Collective Action to Expand Economic Opportunity for All
Working Solutions is proud to be a voice for small business within an industry dedicated to increasing economic opportunity for all individuals and communities. Throughout March, the Working Solutions team had several opportunities to uplift and advance the work of CDFIs throughout the state and country. Highlights include:
Working Solutions co-hosted a celebration of the California Investment and Innovation Program (Cal IIP) with State Treasurer Fiona Ma and the California Coalition for Community Investment (CCCI). The event featured remarks from Treasurer Ma, State Senator Tim Grayson, CalOSBA Director Tara Lynn Gray, and CPCFA Director Shela Tobias-Daniel, and highlighted the entrepreneurship stories of two Working Solutions clients, Burnside Coffee Bar and Capitol Cakery. Read more about this event here.
CEO Sara Razavi traveled to Washington D.C. to attended the CDFI Coalition's Annual Institute. Sara had the opportunity to meet with the offices of several U.S. Representatives of California and share information and insight about the impact that CDFIs have on small business and housing in their communities, and to request support for continued appropriations to the CDFI Fund at the U.S. Department of the Treasury.
CFO Gasper Magallanes gathered with fellow CDFI leaders and CCCI members in Sacramento to help build continued state-level support for the work of CDFIs throughout California. Gasper attended meetings with members of the California Assembly and Senate to share CDFI borrower stories and underscore the importance of renewed funding for Cal IIP.
Unfortunately, in the midst of these events, the White House issued an Executive Order that puts the future of the CDFI Fund at risk. CDFIs have bipartisan support and recognition as engines of economic opportunity, expanding access to capital, supporting job growth and wealth creation, and uplifting communities that mainstream banks often overlook. The CDFI Fund has provided billions in critical investments to achieve these goals—investments that are leveraged 8:1 by CDFIs to create economic opportunity for all.
You can help support the work of CDFIs by taking action today! Whether you are an entrepreneur, community leader, business support advocate, or CDFI practitioner, your voice matters:
At the federal level, please contact your Members of Congress and urge them to protect the CDFI Fund: https://www.congress.gov/members/find-your-member
At the state level, please ask your California State Representatives to support a renewal of funding for the California Investment & Innovation Program (Cal IIP) in the upcoming budget cycle: https://findyourrep.legislature.ca.gov/
Thank you to our community for your continued partnership in support of CDFIs and California small businesses!