Equitable Pathways to Small Business Recovery

AN ALL-HANDS APPROACH

Footnotes

1-20

1. U.S. Small Business Administration, Office of Advocacy. (2020, October). Frequently asked questions. https://cdn.advocacy.sba.gov/wp-content/uploads/2020/11/05122043/Small-Business-FAQ-2020.pdf

2. Opportunity Insights, Economic Tracker. (n.d.). Percent change in number of small businesses open [Infographic]. Tracktherecovery.org. Accessed June 2021.

3. Kramer Mills, C. & Battisto, J. (2020, August). Double jeopardy: COVID-19’s concentrated health and wealth effects in Black communities. Federal Reserve Bank of New York. https://www.newyorkfed.org/medialibrary/media/smallbusiness/DoubleJeopardy_COVID19andBlackOwnedBusinesses Fairlie, R. (2020, December). COVID-19, small business owners, and racial inequality. National Bureau of Economic Research Report. https://www.nber.org/reporter/2020number4/covid-19-small-business-owners-and-racial-inequality#2 Fairlie, R. (2020, May). The impact of covid-19 on small business owners: Evidence of early-stage losses from the April 2020 Current Population Survey. Stanford Institute for Economic Policy & Research Working Paper. https://siepr.stanford.edu/sites/default/files/publications/20-022.pdf

4. Bates, T. (2006). The urban development potential of Black-owned businesses. Journal of the American Planning Association, 72(2), 227-237.

5. Color of change/Unidos US. (2020, May 18). First covid-19 survey of Black and Latino small business owners reveals dire economic future. https://colorofchange.org/press_release/first-covid-19-survey-of-black-and-latino-small-business-owners-reveals-dire-economic-future/

6. Perry, A., Boyea-Robinson, T., & Romer, C. (2021, April 29). How Black-owned businesses can make the most out of the Biden infrastructure plan. The Avenue. Brookings Institution. https://www.brookings.edu/blog/the-avenue/2021/04/29/how-black-owned-businesses-can-make-the-most-out-of-the-biden-infrastructure-plan/#:~:text=According%20to%20our%20analysis%2C%20roughly,non%2DBlack%2Downed%20businesses

7. From an equity standpoint, cohort participants noted the need to focus on smaller businesses, which are more likely to be owned by women and people of color. At the same time, the strategies described throughout the playbook may apply to mid-sized firms, especially those plans that seek to spark quality jobs by prioritizing hiring to construction trades, or that seek to encourage business-to-business connections among growing sectors around procurement. In general, though, this report especially prioritizes non-employer firms, as they correspond to 81% of all small businesses, and firms with 49 or fewer employees, as they correspond to over 90% of employer firms. U.S. Small Business Administration, Office of Advocacy. (2020, October). Frequently asked questions. https://cdn.advocacy.sba.gov/wp-content/uploads/2020/11/05122043/Small-Business-FAQ-2020.pdf

8. Perry, A., Boyea-Robinson, T., & Romer, C. (2021, April 29). How Black-owned businesses can make the most out of the Biden infrastructure plan. The Avenue. Brookings Institution. https://www.brookings.edu/blog/the-avenue/2021/04/29/how-black-owned-businesses-can-make-the-most-out-of-the-biden-infrastructure-plan/#:~:text=According%20to%20our%20analysis%2C%20roughly,non%2DBlack%2Downed%20businesses

9. Asiedu, E., Freeman, J., & Nti-Addae, A. (2012). Access to credit by small businesses: How relevant are race, ethnicity, and gender? American Economic Review: Papers and Proceedings, 102(3), 523-637. Bates, T., & Robb, A. (2016). Impacts of owner race and geographic context on access to small-business financing. Economic Development Quarterly, 30(2), 159-170.

