DEPARTMENT: Economic Development
DEPARTMENT HEAD: Alejandra Lopez
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Briefing on the San Antonio Small Business Ecosystem Assessment, a new study that identifies impactful strategies to address San Antonio's historic inequities in opportunity and outcomes for small businesses owned by people of color.
SUMMARY:
The briefing will provide an overview of the findings of the San Antonio Small Business Ecosystem Assessment, including identification of gaps in small business support and capital resources, the impact of COVID-19, and recommendations for impactful and inclusive strategies for supporting small business owned by people of color, in order to address racial and ethnic inequities in opportunity and wealth creation and promote the growth of San Antonio's economy. The research was funded by JPMorgan Chase and conducted by Next Street and Common Future, in conjunction with nearly 50 local small business support providers and business owners. The full study can be accessed here: San Antonio Small Business Ecosystem Assessment.
BACKGROUND INFORMATION:
As San Antonio continues to navigate the COVID-19 pandemic, a new report finds that there has been a historic, unmet annual demand of approximately $8.3 billion in capital for small businesses in Bexar County and that, while individual economic development organizations are providing strong business support services, the San Antonio small business support system as a whole lacks adequate resources and coordination among service providers.
The research, funded by JPMorgan Chase and conducted by Next Street and Common Future, examined the current state of Bexar County's small business communities and business support systems, with a specific lens on local businesses owned by people of color and COVID-19 response and recovery.
San Antonio and Bexar County are home to approximately 34,000 small businesses and approximately 145,000 sole proprietorships. Th...
Click here for full text