Small Business Capital

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$2 Million in New Grants Aimed for LGBTQ+-owned and Ally Restaurants

September 24, 2021 (updated September 24, 2021) Published by Cision

National LGBT Chamber of Commerce Teams Up with Grubhub To Offer String-Free Funds for Struggling Restaurants Impacted by Covid

WASHINGTON and CHICAGO, Sept. 22, 2021 /PRNewswire/ — America’s vulnerable LGBTQ+-owned restaurants and bars serving food will find a vital lifeline this fall stemming from the partnership formed by the National LGBT Chamber of Commerce (NGLCC) and Grubhub. These small business owners have been among hardest hit by Covid impact with loss of jobs and income over the past two years.

Grubhub, a leading U.S. food-ordering and delivery marketplace, and the National LGBT Chamber of Commerce (NGLCC), the business voice of the LGBTQ+ community and certifying body for LGBTQ+-owned businesses nationwide, have opened applications for their NGLCC/Grubhub Community Impact Grant Program. The grants are expected to range from $5,000 to $100,000.

“We often say at NGLCC that ‘If you can buy it, an LGBTQ+-owned business can supply it.’ That is especially true of the LGBTQ+-owned restaurants across America who kept our communities and first responders fed throughout the pandemic. We’re proud to partner with Grubhub in offering these grants to support these businesses throughout the nation. America’s 1.4 million LGBTQ+-owned business owners have shown incredible resilience during the COVID-19 pandemic, and now, in turn, we can help them recover stronger than ever,” said NGLCC Co-Founder and President Justin Nelson.

Throughout June, NGLCC was named the official partner of Grubhub’s Donate the Change program, which has raised tens of millions of dollars for organizations in need since launching in late 2018. The partnership welcomed Grubhub and Seamless diners to opt-in, round up their order total, and donate the difference, with the company matching eligible donations from Grubhub+ members. The proceeds raised will now be made available through NGLCC to support the LGBTQ+ community and LGBTQ+-owned restaurants.

“As the world starts to return to a new normal, we know many businesses are rebuilding and reopening, especially LGBTQ+-owned restaurants that are often the pillars of their communities,” said Kevin Kearns, senior vice president of restaurants at Grubhub. “We’re thrilled to partner with NGLCC and give back to the LGBTQ+ community – one that has shown incredible strength and support for those in need throughout the pandemic.”

Under the innovative grant program, the NGLCC has set a goal to allocate 30 percent of the funds to businesses owned by people of color and transgender/gender non-conforming individuals.

Restaurants wishing to apply for grants should visit www.nglcc.org/ghgrant

NGLCC and its partners will expertly evaluate applications after the October 12, 2021 closing date. Major grantees will be awarded onstage during the NGLCC Back To Business (B2B) Summit in Hollywood, Florida this November, as well as in local communities.

The NGLCC’s network of more than fifty Affiliate Chambers across America will help amplify this grant opportunity to support local restaurants. Those local chambers will also benefit from this initiative’s newly established “Affiliate Chamber Fund.” This fund will enable any establishment that receives a Community Impact Grant Program that is not currently a member of an NGLCC local affiliate chamber to have one year of membership paid. Additionally, many of NGLCC’s more than 300 corporate partners enhanced their Pride 2021 programming with food orders from Grubhub during their programming with Employee Resource Groups and community partners – a best practice expected to continue throughout future Pride celebrations.

For more information on the Community Impact Grant Program regarding restaurant eligibility requirements, timelines, how to apply, and more, please visit www.nglcc.org/ghgrant.

Contact: press@nglcc.org

About NGLCC
The National LGBT Chamber of Commerce (NGLCC) is the business voice of the LGBT community and is the largest global advocacy organization specifically dedicated to expanding economic opportunities and advancements for LGBT people. NGLCC is the exclusive certification body for LGBT-owned businesses, known as Certified LGBT Business Enterprise® (Certified LGBTBE®) suppliers.
www.nglcc.org @nglcc

About Grubhub
Grubhub is part of Just Eat Takeaway.com (LSE: JET, AMS: TKWY, NASDAQ: GRUB), a leading global online food delivery marketplace. Dedicated to connecting more than 33 million diners with the food they love from their favorite local restaurants, Grubhub elevates food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub features more than 300,000 restaurant partners in over 4,000 U.S. cities.