10. Blanchflower, D., Levine, P., & Zimmerman, D.J. (2003). Discrimination in the small business credit market. Review of Economics and Statistics, 85(4), 930-943. Cavalluzzo, L., & Wolken, J. (2005). Small business loan turndowns, personal wealth, and discrimination. Journal of Business, 78(6), 2153-2178. Fairlie, R, Robb, A., & Robinson, D.T (2017). Black and white: Access to capital among minority-owned startups (Working Paper 17-003). Stanford Institute for Economic Policy Research.

11. Lee, A., Mitchell, B., Lederer, A., Williams, J., Bone, S., & Christensen, G. (2018). Disinvestment, discouragement and inequity in small business lending. National Community Reinvestment Coalition. https://ncrc.org/disinvestment/

12. Mencken, F., & Tolbert, C. (2016). "Restructuring of the Financial Industry and Implications for Sources of Startup Capital for New Businesses in Nonmetropolitan Counties." Journal of Rural Social Sciences 31(1): Article 4

13. Reichow, K. (2017, February). Small-business lending languishes as community banking weakens (Economic Letter 12:3). Dallas Federal Reserve Bank.

14. U.S. Federal Reserve. (2020). Small Business Credit Survey: 2020 report on employer firms. https://www.fedsmallbusiness.org/survey/2020/report-on-employer-firms

15. Minority Business Development Agency, U.S. Department of Commerce. (2006). The state of minority business enterprises: An overview of the 2002 Survey of Business Owners: number of firms, gross receipts, and paid employees.

16. U.S. Federal Reserve. (2020). Small Business Credit Survey: 2020 report on employer firms.

17. Williams, L., & Wiedrich, K. (2014, April). In search of solid ground: Understanding the financial vulnerabilities of microbusiness owners. Prosperity Now. https://prosperitynow.org/resources/search-solid-ground-understanding-financial-vulnerabilities-microbusiness-owners-full

18. Stoll, M. (2001). Why are Black employers more likely than white employers to hire Blacks? (Discussion Paper no. 1236-01). Institute for Research on Poverty. https://www.irp.wisc.edu/publications/dps/pdfs/dp123601.pdf Dua, A., Mahajan, D., Millán, I., & Stewart, S. (2020, May 27). COVID-19’s effect on minority-owned small businesses in the United States. McKinsey & Company. https://www.mckinsey.com/industries/public-and-social-sector/our-insights/covid-19s-effect-on-minority-owned-small-businesses-in-the-united-states

19. U.S Federal Reserve. (2021). Financial accounts guides: L.107 state and local governments. https://www.federalreserve.gov/apps/fof/DisplayTable.aspx?t=l.107. U.S Federal Reserve. (2021). Financial accounts guides: L.120 state and local governments employee retirement funds. https://www.federalreserve.gov/apps/fof/DisplayTable.aspx?t=l.120

20. Abello, O.P. (2021, February 26). The pandemic is pushing cities to rethink how to drive capital to small business. Next City. https://nextcity.org/daily/entry/pandemic-pushing-cities-rethink-how-to-drive-to-capital-to-small-business

21-40

21. Chicago Community Catalyst Fund. (n.d.). Chicago Community Catalyst Fund. https://www.chicagocatalystfund.com/

22. Chicago Small Business Resiliency Fund. (n.d.). Chicago Small Business Resiliency Fund. https://www.connect2capital.com/partners/chicago-small-business-resiliency-fund/

23. Seed Commons. (n.d.). Seed Commons’ approach to non-extractive finance. https://seedcommons.org/about-seed-commons/seed-commons-approach-to-non-extractive-finance/

24. Palmer, T. (2020). 2019 worker cooperative state of the sector report. Democracy at Work Institute and US Federation of Worker Cooperatives. https://institute.coop/resources/2019-worker-cooperative-state-sector-report

25. Abello, O.P. (2016, July 8). Closing the Funding Gap for Worker Cooperatives. Next City https://nextcity.org/urbanist-news/entry/red-emmas-working-world-nyc-financial-cooperative

