{"id":5059150,"date":"2023-02-15T08:10:15","date_gmt":"2023-02-15T13:10:15","guid":{"rendered":"http:\/\/ctlatinonews.com\/?p=5059150"},"modified":"2023-02-15T08:10:15","modified_gmt":"2023-02-15T13:10:15","slug":"increasing-small-business-prosperity-and-employment-opportunities","status":"publish","type":"post","link":"https:\/\/latinonewsnetwork.com\/ctln\/2023\/02\/15\/increasing-small-business-prosperity-and-employment-opportunities\/","title":{"rendered":"Increasing small business prosperity and employment opportunities"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Three years after the COVID-19 pandemic\u2019s arrival, small businesses and nonprofits across the state continue to be disproportionately impacted.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although public resources have been available to local businesses, those in underserved communities typically have more difficulty accessing these opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Seeing as minority-owned and led organizations faced a variety of challenges <em>before<\/em> the pandemic, accessible resources have become more crucial than ever.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In CT, Hispanics make up 15.6 percent of the state\u2019s workforce but only nine percent owned businesses, according to a 2021 report by the US Small Business Administration Office of Advocacy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Associate Lending Manager of the National Development Council Jovanna Mejia was this month\u2019s guest on the Latino News Network podcast, <em>\u201c3 Questions With\u2026\u201d,<\/em> to speak on specific barriers minority entrepreneurs face and unique resources available to them.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-spotify wp-block-embed-spotify wp-embed-aspect-21-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Spotify Embed: Jovanna Mejia, Associate Lending Manager, National Development Council \" style=\"border-radius: 12px\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\" src=\"https:\/\/open.spotify.com\/embed\/episode\/3jSpItewokpQUnDCUSw0Xp?si=ObQ2hdSoSHmKBypeqpKhQQ&#038;utm_source=oembed\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/ndconline.org\/about-us\/\" target=\"_blank\" rel=\"noopener\">The National Development Council<\/a> is a national nonprofit that has served all 50 states for over 50 years. The NDC works with local and state governments along with community-based organizations to direct capital that will support their local communities in a variety of ways.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Local entrepreneurs have shared their concerns and struggles with Mejia, emphasizing economic barriers, limited opportunities for further skill development, and employee retention rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cMany business owners find it difficult to participate in training and educational opportunities,\u201d Mejia has learned. \u201cHowever, these opportunities\u2026could help the entrepreneurship gap and increase small business prosperity and employment opportunities.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The educational level of business owners tends to correlate with business success, Mejia pointed out.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On employee retention rates, Mejia explained that because of the abundance of jobs, employees now sort of have their pickings and many may think that the grass is greener at another job.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSo, this makes it very difficult for recruitment and retention for <em>any <\/em>business &#8211; yet alone a small business,\u201d she said. \u201cSmall businesses already specifically struggle to match the benefits and pay that larger companies provide.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, small businesses offer benefits that larger companies do not. Mejia said this includes flexible work schedules, a family culture, mentorship, loyalty, and the willingness to try new things and be innovative.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/ctsmallbusinessboostfund.org\/\" target=\"_blank\" rel=\"noopener\">CT Small Business Boost Fund<\/a> is a loan program that was launched in June, with the NDC as a participating lender, to specifically support minority entrepreneurs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The loan program \u201coffers flexible credit parameters \u2014 so, a lower cash flow requirement and no collateral requirement [so that] historically underserved businesses can gain access to capital when otherwise they would not be able to do so,\u201d Mejia explained. \u201cThis is critical as it helps to tear down historical barriers and allows businesses to build capacity over time.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">She emphasized that approved applicants are matched with a knowledgeable lender who will get to know them and their organization, and guide them through the application and approval process.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis process should allow business owners, especially minority business owners, to not only gain a loan approval but also understand a loan application process for the next time they apply for a loan through either a CDFI or a bank,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe Connecticut economy can\u2019t thrive without the good services and job opportunities provided by our small businesses and nonprofits,\u201d Mejia said.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Publisher\u2019s Notes: CT Latino News covers the <\/em><em>social determinants of health<\/em><em>\u2014among the state\u2019s diverse Hispanic-Latino populations. Economic stability and housing security are essential to one\u2019s life and well-being.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>CT Latino News is a partner of the CT Small Business Boost Fund in supporting the state\u2019s Hispanic and Latino communities.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three years after the COVID-19 pandemic\u2019s arrival, small businesses and nonprofits across the state continue to be disproportionately impacted.&nbsp; Although 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