For The Press and Standard
Entrepreneurs are starting businesses at record rates, but with high interest rates and tightening credit requirements they’ll need robust support to survive.
WHAT: A record 10.5 million small businesses have started since 2021—largely driven by people of color, women, and immigrants. However these are the same groups traditionally shut out of the financial system because of obstacles like language barriers and lack of credit history.
The lending climate is even more challenging with higher interest rates, stricter credit requirements, and a recession on the horizon.
During Small Business Week (April 30 - May 6) financial and small business experts from Accion Opportunity Fund (AOF) will be available to discuss what small businesses will need to keep their businesses and our economy booming.
WHO:
AOF is the nation’s leading nonprofit Community Development Financial Institution (CDFI) providing small businesses with access to responsible capital, networks, and coaching. AOF experts are prepared to discuss policy, private sector, and philanthropic tools to maintain the small business boom amid a credit crunch include:
Luz Urrutia, CEO, Accion Opportunity Fund is devoted to serving underinvested populations and small business owners. Born in Venezuela, Luz came to the U.S. for college and developed an interest in financial inclusion after being denied a $500 credit card. In 2021, Luz was named to theForbes 50 Over 50 Investors list. Prior to joining AOF, Urrutia founded El Banco de Nuestra Comunidad, a community bank serving unbanked/underbanked Latino consumers and small businesses in Georgia. Luz has served as Advisor to the Federal Reserve Bank of San Francisco and the Consumer Financial Protection Bureau; she is a frequent expert witness on Capitol Hill.
Chris Pilkerton is the former acting administrator for the Small Business Administration and White House policy advisor under President Trump. He currently is Chief Legal and Regulatory Strategy Officer at Accion Opportunity Fund. His forthcoming book — Underserved: Harnessing the Principles of Lincoln’s Vision for Reconstruction for Today’s Forgotten Communities — with coauthor Ja’Ron Smith will be released this fall.
Joshua Miller, Ph.D., Vice President of Policy and Research for Accion Opportunity Fund, focuses on the intersection of research and public policy.Miller has served as policy advisor for the House Oversight and Reform Subcommittee on Economic and Consumer Policy and Director of Government Affairs for UNCF (United Negro College Fund)
Desha Elliott, Luis Ramos and Oren Shani, members of Accion Opportunity Fund’s Business Advising Team, are business development professionals specializing in mentoring entrepreneurs, building teams, and creating the processes needed to launch successful businesses.
Small business owners are also available to speak upon request.
WHEN: During and following the SBA’s Small Business Week, April 30 - May 6.
To request an interview with Accion Opportunity Fund staff contact Janel Knight Trulear at janel@emccommunications.com or 617-875-6581.