26. Ibid. Also see Seed Commons. (n.d.). Seed Commons’ approach to non-extractive finance. https://seedcommons.org/about-seed-commons/seed-commons-approach-to-non-extractive-finance/

27. NYC Department of Small Business Services. (2014-2021). Working together: A report on the Worker Cooperative Business Development Initiative [Report series]. https://www1.nyc.gov/nycbusiness/article/worker-cooperatives

28. Seed Commons. (2021). Seed Commons impact report 2020. https://seedcommons.org/wp-content/uploads/2021/05/Seed-Commons-2020-Impact-Report.pdf

29. Ibid.

30. Abello, O.P. (2020, June 18). The power of loan guarantees. Next City. https://nextcity.org/urbanist-news/entry/the-power-of-loan-guarantees.

31. Small Business Finance Center, California Infrastructure and Economic Development Bank. (2021, July). Small business loan guarantee program financial development corporation policy manual. https://cdn.ibank.ca.gov/wp-content/uploads/2021/07/July-2021-SBLGP-FDC-Policy-Manual.pdf

32. California Infrastructure and Economic Development Bank. (n.d.). Participating lenders for COVID-19 disaster relief loan guarantee financing. https://ibank.ca.gov/small-business/participating-lenders/

33. Ibid.

34. Abello, O.P. (2020, June 18). The power of loan guarantees. Next City. https://nextcity.org/urbanist-news/the-power-of-loan-guarantees

35. Small Business Finance Center, California Infrastructure and Economic Development Bank. (2021, July). Small business loan guarantee program financial development corporation policy manual. https://cdn.ibank.ca.gov/wp-content/uploads/2021/07/July-2021-SBLGP-FDC-Policy-Manual.pdf.

36. Small Business Finance Center, California Infrastructure and Economic Development Bank. (2021, July). Small business loan guarantee program financial development corporation policy manual. https://cdn.ibank.ca.gov/wp-content/uploads/2021/07/July-2021-SBLGP-FDC-Policy-Manual.pdf.

37. Ibid.

38. SSBCI, U.S. Department of the Treasury. (2015, September). Best practices from participating states: Loan guarantee programs. https://home.treasury.gov/system/files/256/LGP-Best-Practices_Sept-2015_v-FINAL.pdf

39. Chen, M. (2021, July 9). Why shouldn’t the people own the banks? The Nation. https://www.thenation.com/article/economy/new-york-city-public-bank/

40. Abello, O.P. (2021, February 26). The pandemic is pushing cities to rethink how to drive capital to small business. Next City. https://nextcity.org/daily/entry/pandemic-pushing-cities-rethink-how-to-drive-to-capital-to-small-business

41-60

41. Abello, O.P. (2020, July 21). Could a state-owned bank help strengthen California’s recovery efforts? Next City. https://nextcity.org/urbanist-news/entry/could-a-state-owned-bank-help-strengthen-californias-recovery-efforts

42. Ibid. See also Abello, O.P. (2021, Feburary 4). Three states and two cities are getting serious about public banking. Next City. https://nextcity.org/daily/entry/three-states-and-two-cities-are-getting-serious-about-public-banking and Abello, O.P. (2021, April 20). State and local public bank efforts stalling without more federal support. Next City. https://nextcity.org/daily/entry/state-and-local-public-bank-efforts-stalling-without-more-federal-support

43. Brown, E. (2011, June 28). North Dakota "miracle“ not all about oil boom. Anchorage Daily News. https://www.adn.com/economy/article/north-dakota-miracle-not-all-about-oil-boom/2011/09/08/

44. Van Dam, A. (2020, May 15). North Dakota businesses dominated the PPP. Their secret weapon? A century-old bank founded by radical progressives. Washington Post. https://www.washingtonpost.com/business/2020/05/15/north-dakota-small-business-ppp-coronavirus/

45. Abello, O.P. (2020, October 8). Philadelphia examining whether public deposits can close racial disparities in small business. Next City. https://nextcity.org/daily/entry/philadelphia-examining-whether-public-deposits-can-close-racial-disparities

