Business

EXPANDING BLACK BUSINESS CREDIT INITIATIVE CLOSES $29M FOR THE BLACK VISION FUND

Published

1 year ago

March 17, 2022

avista

The Fund Will Increase the Pipeline of Funding for Black-owned Small Businesses

The Expanding Black Business Credit network (EBBC) officially announced today the final close of its Black Vision Fund. The fund will lend long-term funds to six successful Community Development Financial Institutions (CDFIs) with long histories of inclusive investing in order to expand their lending activity to small businesses in underserved communities. A primary goal is to reduce the racial wealth gap that plagues the Black community.

“The Black Vision Fund is the result of a network of Black-led/focused loan fund CEOs collaborating to create a fund that will demonstrate that there is a large market opportunity that has been neglected, which is the growing number of successful Black-owned small businesses in the country,” says Gary Cunningham, President and CEO of Prosperity Now. Black Vision Fund’s CDFI network servicing a variety of markets across the country includes MEDA, Community First Fund, City First Broadway Bank, Black Business Investment Fund, Hope Enterprise Corporation/Credit Union, and National Community Investment Fund.

EBBC members are experienced Community Development Financial Institutions with more than $1.5 billion in combined total assets who currently help support entrepreneurs and small businesses in Pennsylvania, Maryland, District of Columbia, Minnesota, Florida, Georgia, Tennessee, Alabama, Mississippi, Louisiana, Arkansas, Texas and California.

The fund will be managed by LISC New Markets Support Company (NMSC), an affiliate of Local Initiatives Support Corporation, and benefits from an anchor contribution from EBBC made possible by a significant grant from Wells Fargo. Additional funding partners include Amalgamated Bank, Ceniarth, David and Lucile Packard Foundation, Jewish Community Federation and Endowment Fund, Local Initiatives Support Corporation (LISC), and Opportunity Finance Network (OFN). All of these funders have contributed long-term, low-interest loan capital to the Black Vision Fund which will be on-lent to participating CDFIs. The CDFIs, in turn, will provide financing to eligible small businesses operating in or benefiting disadvantaged communities, including Black-owned small businesses.

According to the U.S Federal Reserve, while Black-owned businesses were more likely to apply for bank financing, less than 47% of their applications were fully funded. The data found that Black-owned businesses were two times as likely to be turned down for loans as white business owners. Building on EBBC’s commitment to create thriving business ecosystems that strengthen Black-owned small businesses, Black-led nonprofits, and the Black-focused/led CDFIs that help them to succeed, the Black Vision Fund invests in CDFIs serving as a lending intermediary between funders and disadvantaged small businesses throughout the country.

“Black-led and Black-focused financial institutions locate and invest in Black communities at much higher rates than white-owned financial institutions,” says Bill Bynum, CEO of Hope Credit Union in Jackson, Mississippi. “The CDFIs supported by the Black Vision Fund will provide vital capital that will accelerate the growth of Black-owned small businesses.”

Greater investment in Black-led or Black-focused financial institutions and businesses would have an historic impact on the racial wealth gap and expanding access to credit for Black business owners. Financing Black businesses increases the net worth of families of owners, creates local jobs, provides needed local goods and services, and ultimately contributes to supporting economic growth in Black communities.

To learn more about EBBC and Black Vision Fund, please visit ebbcfund.org About EBBC

Expanding Black Business Credit (EBBC) was formed in 2016 as a CEO Peer Learning Network by leaders of Black-led/focused Community Development Financial Institutions (CDFIs) to share best practices in lending to Black businesses and prove that there is an attractive market of Black-owned businesses that can be financed by the financial services industry and thereby reduce persistent inequalities of wealth, income and opportunity in Black communities.

They created a report to prove the value of equalizing lending to Black-owned small businesses and developed the Black Vision Fund to execute on it.About Black Vision Fund

The Black Vision Fund (BVF) approves and invests loans in EBBC member Community Development Financial Institutions (CDFIs) that will then provide financing specifically to Black-owned small businesses. It is a vehicle that helps corporate and philanthropic investors put their capital to work to address racial and socio-economic disparities, fueling CDFIs with long histories of inclusive investing and deep connections to the communities they serve.

Business

San Antonio Airport to Set Record for Travel During Memorial Day Weekend

Published

1 week ago

May 25, 2023

Editor

More people are packing their suitcases for trips in and out of San Antonio International Airport (SAT) than ever before. SAT will see a record-breaking number of travelers – close to 190,000 total – from Thursday to Memorial Day. During that 5-day period, there’s an estimated 14% increase in scheduled seats to and from SAT compared to 2019 and a 19% increase since last year.

“We’re expecting the busiest Memorial Day weekend travel in our airport’s history,” said Jesus Saenz, Director of Airports, San Antonio Airport System. “People want to fly and it’s getting more affordable to do so. We are seeing more competitive fares with the addition of Spirit Airlines over the last year – and that’s helping our travelers find better deals on flights that are too good to pass up. We’re also expecting our busiest summer ever, but right now we’re focused on making sure everyone has a smooth experience in the days ahead.”

