PCV CEO Bulbul Gupta Speaks On Domestic Policy Conference on Economic Inclusion and Growth at the Clinton Presidential Center
On November 20, President Bill Clinton and former Secretary of State Hillary Rodham Clinton will host “Economic Inclusion and Growth: The Way Forward,” a conference on domestic economic policy at the Clinton Presidential Center in Little Rock. It will emphasize the need for a collective effort to drive action and help financial growth partners scale impact; address the income gap and racial wealth disparities; and better support underserved communities, small businesses, and entrepreneurs.
The conference is being held as the Community Development Financial Institutions (CDFI) Fund marks the 25th anniversary of its creation, among other important economic milestones from the Clinton administration, including the development of Rural Empowerment Zones, establishment of the New Market Tax Credit, and more. Together with state and local municipalities, nonprofits, and the philanthropic and private sectors, these Clinton administration priorities were key in unlocking economic opportunity by focusing on efforts to address income inequality and creating an era of broad-based economic growth.
In addition to remarks by President Clinton and Secretary Clinton, the conference will include a series of panel discussions and networking events with CDFI leadership, leading impact investors, mayors, community organizations and former Clinton administration officials.
Pacific Community Ventures President & CEO Bulbul Gupta will speak about how we’re committing to scale our BusinessAdvising.org platform nationally through strategic partnerships to serve over 1,500 small business owners in the U.S. next year. BusinessAdvising.org connects entrepreneurs with free, expert business business advisors on any topic, from financial management to marketing, including support to create quality jobs and increase wealth building in their communities. PCV is now offering this platform to other CDFIs, investors, accelerators, mayors offices, and organizations working with small and growing businesses. Entrepreneurs that work with PCV’s BusinessAdvising.org have a median 16% year-over-year revenue growth (vs 6.1% for comparable small businesses) and 13% annual job growth, surpassing the national rate of below 2%.
Commitments for The Future:
At the conference, business and civic organizations announced nine commitments designed to unlock economic opportunity in distressed and underserved areas, and promote entrepreneurship and small business growth.
- The Association for Enterprise Opportunity (AEO) has committed to expand its myWay to Credit program, which helps low-wealth small businesses who don’t qualify for traditional bank loans access credit through CDFIs. AEO aims to expand this program to help business owners access approximately $250 million in capital over the next two years.
- Inclusiv has committed to the formation of a $45 million Southern Equity Fund that will invest capital in credit unions serving low income and communities of color in 17 southern states. The Inclusiv Southern Equity Fund will promote economic mobility among low wealth and underserved communities, preserve and build diversity in community owned and controlled financial services, and increase the impact of scalable institutions throughout the American South.
- The Community Development Venture Capital Alliance, a CDFI that promotes availability of startup and growth risk capital, has committed to invest $100 million in the Puerto Rican economy, to promote economic growth and increase access to good jobs.
- The National Community Investment Fund (NCIF) has committed to capitalizing its Credit Strategies Fund, a way for investors to lend into a diversified, low risk pool of assets. This will increase the amount of capital available through anchor CDFIs and Minority Banks, making impact capital more available in distressed communities across the country.
- Pacific Community Ventures (PCV), a CDFI based in California, has launched BusinessAdvising.org which aims to provide small business owners with free, expert business advisors on any topic, from financial management to marketing. PCV has committed to scaling the BusinessAdvising.org platform nationally, serving over 1,500 small business owners across the country next year.
- The Financial Health Network has published the U.S. Financial Health Pulse, which has found that only 29 percent of Americans are financially health, and that disparities based on income, age, gender, and race continue to persist. The Financial Health Network has committed to publishing these findings and issuing recommendations for financial services providers, policymakers, and regulators to help improve the financial health of American households.
- The Los Angeles Cleantech Incubator (LACI) works to provide expertise and access to capital for startups looking to deploy clean technologies. LACI has committed to providing guaranteed funding to startups that are deploying clean technology programs in disadvantaged communities, and creating a platform for them to share best practices and learn from emerging technologies.