46. Mitchell, S. (n.d.). Public banks: Bank of North Dakota. Institute for Local Self-Reliance. https://ilsr.org/rule/bank-of-north-dakota-2/

47. climate + community project & Democracy Collaborative. (2021, April 22). A new era of public power: A vision for New York Power Authority in pursuit of climate justice. https://democracycollaborative.org/sites/default/files/2021-05/New-Era-of-Public-Power-NYPA-FINAL.pdf

48. Hanna, T.M., & Bozuwa, J. (forthcoming 2022). The power of community utilities: Publicly owned and cooperative electric utilities as anchors for community wealth building and a just energy transition.

49. Democracy Collaborative. (2020, July 7). The Preston model: An overview. https://democracycollaborative.org/preston-model

50. Lang. J.R., & Golden, P.A. (1989). Evaluating the efficiency of SBDCS with data development analysis: A longitudinal approach. Journal of Small Business Management, 27(2), 42-49.

51. Chrisman, J.J., Nelson, R.R., Hoy, F., & Robinson, R.B., Jr. (1985). The impact of SBDC consulting activities. Journal of Small Business Management, 23(3), 1-11.

52. U.S. Small Business Administration, Office of Advocacy. (2020, October). Frequently asked questions. https://cdn.advocacy.sba.gov/wp-content/uploads/2020/11/05122043/Small-Business-FAQ-2020.pdf

53. Gatewood, E. (1993). The expectancies of public sector venture assistance. Entrepreneurship Theory and Practice, 16(4), 91-95.

54. Solomon, G., & Perry, V. (2011). Looking out for the little guy: The effects of technical assistance on small business financial performance. Journal of Marketing Development and Competitiveness, (5)4, 21-31. Solomon, G., Bryant, A., & Perry, V. (2013). Survival of the fittest: Technical assistance, survival and growth of small businesses and implications for public policy. Technovation, 33(8–9), 292-301.

55. De Faoite, D., Henry, C., Johnston, K., & van der Sijde, P. (2003). Education and training for entrepreneurs: A consideration of initiatives in Ireland and the Netherlands. Education & Training, 45(8-9), 430–438.

56. Ladzani, M.W., & van Vuuren, J.J. (2002). Entrepreneurship training for emerging SMEs in South Africa. Journal of Small Business Management, 40(2), 154–161.

57. Chrisman, J. J. (1999). The influence of outsider-generated knowledge resources on venture creation. Journal of Small Business Management, 37(4), 42-58. Chrisman, J. J., & Katrishen, F. (1994). The economic impact of Small Business Development Center counseling activities in the United States: 1990-1991. Journal of Business Venturing, 9(4), 271-280. Chrisman, J.J., Nelson, R.R., Hoy, F., & Robinson, R.B., Jr. (1985). The impact of SBDC consulting activities. Journal of Small Business Management, 23(3), 1-11.

58. Industrial Economics, Inc. (2018, June). Evaluating technical assistance and economic opportunity outcomes of the Community Advantage pilot program. U.S. Small Business Administration, Office of Performance Management and Office of Capital Access.

59. Rupasingha, A. (2013). Locally owned: Do local business ownership and size matter for local economic well-being? (Discussion Paper 2013-1). Federal Reserve Bank of Atlanta, Community and Economic Development Department. https://www.atlantafed.org/community-development/publications/discussion-papers/2013/01-do-local-business-ownership-size-matter-for-local-economic-well-being-2013-08-19. Fleming, D.A., Goetz, S.J. (2011) Does local firm ownership matter? Economic Development Quarterly 25(3), 277-281.

