New Jersey established the Urban Plus Program in a new law on Tuesday, which will collaborate with the Economic Development Authority to provide support and access to financing for underserved minority business owners.
The Urban Plus Program is one step forward in addressing a significant problem: lack of access to capital for women and minority small business owners.
“Minority company ownership is up 38 percent over five years. These firms provide 7 million jobs. Hispanics and African-Americans represent 25 percent of the population. Yet only 1 percent of [venture] capital flows to Hispanic or black entrepreneurs. Does anyone honestly believe these communities are the source of just 1 percent of our best business ideas?” SBA administrator Maria Contreras-Sweet asked.
Small businesses have the power to be a catalyst for transformation for our communities, and our economy. SourceFunding.org is committed to financial inclusion and streamlining access to transparent and affordable financing, to help businesses grow and create jobs. Learn more about our mission here.