SOURCE National LGBT Chamber of Commerce

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BankUnited Launches “Small Business, Big Dreams” Women in Business Challenge

August 25, 2021 (updated August 25, 2021) Published by BusinessWire

$10,000 cash prize to be awarded to winner of inaugural pitch contest

MIAMI LAKES, Fla.–(BUSINESS WIRE)–#banking–Women business owners with big dreams are invited to share their story with BankUnited for a chance to win $10,000 to help grow their business. The inaugural BankUnited “Small Business, Big Dreams” Women in Business Challenge is open for entries at https://www.bankunited.com/small-business/small-business-big-dreams-challenge/, and will close Thursday, September 23, 2021, at 11:59 p.m.

“As champions of small business, we at BankUnited know that small businesses are the heart and backbone of any community,” said Lisa Shim, BankUnited executive vice president, head of consumer and small business banking. “While women business owners drive innovation, they often face particular challenges on their path toward success. Through BankUnited’s ‘Small Business, Big Dreams’ Women in Business Challenge, we hope to elevate women business owners by recognizing their contributions and providing them with tools to turn their dreams into reality.”

The Women in Business Challenge culminates in a live pitch event and business summit during National Women’s Small Business Month in October.

To enter, eligible business owners must complete an application and submit an elevator video pitch of up to three minutes by the contest closing date of September 23. Businesses must be based in Florida or New York, and must be at least 51 percent women-owned. Four finalists will be selected and required to attend the BankUnited “Small Business, Big Dreams” Women in Business Summit on Wednesday, October 27, 2021 in Fort Lauderdale, Fla., where they will have an opportunity to present their case before a panel of judges.

Official contest rules and entry forms are available at https://www.bankunited.com/small-business/small-business-big-dreams-challenge/.

About BankUnited, N.A.

BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, provides a full range of banking and related services to individual and corporate customers through banking centers in Florida and the New York metropolitan area. BankUnited, N.A. also provides certain commercial lending and deposit products through national platforms. BankUnited, Inc. (NYSE: BKU), with total assets of $35.7 billion at June 30, 2021, is the bank holding company for BankUnited, N.A. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.Official and on Twitter @BankUnited.

Contacts

Donna Crump-Butler, (305) 231-6707

dbutler@BankUnited.com

Savannah Whaley, (954) 776-1999, x225

swhaley@piersongrant.com

Funding Circle Extends Partnership with Congressional Bank to Get More Capital to US Small Businesses

August 12, 2021 (updated August 12, 2021) Published by BusinessWire

DENVER–(BUSINESS WIRE)–Funding Circle, the small business loans platform and Congressional Bank, a bank headquartered in Maryland, have today announced an extension of their existing lending partnership to provide more capital to small businesses across the US.

The second phase of the partnership will significantly expand Congressional’s purchase of loans through the Funding Circle platform. By utilizing Funding Circle’s technology and powerful risk models Congressional benefits from a highly efficient and cost-effective way to deploy significant capital to Main Street businesses looking for funding.

“We have been dedicated to helping small business owners obtain essential funding throughout the pandemic through our partnership with Funding Circle and our participation in the Paycheck Protection Program where we funded over 2,600 loans to small businesses. This partnership is an important part of our efforts to support more small businesses and aligns well with our focus on positively impacting the communities we serve,” said Adam Hoehn, EVP of Technology-Enabled Lending for Congressional Bank.

“Funding Circle is thrilled to partner with Congressional Bank to help hundreds of small businesses get the financial assistance they need,” said Vipul Chhabra, Managing Director of Funding Circle US. “The success of American small businesses plays an important role in creating jobs and supporting economic recovery, which drives our commitment to providing efficient, innovative funding solutions and working with partners that help extend our community reach.”

About Funding Circle:

Funding Circle (LSE: FCH) is a small and medium enterprise (“SME”) loans platform. Since launching in 2010, investors and lenders across Funding Circle’s geographies – including banks, asset management companies, insurance companies, government-backed entities, retail investors and funds – have lent more than $15 billion to 100,000 businesses globally.

About Congressional Bank:

Congressional Bank (www.congressionalbank.com), with $3.45 billion of owned and managed assets, is headquartered in Chevy Chase, Maryland and provides specialty lending and banking services to clients across the United States and community banking services to clients within the Washington, D.C. metro region. Its Healthcare, Specialty Lending and Sustainable Finance divisions provide nationwide lending products, including customized real estate loans, working capital, warehouse lines of credit and forward loan purchase agreements. Its Community Bank division provides real estate loans, mortgage loans and other business loans, as well as sophisticated and competitive deposit products to businesses and individuals. Its Alliance Partners subsidiary is an asset manager and lender focused on serving financial institutions by optimizing their asset strategies. Alliance Partners is the asset manager for BancAlliance, a network of more than 280 community banks across the United States.

