When Latinx entrepreneurs go to the bank to seek a loan to build or grow their businesses, they often leave empty-handed.
Now, Greenline Access Capital, a community development financial institution (CDFI) in Philadelphia, is trying to change that – and help advance prosperity for the city's quarter-million Latinx residents. To do that, they're offering bilingual services, character-based lending, in-depth technical assistance and business consulting for small businesses. And, importanttly, they're connecting clients with ongoing resources to help these businesses flourish and succeed in the long run.
“Having a conversation with a client is like peeling an onion,” Kersy Azocar, a veteran of the microlending industry who founded Greenline Access Capital in 2021. "Let me start asking you questions to better understand what you need. Sometimes somebody can say, 'Well, I need $20,000,' and by the time we finish our review, you need $150,000. Or you need $20,000, but let's work on A, B, C first...or let me connect you with one of our partners to get your business plan ready."
On this episode of the Next City podcast, we look at what's needed to help Latinx small business owners and how the community finance development industry is stepping in.
This episode is based on an article that's part of our series, CDFI Futures, which explores the community development finance industry through the lenses of equity, public policy and inclusive community development. The series is generously supported by Partners for the Common Good. Sign up for PCG’s CapNexus newsletter at capnexus.org.