According to the Transportation Security Administration, here’s a day-by-day breakdown of how many passengers are expected to fly in and out of SAT:

Thursday: 38,514
Friday: 38,600
Saturday: 34,000
Sunday: 38,100
Memorial Day: 37,700

Fly Away Valet has also set records recently. Earlier this month, the company reported a gigantic increase in parking spaces at SAT since the service began in 2020. The service started with 80 spaces and now has 500.

Last week, valet operations were consolidated to the Short-Term Parking Garage for both pick-up and drop-off of vehicles.

For more information and to watch a video showing how to valet park at SAT, please visit the airport’s website.

Business

Job Fest 2023

Published

1 week ago

May 22, 2023

Editor

Mark your calendars for JobFest 2023, happening on Thursday, June 1 from 4 -7 p.m. at the ATT Center. Whether you’re a recent graduate, looking for a summer internship, or seeking professional development opportunities, JobFest is the place to be!

We are seeking youth looking for Internships, part-time, and full-time positions. This is a no-cost, in-person event at the AT&T Center. Register today and connect with local employers with various positions in high-demand, high growth careers! To reserve your spot, go here.

Open to Youth 16-24 and the General Public

Opportunities include:

✅Internships

✅Part-Time Positions

✅Full-Time Positions

✅ Resume & Interview Skills

This is a partnership event from Texas State House Representative Barbara Gervin-Hawkins, in collaboration with Bexar County, City of San Antonio, Ready To Work, Goodwill Industries of San Antonio, Spurs Sports & Entertainment, and Workforce Solutions Alamo.

JOB FAIR TIPS FOR YOUR SUCCESS:

✔️Come dressed professionally

✔️Bring your updated Resume

If you would like help updating your resume, please visit any Workforce Solution Alamo Career Center location before the event or call (210) 224-4357 to make an appointment.

Business

Bexar County Couple Offers Counseling & Mentorship Program

Published

3 months ago

March 17, 2023

Editor

Community-based counseling is happening at Ken-Lyn Consultants and Associates, a vision Dr. Kenneth Brown and Dr. Lynda Brown had years ago. The couple is now considered a family counselor and life coach duo.

Ken-Lyn has been serving Bexar County since 2017 and has grown almost immediately from serving 3-5 clients weekly to serving 50-70 globally. One of their greatest accomplishments is their continuous “5-Star” ratings. Amazingly, of the thousands of clients that have chosen to write a review, they all have shared the same sentiment.

Dr. Lynda Brown is a product of the East Side, where her father, Dr. Walter Duncan, served as one of the leading dentists to Black clients. Her mom, Dr. Joan Duncan, spent 40 years as an educator and professor. Dr. Kenneth Brown’s mom was an office manager, church leader, and pianist in Southern Maryland.

The Brown’s services have taken them to faraway places such as Australia, Dubai, Italy, Hawaii, and Alaska. They travel to perform workshops and officiate weddings all over the country. The Brown’s business partner, Tiana Hill, is an Air Force veteran like Dr. Kenneth Brown. A University of Texas at San Antonio graduate, Hill develops all website and software programming, mentors the youth, and is also a parent in the program. Ken-Lyn’s associates and partners are specialists in their fields, such as nurse practitioners, military human resources, special education professionals, attorneys, doctors, pharmacists, information technology specialists, movers, mechanics, realtors, credit recovery, insurance brokers, and many more.

Ken-Lyn’s vast array of services is “everything family.” Their youngest client is four years old, and their oldest is 86. They have assisted over 110 students to get into four-year universities, helping them earn over $5.2 million in scholarships. Their clientele is diverse, from local families simply trying to keep their child in school to West Coast entertainers, East Coast politicians, doctors, lawyers, police officers, active military and veterans. They also serve as educational advocates during 504/IEP meetings from the school conference room to the Texas Education Agency and the Office of Civil Rights as needed.

Ken-Lyn Consultants and Associates has been where undergraduate psychology students come to “cut their teeth” and learn how to run a practice and market their services. As of spring 2023, 80% of their undergraduate interns have come from UTSA. Interns serve in the tradition of “camp counselors” as they aid students within the Ken-Lyn mentorship program.

They say, “We monitor grades. We aid them with everything from hygiene, makeup application, grooming, and college prep to cleaning and organizing backpacks. We help our mentees to discover themselves, despite the possible odds and misunderstandings they may face daily.”

This spring, Ken-Lyn has a busy community schedule while serving clients daily:

Their office has recently expanded, and on March 23 at 6:30 pm, they will host a brief “Business Blessing Ceremony.” Dr. Otis Mitchell, pastor of Mt. Zion First Baptist Church, will officiate.
On Thursday, March 30, the six-week “12 Steps Toward Communicating Better” workshop will conclude at the Windmill Ice House at 2769 Nacogdoches Rd, featuring artist Elizabeth Holmes and the Ken-Lyn Communicators Band.
Their mentorship program will host female and minority pilots at the Boerne Stage Field, 100 Boerne Stage Airfield, on Sunday, March 26at 5 pm.
Other mentorship guest speakers this semester will include professionals in tech fields, professors, and adults who have turned their lives around for themselves and their families.
Every semester, students in their program will tour at least two colleges. This semester, they will visit Our Lady of the Lake University and Texas A&M University at College Station.

To learn more about Ken-Lyn’s services, visit (KenLynConsultants.com) or call 210-761-4345.