Congressional Bank – Member FDIC, Equal housing Lender

Contacts

For all media inquiries:

David de Koning
212-840-1661

pr@fundingcircle.com

New Goldman Sachs and Bipartisan Policy Center Report Shows Action Needed to Increase Small Businesses’ Access to Capital

July 27, 2021 (updated July 27, 2021) Published by BusinessWire

As Paycheck Protection Program funds end, small businesses need more capital; Black-owned small businesses face larger hurdles than their white peers in accessing capital

NEW YORK–(BUSINESS WIRE)–A new report released today by Goldman Sachs 10,000 Small Businesses Voices in conjunction with the Bipartisan Policy Center shows the strain small business owners across the country are feeling as federal Paycheck Protection Program (PPP) funding is depleted. The report offers urgently needed policy solutions to put main street businesses back on the road to recovery.

In June, 82% of small business owners in a Goldman Sachs 10,000 Small Businesses Voices survey said their PPP funds would run out by the end of July. Yet just 24% said they were confident they could maintain payroll after depletion of PPP funds. Many small businesses say they are in a precarious position: emergency assistance is dwindling, and debt needs to be repaid—yet revenues have not fully recovered. For those seeking new sources of credit, pandemic disruptions are hindering their ability to secure financing.

The report also highlights a troubling fact: Black-owned businesses have significantly more difficulty accessing capital than their white peers. While PPP was broadly effective in sustaining employment at small businesses, its design reflected underlying disparities in access to finance. Challenges faced by Black small business owners include:

Black-owned businesses that are low credit risks are half as likely as white-owned firms to receive all the financing they seek, found a 2021 Federal Reserve Banks Small Business Credit Survey.
And white-owned businesses are twice as likely to receive all financing sought even when they are medium/high credit risk.
Research also finds racial differences in the decision to apply. Black small business owners with high credit scores are more than twice as likely to report a fear of denial than white founders with below median credit.

“As July comes to a close, small businesses across America face a grim reality: their Paycheck Protection Program funding is running dry, but our economy hasn’t fully recovered, the cost of doing business is increasing and their debts are coming due,” said Joe Wall, national director of the Goldman Sachs 10,000 Small Business Voices program. “Together with the Bipartisan Policy Center, our policy recommendations will help ensure a main street recovery continues.”

Policy actions recommended in the report include:

Create a long-term, low-interest loan guarantee program to provide flexible, patient credit to allow small businesses to rebuild balance sheets as they restore revenues.
Direct the Small Business Administration (SBA) to re-evaluate policies regarding financial performance in previous years to account for the impact of 2020 on small business balance sheets.
Make SBA subordination agreements as easy as possible regarding Economic Injury Disaster Loans (EIDL).
Consider actions that will expand the lender base in government guarantee programs.
Strengthen the capacity of CDFIs to distribute more small business credit in their target communities.
Prioritize small business financing as federal, state, and local governments distribute American Rescue Plan relief funds.

“Many American small businesses are still struggling to recover from the pandemic. Federal relief programs were crucial in helping them stay afloat,” said Dane Stangler, Director of Strategic Initiatives at the Bipartisan Policy Center. “Now, new actions are needed to help expand access to the credit they will need to invest and create jobs for their communities.”

The full report with detailed policy recommendations for increasing small business access to capital can be found here.

ABOUT 10,000 SMALL BUSINESSES VOICES

Goldman Sachs 10,000 Small Businesses Voices is an initiative for program participants to organize and advocate for policies that matter to them. It builds on Goldman Sachs 10,000 Small Businesses, which over the past decade has provided access to education, capital, and support services to more than 10,000 small business owners across all 50 states, Puerto Rico, and Washington D.C.

Contacts

Abbey Collins, Goldman Sachs, 212-902-5400

Tag: Small Business Capital

$2 Million in New Grants Aimed for LGBTQ+-owned and Ally Restaurants

BankUnited Launches “Small Business, Big Dreams” Women in Business Challenge

Funding Circle Extends Partnership with Congressional Bank to Get More Capital to US Small Businesses

New Goldman Sachs and Bipartisan Policy Center Report Shows Action Needed to Increase Small Businesses’ Access to Capital

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