For the Press and Standard
Entrepreneurs start businesses at record highs, but with high interest rates and tighter credit requirements, they need robust support to survive.
WHAT: A record 10.5 million small businesses have started since 2021 – mostly run by people of color, women and immigrants. However, these are the same groups that have traditionally been shut out of the financial system due to obstacles such as language barriers and lack of credit history.
The lending climate is even more challenging with higher interest rates, tighter credit requirements and a recession on the horizon.
During Small Business Week (April 30 – May 6), financial and small business experts from the Accion Opportunity Fund (AOF) will be available to discuss what small businesses need to keep their businesses and our economy growing.
WHO:
AOF is the nation’s leading nonprofit community development financing institution (CDFI), providing small businesses with access to responsible capital, networking and coaching. AOF experts are on hand to discuss policy, private sector and philanthropic tools to sustain the small business boom amid a credit crunch, including:
Luz Urrutia, CEO, Accion Opportunity Fund is dedicated to serving underinvested populations and small business owners. Luz, who was born in Venezuela, came to the United States to study and developed an interest in financial inclusion after being denied a $500 credit card. In 2021, Luz was named to the Forbes 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 counsel 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 of the Small Business Administration and a White House policy adviser under President Trump. He is currently 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 co-author Ja’Ron Smith will be published 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 to the House Oversight and Reform Subcommittee on Economic and Consumer Policy and Director of Government Affairs for the United Negro College Fund (UNCF).
Desha Elliott, Luis Ramos and Oren Shani, members of the Accion Opportunity Fund’s Business Advising Team, are business development professionals specializing in mentoring entrepreneurs, building teams and creating the processes necessary to start successful businesses.
Small business owners are also available to speak upon request.
WHEN: During and after 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.
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