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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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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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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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How Bartenders and Wait Staff Are Making Up for Lost Tips During COVID-19 Quarantine

Oscar Perry Abello

March 24, 2020 |

Next City |

Text |

1500-3000 Words

Response Location: United States, New York

Bartenders and restaurant workers rely heavily on tips and often work off the books, which puts them in a unique disadvantage when trying to collect financial aid during this pandemic. Some have thought of creative ways to stay in touch with regular customers to ask for tips and others have sought relief from Restaurant Opportunities Centers United which has a membership of 30,000 restaurant workers and has provided half a million dollars in funding. The organization has sought to provide immediate help and is also pushing for long-term structural change such as paid sick leave.

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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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What a Public Bank Can Do for Real People

Oscar Perry Abello

February 19, 2020 |

Yes! Magazine |

Text |

Over 3000 Words

Response Location: United States, North Dakota

Public banking has allowed the state of North Dakota to flourish economically in a way that private banking there would not have enabled. From hospitals, to childcare centers, business development programs, and student loans, the state-owned Bank of North Dakota has subsidized local resources that give residents a better quality of life and access to more opportunities.

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This Bank Hired a Community Organizer and Here's What Happened Next

Oscar Perry Abello

January 28, 2020 |

Next City |

Text |

1500-3000 Words

Response Location: United States, Boston, Massachusetts

Reducing inequality in the financial sector requires creating connections to underserved communities of color. In Boston, Berkshire Bank has begun an initiative to reach those who are “underbanked.” The bank’s new Reevex Labs facilities use coworking and event spaces to facilitate connections between communities and financial institutions. At Reevex locations, community members can connect to organizations like The Runway Project, which facilitates low-interest loans to entrepreneurs of color.

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A New Kind of Cooperative in Oakland Fights Against Speculative Development

Oscar Perry Abello

December 03, 2019 |

Next City |

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1500-3000 Words

Response Location: United States, Oakland, California

Real estate cooperatives are able to raise capital from their members, ensuring re-investment in the communitie they serve. In Oakland, California, the East Bay Permanent Real Estate Cooperative (EB PREC) finances real estate acquisitions through California’s cooperative ownership model. EB PREC also works with partners from the Sustainable Economies Law Center and the People of Color Housing Network, which provide additional resources and expertise.

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Making a More Democratic Economy, One Revolving Loan Fund at a Time

Oscar Perry Abello

November 14, 2019 |

Next City |

Text |

800-1500 Words

Response Location: United States, Berkeley, California

Advancing the model of worker ownership requires expanding access to loans for cooperative businesses. In California, Berkeley City Council recently adopted changes to its Loan Fund for small businesses, allowing businesses without a CEO to apply for a loan. The City Council and Loan Administration board approved an idea put forth by the Sustainable Economics Law Center (SELC), which will permit coops to appoint a panel of owners to serve as guarantors of a loan, in lieu of a single CEO.

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Philly Sets New Gold Standard for Domestic Worker Protections

Oscar Perry Abello

November 07, 2019 |

Next City |

Text |

800-1500 Words

Response Location: United States, Philadelphia, Pennsylvania

Giving domestic workers a seat at the table elevates their voices and provides them with access to protections enshrined in labor laws. In Philadelphia, Pennsylvania, the passage of the Philadelphia Domestic Workers' Bill of Rights extends worker protections to those previously left out of traditional labor laws. The new law, passed with the combined effort of the Pennsylvania Domestic Worker Alliance (PDWA), Philadelphia’s City Council, and the support of Philadelphia AFL-CIO, grants domestic workers access to employer-funded benefits and paid time off.

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