The Nonprofit Challenge
The Status Quo Is Harmful To Inner City Prosperity
ICIC data show that regional economic growth has little effect on inner city employment. Inner cities were losing jobs even when their surrounding metropolitan areas were adding jobs. Business growth has to be local to create real opportunity for residents.
Although minority-owned businesses grew twice as fast as all others during the last decade, bank loan denial rates are five to six times higher for Hispanic and African-American owned businesses, which are concentrated in our cities.
Next Street focuses investment and expertise on the areas that need it most … and the companies most capable of increasing employment in their communities.
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Next Street is a for-profit business operating in what has become a nonprofit space.
Here’s why that matters.
We believe that sustainable economic development can only happen where businesses thrive and pay wages and benefits, and hire and train more people. Our job is making that possible.
Employers pay us to build their businesses. Our salaries don’t come from the community. Business owners hire us to help expand their operations in the community.
The capital we provide for inner city companies comes from investors – including philanthropic families and foundations – who realize a return on their money when the companies grow.
The people we hire turn down offers from Wall Street, Madison Avenue, and the elite consultancies to work with us because they have a passion for changing what is possible in our cities.
Outside the banks, we are one of only a handful of nearly 1,000 certified Community Development Financial Institutions that are for-profit organizations.
Next Street is the private sector stepping up.