60. Gomez, L., Thetford, T., & Klein, J.(2015). Microbusinesses, gainful jobs. FIELD at the Aspen Institute. http://www.gainfuljobs.org/wp-content/uploads/2014/02/Microbusinesses-Gainful-Jobs-Updated-Report-2015.pdf

61-80

61. Edwards, L. (2021). A new equitable business model for the restaurant industry: Boston, MA [case study]. Dare to Imagine. https://www.daretoreimagine.org/case-studies/boston-equitable-business-model

62. City of Boston. (n.d.). Restaurant Revitalization Fund. https://www.boston.gov/departments/small-business-development/restaurant-revitalization-fund

63. City of Boston. (n.d.) Restaurant Revitalization Fund. https://www.boston.gov/departments/small-business-development/restaurant-revitalization-fund

64. National Digital Inclusion Alliance. (n.d.). Digital inclusion trailblazers. https://www.digitalinclusion.org/digital-inclusion-trailblazers/

65. Abraham, R. (2020, September 2). Birmingham’s service corps puts people back to work for now and for the long haul. Next City. https://nextcity.org/daily/entry/birminghams-service-corps-puts-people-back-to-work-for-now-for-long-haul. Ross, M., Fritzberg, S., Carpenter, J., & Martinez, S. (2020, July 23). Local service corps can address unemployment and community need. Brookings Institution. https://www.brookings.edu/research/local-service-corps-can-address-unemployment-and-community-need/

66. Abraham, R. (2020, September 2). Birmingham’s service corps puts people back to work for now and for the long haul. Next City. https://nextcity.org/daily/entry/birminghams-service-corps-puts-people-back-to-work-for-now-for-long-haul

67. City of New York. (2021, April 6). Recovery for all of us: New York City launches New Deal-inspired City Cleanup Corps. https://www1.nyc.gov/office-of-the-mayor/news/246-21/recovery-all-us-new-york-city-launches-new-deal-inspired-city-cleanup-corps

68. See note 66.

69. Ross, M., Fritzberg, S., Carpenter, J., & Martinez, S. (2020). Local service corps can address unemployment and community need. Brookings Institution https://www.brookings.edu/research/local-service-corps-can-address-unemployment-and-community-need/

70. See note 66.

71. See note 69.

72. Ibid.

73. Moe, L., & Garneva, A. (2021, March). NYC’s workforce development organizations: Resilient through COVID and essential for economic recovery. New York City Employment and Training Coalition and Center for New York City Affairs at The New School. https://nycetc.org/wp-content/uploads/2021/05/NYCETC_CNYCA_Report_Workforce_Organizations_Covid_19_FINAL.pdf

74. LaVecchia, O., & Mitchell, S. (2016). Affordable space: How rising commercial rents are threatening independent businesses, and what cities are doing about it. Institute for Local Self-Reliance. https://ilsr.org/wp-content/uploads/2018/03/ILSR-AffordableSpace-FullReport.pdf

75. Ibid.

76. U.S. Federal Reserve. (2021). Small Business Credit Survey: 2021 report on employer firms. https://www.fedsmallbusiness.org/medialibrary/FedSmallBusiness/files/2021/2021-sbcs-employer-firms-report. U.S. Federal Reserve. (2021). Small Business Credit Survey: 2021 report on firms owned by people of color. https://www.fedsmallbusiness.org/survey/2021/2021-report-on-firms-owned-by-people-of-color

77. Small Business Majority. (2021). Survey: Smallest businesses face a looming rent crisis. https://smallbusinessmajority.org/sites/default/files/research-reports/Survey-Smallest-businesses-face-a-looming-rent-crisis.pdf

78. Casellas-Barnes, M., & Battisto, J. (2020, December 22). The COVID-19 eviction cliff: Key issues and insights to help mitigate a crisis. Federal Reserve Bank of New York. https://www.newyorkfed.org/medialibrary/media/outreach-and-education/evictions-white-paper-12-2020

79. González-Hermoso, J., & Park, J. (2020, November 19). Local policies can protect commercial corridors as the pandemic continues. The Wire. Urban Institute. https://www.urban.org/urban-wire/local-policies-can-protect-commercial-corridors-pandemic-continues

