we’ve had where there have never been enough investment in the CDFI ecosystem in Philadelphia to help small Black and brown owned businesses,” said Varsovia Fernandez, executive director of the Pennsylvania CDFI Network, which helped organize the fund.
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