Report

PLUM Phase II Summary: Lessons Learned for Advancing Minority Small Business Capital Access

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The Milken Institute and U.S. Small Business Administration Partnership for Lending in Underserved Markets (PLUM) initiative aims to increase the amount of capital reaching minority-owned businesses and the number of successful minority business enterprises in Black and Hispanic communities employing Black and Hispanic workers. PLUM offers insights on how to improve collaborative efforts in a given market and around specific capital access solutions.

The partnership has identified the following solutions to root causes of the minority capital access gap:

  • Expand and customize technical assistance
  • Overcome structural limitations of minority small business lending
  • Improve transparency and efficacy of small business lender engagement
  • Increase equity/patient capital in underserved markets
  • Coordinate urban development
  • Expand small business market opportunities
  • Improve evidence-base for action 

Furthermore, PLUM's local pilot programs and national efforts have yielded many across-the-board lessons learned for collaboration:

  • Overcome data deficits to identify opportunity
  • Engage anchor institutions and local stakeholders and recognize competition
  • Build wider and more targeted networks
  • Use technology as a tool, not a solution
  • Develop culturally-competent marketing, outreach, products, and services
  • Identify champions to promote public policy

 

  

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