80. NYC Department of City Planning (2019, August). Assessing storefront vacancy in NYC: 24 neighborhood case studies. https://www1.nyc.gov/assets/planning/download/pdf/planning-level/housing-economy/assessing-storefront-vacancy-nyc.pdf. Savitch-Lew., A. (2017, December 7). Diagnosing NYC’s vacant storefront problem. City Limits. https://citylimits.org/2017/12/05/diagnosing-nycs-vacant-storefront-problem/. Surico, J. (2019, August 1). Are small businesses really fleeing New York? This tool can tell. Bloomberg CityLab. https://www.bloomberg.com/news/articles/2019-08-01/a-tool-for-tracking-nyc-s-vacant-storefront-crisis. Strategic Economics. (2018, January). State of the retail sector: Challenges and opportunities for San Francisco’s neighborhood commercial districts. San Francisco Office of Economic and Workforce Development. https://oewd.org/sites/default/files/Invest%20In%20Neighborhoods/State%20of%20the%20Retail%20Sector%20-%20Final%20Report.pdf

81-107

81. Moody’s Analytics. (2021, May 3). Commercial real estate forecast: Urban multifamily properties will rebound in 2021. https://www.moodysanalytics.com/about-us/press-releases/2021-05-03-commercial-real-estate-forecast-urban-multifamily-properties-will-rebound

82. González-Hermoso, J., & Park, J. (2020, November 19). Local policies can protect commercial corridors as the pandemic continues. Urban Wire. Urban Institute. https://www.urban.org/urban-wire/local-policies-can-protect-commercial-corridors-pandemic-continues

83. Fleming, H. (2021, September 29). Helping Native business owners thrive: How to build a supportive ecosystem. Nonprofit Quarterly. https://nonprofitquarterly.org/helping-native-business-owners-thrive-how-to-build-a-supportive-ecosystem/

84. Abraham, R. (2021, March 11). Some cities are cutting red tape to try to save their small businesses. Next City. https://nextcity.org/urbanist-news/entry/some-cities-are-cutting-red-tape-to-try-to-save-their-small-businesses. Urban Redevelopment Authority of Pittsburgh. (n.d.). Commercial rent relief matching program. https://www.ura.org/pages/commercial-rent-relief-matching-program

85. Ibid.

86. LISC Toledo. (2021, June 12). LISC Toledo announces Greater Toledo Small Business Stabilization Fund to help businesses impacted by COVID-19. https://www.lisc.org/toledo/regional-stories/announcing-greater-toledo-small-business-stabilization-fund/

87. Fertig, B. (2021, April 14). Vacant storefronts proliferate in NYC, and it’s no easier to identify owners. Gothamist. https://gothamist.com/news/vacant-storefronts-proliferate-in-nyc-and-its-no-easier-to-identify-owners

88. David, G. (2021, September 16). Can the pandemic give commercial rent control a new lease on life? The City. https://www.thecity.nyc/2021/9/15/22676539/new-york-city-commercial-rent-control-bid

89. Povich, E. (2017, March 7) Can extra taxes on vacant land cure city blight? Stateline. Pew Charitable Trusts. https://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2017/03/07/can-extra-taxes-on-vacant-land-cure-city-blight. Surico, J. (2019, August 1). Are small businesses really fleeing New York? This tool can tell. Bloomberg CityLab. https://www.bloomberg.com/news/articles/2019-08-01/a-tool-for-tracking-nyc-s-vacant-storefront-crisis

90. Nonko, E. (2020, July 14). This Portland marketplace Is just for Indigenous vendors. Next City. https://nextcity.org/daily/entry/this-portland-marketplace-is-just-for-indigenous-vendors

91. Feng, K., & Vera, F. (2018, September 28) Q&A: Creating community-serving commercial spaces. Mission Economic Development Agency. https://medasf.org/qa-creating-community-serving-commercial-spaces/

