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Working Capital for Economic Justice Comes in Handy During a Crisis

Oscar Perry Abello

April 28, 2020 |

Next City |

Text |

1500-3000 Words

Response Location: United States, Oakland, California

A nonprofit called Common Future is acting quickly to support business owners during the coronavirus crisis. Their board allocated a set amount of money specifically to keep on hand as a rapid response fund, and by early April 2020, they distributed $250,000 in emergency funding to seven organizations. The recipients are intentionally from disadvantaged communities, like rural, black, Indigenous, and other hard-hit demographics. Each organization used the money in different ways to support their target communities. Common Future also set aside 6 months' worth of operating expenses as a buffer.

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Dumplings Against Hate

Brianna Baker

April 20, 2020 |

The Philadelphia Citizen |

Text |

1500-3000 Words

Response Location: United States, New York, New York

The NYC-based campaign, Dumplings Against Hate, has raised tens of thousands of dollars for Asian Americans for Equality’s Emergency Small Business Relief Fund by bringing together a virtual community of support. As the COVID-19 pandemic picked up in early 2020, Chinatown restaurants and businesses saw a decrease in revenue because of xenophobia and racism, inspiring the group’s creation. Since then, it’s acted as a model for similar groups across the country, and is creating a toolkit for cities to create their own campaigns.

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Who is helping Texas businesses save jobs?

Ted Oberg

April 17, 2020 |

KTRK-TV |

Broadcast TV News |

Under 3 Minutes

Response Location: United States, Sugarland, Texas

Community banks in Texas have outpaced much larger national banks in approving and funding loans that are keeping businesses afloat during the pandemic-induced lockdown. The lone star state leads in the number of loans processed totaling $17 billion - saving a reported 200,000 jobs. Businesses in Texas have received more loans than any other state due to community banks that have been working around the clock. The banks have managed to approve as many loans as they typically would in an 18-month period.

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How to Rebuild a War-torn Middle Eastern City? Start with the Souk

Gregory Scruggs

April 15, 2020 |

Next City |

Text |

800-1500 Words

Response Location: Syria

A combination of agencies, charities, and business owners have been working toward the goal of rebuilding Syrian cities by focusing on souks, or markets, dating back centuries. Bringing the souks back to life was a relatively easy reconstruction project, free of legal complications, and vital to the communities' return to normalcy. Sticklers for historical accuracy argue that the original medieval architecture of the souks is impossible to recreate, therefore rendering it "totally fake," but those who are more concerned with repatriating refugees and rebuilding war-town Syria disagree.

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Will Small Businesses Most in Need Get Help From the Coronavirus Relief Package?

Oscar Perry Abello

April 03, 2020 |

Next City |

Text |

1500-3000 Words

Response Location: United States, New York, New York

As small businesses, nonprofits, and independent contractors try to access funds made available through the federal government’s Paycheck Protection Program, bankers across the country are doing what they can to step up, follow federal guidelines, and process loans as quickly as possible. New features, including the SBA fully guaranteeing PPP loans, are making them more accessible. From typical SBA lenders to community development financial institutions to credit unions, many financial institutions are trying to help as many businesses as possible.

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Local banks step up in the fight to keep Covid-19 economic calamity at bay

Larry Platt

April 03, 2020 |

The Philadelphia Citizen |

Text |

1500-3000 Words

Response Location: United States, Philadelphia, Pennsylvania

Throughout the economic crash of 2008, banks were "vilified" for their response, but as the economy again teeters on crashing during the coronavirus pandemic, regulators have been able to be proactive in their approach. While several banks are making financial contributions to philanthropies, and public health efforts or creating relief funds, others have agreed to temporary forbearance on certain types of loans which enables "local business owners and workers to defer payments without penalty to the end of their loan terms."

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First to Feel COVID-19's Impact, Chinatown is First to Deliver Aid for Small Business

Oscar Perry Abello

April 02, 2020 |

Next City |

Text |

1500-3000 Words

Response Location: United States, New York, New York

Renaissance Economic Development Corporation, a nonprofit loan fund in New York City, has helped Chinatown small businesses recover through 9/11 and Hurricane Sandy, and COVID-19 is the newest crisis it needs to navigate. It has been able to rely on its larger than standard loan loss reserve to have room for emergency loans to provide swift and integral support to Chinatown businesses.

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China's Venture Capitalists Start Making Deals, Amid Signs of Recovery

Yunan Zhang

March 31, 2020 |

The Information |

Text |

800-1500 Words

Response Location: China

China's economy has slowly begun to show signs of reopening and recovering, which has led some companies to begin fundraising. Consumer brands that saw an uptick in usage during the pandemic – such as an online grocery delivery startup, an online education tutor, and even an online makeup retailer – have so far been successful in their efforts to raise funds with investors saying that "in the current climate of uncertainty, they were more comfortable betting on the companies that are leading their industries."

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Mission-Driven Lenders Already Providing Assistance to Vulnerable Businesses During COVID-19

Oscar Perry Abello

March 26, 2020 |

Next City |

Text |

800-1500 Words

Response Location: United States, New York, New York

The Business Center for New Americans, a nonprofit that offers loans with a focus on immigrant-run businesses, is going above and beyond to make sure its lenders get through the COVID-19 economic crisis. They are offering tailored support on how to apply for Economic Injury Disaster Loans, sharing other grant and loan opportunities, and using its status part of the SBA’s Microloan Program to offer new loans.

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Bodegas and Corner Stores Are Part of Crisis Response — They're Also Uniquely Vulnerable

Oscar Perry Abello

March 19, 2020 |

Next City |

Text |

800-1500 Words

Response Location: United States, New York, New York

Amidst the COVID-19 crisis, bodegas offer local supplies in many food deserts across the country. While the bodegas struggle to find funding and stay in business for their neighborhoods, they also fight their way into policy discussions and micro-loan programs to stay afloat for low-income neighbors needing healthy food options.

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