{"id":937,"date":"2019-09-26T22:03:42","date_gmt":"2019-09-26T22:03:42","guid":{"rendered":"https:\/\/peopleseconomylab.org\/?p=937"},"modified":"2022-08-25T14:53:43","modified_gmt":"2022-08-25T21:53:43","slug":"leaders-in-community-capital-convene","status":"publish","type":"post","link":"https:\/\/peopleseconomylab.org\/leaders-in-community-capital-convene\/","title":{"rendered":"Leaders in Community Capital Convene"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In pursuit of an economy that puts people and places first and the need to give communities more control over capital, People\u2019s Economy Lab convened 21 local leaders to workshop the issue of affordable and accessible capital. The group that came together shared vision of increased local investment in entrepreneurs and workers from communities that face greater barriers, including communities of color, immigrants and refugees, and women, and new strategies for a vibrant community economy that closes the racial wealth gap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The group had representation from community development financial institutions, credit unions, ethnic chambers of commerce and business support organizations, academia, individual investors, grassroots capital pilot projects, and others. A new organization, Community Credit Lab, shared data from their research of more than 100 local leaders on barriers to capital and the persistent national racial disparities which also show up in King County.\u00a0 Their data resonated with experienced service providers who identified key barriers like<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Traditional risk assessments that discount certain communities<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Lack of capacity for culturally relevant technical assistance<\/span><span style=\"font-weight: 400;\"> and the need for education<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The importance of public support and how policy affect outcomes<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Policy and technical barriers that prevent people from investing in their own communities.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The need for more data<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The group found value in the opportunity to convene, as there is not a regular platform for this conversation. They identified a need for acting on multiple fronts to change outcomes, including:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Address the multiple financial costs that prevent entrepreneurship<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Build out space to track data and develop programmatic and policy solutions<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Experiment more to arrive at a new model for community-based economic models<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Decentralize investment opportunities into community banks and credit unions<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Expand the definition of risk beyond financial risk to the investor, and into the risks our communities face if inequities and extraction persist<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Bring more people \u2013 including diverse business owners \u2013 into the conversation directly<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Provide stable, culturally relevant technical assistance to various efforts<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Identify and value relationship in lending alongside financial return<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Make financial literacy and business literacy training consistently available<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Support the long-term success of local businesses, and their growth<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">We\u2019re continuing the conversation and welcome inquiries and offers to help on the road to changing the way capital works in our communities toward community benefit. That may include future conversations, information gathering and analysis, and pilot projects. Please contact us if you want to learn more and be involved.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In pursuit of an economy that puts people and places first and the need to give communities more control over capital, People\u2019s Economy Lab convened 21 local leaders to workshop the issue of affordable and accessible capital. The group that came together shared vision of increased local investment in entrepreneurs and workers from communities that 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Economy Lab Leader","author_link":"https:\/\/peopleseconomylab.org\/author\/peoples-economy-lab-leader\/"},"featured_img":"https:\/\/peopleseconomylab.org\/wp-content\/uploads\/2019\/09\/20190912_140725_HDR-e1569535367184-300x226.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/peopleseconomylab.org\/category\/community-capitol-working-group\/\" class=\"advgb-post-tax-term\">Community Capitol Working Group<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Community Capitol Working Group<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 5 years ago","modified":"Updated 2 years ago"},"absolute_dates":{"created":"Posted on September 26, 2019","modified":"Updated on August 25, 2022"},"absolute_dates_time":{"created":"Posted on September 26, 2019 10:03 pm","modified":"Updated on August 25, 2022 2:53 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