92. Martinez, N. (2021, April 6). CLTs still going commercial—nonprofit offices, hairdressers, and a sausage factory. Shelterforce. https://shelterforce.org/2021/04/05/clts-still-going-commercial-nonprofit-offices-hairdressers-and-sausage/

93. Rondo Community Land Trust (n.d.). Commercial land trust: The Selby Milton Victoria Project. https://rondoclt.org/selbymilton/

94. East Bay Permanent Real Estate Cooperative. (2021). Esther’s Orbit Room Cultural Revival Project. https://ebprec.org/esthers. Orenstein, N. (2021, June 9). This Oakland co-op wants to revive the legendary Esther’s Orbit Room and the Seventh Street corridor. The Oaklandside. https://oaklandside.org/2021/06/09/this-oakland-co-op-wants-to-revive-the-legendary-esthers-orbit-room-and-the-seventh-street-corridor/

95. Dinkins, R. (2020, October 14). A community investment trust for Portland, Ore. residents to ‘buy back the block.’ Brookings Institution. https://www.brookings.edu/research/a-community-investment-trust-for-portland-ore-residents-to-buy-back-the-block/

96. Mission Economic Development Agency. (2018, September 28). Q&A: Creating community-serving commercial spaces. https://medasf.org/qa-creating-community-serving-commercial-spaces/

97. Dinkins, R. (2020, October 14). A community investment trust for Portland, Ore. residents to ‘buy back the block.’ Brookings Institution. https://www.brookings.edu/research/a-community-investment-trust-for-portland-ore-residents-to-buy-back-the-block/

98. It is also critical to increase investments in programs administered by the Small Business Administration (SBA) and the Minority Business Development Administration (MBDA) that expand capital flow to underserved entrepreneurs and communities.

99. SBDCNet. (2020, June 8). Daycare business (Small Business Snapshot Report). https://www.sbdcnet.org/small-business-research-reports/daycare-business/

100. Though a majority of the early childhood workforce is white (56%), individuals working in the field are more diverse than the overall population, which is 76% white. About 15% of the early childhood workforce is Black (compared to 13% of the population), and fewer than one in ten are Hispanic (7%, compared to 13% of the total population). This trend holds true in both center- and home-based child care workers, with the latter being 16% Black, 16% Hispanic, and 63% white. Teachers’ aides are more likely to be minorities (33% Black, 42% Hispanic, and 32% white). Whitebook, M., McLean, C., Austin, L.J.E., & Edwards, B. (2018). Early childhood workforce index 2018. Center for the Study of Child Care Employment, University of California, Berkeley. https://cscce.berkeley.edu/early-childhood-workforce-2018-index/

101. Bureau of Labor Statistics, U.S. Department of Labor. (n.d.) Occupational outlook handbook, childcare workers. https://www.bls.gov/ooh/personal-care-and-service/childcare-workers.htm

102. Ibid.

103. In addition to the $39 billion in ARPA funds, child care received an additional $3.5 billion from the CARES Act, and another $10 billion from the Bipartisan-Bicameral Omnibus COVID Relief Deal.

104. U.S. Administration for Children and Families.(2021, May 10). Information memorandum: ARP Act child care stabilization funds. https://www.acf.hhs.gov/sites/default/files/documents/occ/CCDF-ACF-IM-2021-02.pdf

105. For an example of recommended metrics, see the Chicago Inclusive Growth Coalition Inclusive Growth Toolkit for Business Service Organizations: Standard Outcomes and Recommended Metrics, https://smallbusinessmajority.org/ecosystem-building/chicago.

106. Mission Economic Development Agency. (2018, September 28). Q&A: Creating community-serving commercial spaces. https://medasf.org/qa-creating-community-serving-commercial-spaces/

107. Dinkins, R. (2020, October 14). A community investment trust for Portland, Ore. residents to ‘buy back the block.’ Brookings Institution. https://www.brookings.edu/research/a-community-investment-trust-for-portland-ore-residents-to-buy-back-the-block/

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