Small business owners are facing catastrophically bad choices these days, with half predicting they will be forced to close as a result of the COVID-19 economic crisis. Meanwhile, nearly 40 million workers have lost jobs and are struggling to get by, as evidenced by miles long lines at food banks and a brewing eviction crisis.
Community development finance institutions have long been “first responders” to small businesses in historically underinvested communities. The COVID-19 pandemic has in stark terms revealed the degree to which those same communities are subject to the impacts of systemic racism and an economy built on poor-quality jobs. This moment in time requires each of us—community lenders,
ImpactAlpha, August 20 – U.N. Deputy Secretary-General Amina Mohammed summed up COVID-19 like this: “We are facing a human crisis unlike any we have experienced.” That crisis is exacerbated for many Africans because of the prevalence of other conditions: malnutrition, relatively high rates of tuberculosis and HIV, poor sanitation—all of which elevate the risk of