Capital Good Fund’s Mission: A Perfect Match for the City of Providence
David Cicilline, Mayor of Providence, recently wrote, in the on-line magazine Social Enterprise, that the city is fast becoming a ‘hot bed for young social entrepreneurs’ and that social enterprise is a ‘key ingredient to our future success’, highlighting the Capital Good Fund as an example of this burgeoning sector. Mayor Cicilline points out that his administration will be ‘paying particular attention to the need of social enterprises and how municipal government can play a role in helping them achieve their goals.’ Nurturing social enterprise, small businesses, and non-profits is a critical component to the city’s economic future, an idea captured by its recent rebranding as the The Creative Capital.
The Mayor couldn’t be more right. Now is the opportunity, what with the economic downturn and rising unemployment, to capitalize on the immense creativity, resourcefulness, and industriousness of local residents, as well as the young student entrepreneurs coming out of the city’s many outstanding universities. Many Providence residents find themselves unemployed and are driven to create their own small business – be it a cleaning business, a restaurant, etc. – to support themselves and their families. Others are taking the opportunity to enroll in job training programs, such as green job training programs, to start a new career and improve their marketability to prospective employers. Some graduates of these job training programs may seek to start their own business. It is these people who will require the same level of support from and access to city government resources as the young entrepreneurs coming from Brown, RISD, Providence College, etc.
Access to capital for small business and entrepreneurs is, of course, another issue. CGF serves as a resource for capital for local entrepreneurs and small businesses that have difficultly accessing capital through traditional channels. But CGF not only provides capital, it also provides technical assistance to borrowers: CGF provides financial literacy and business training to its borrowers, with a particular attention to environmentally sustainable business practices. This approach ensures the success of small business and entrepreneurial borrowers, while ensuring environmental sustainability, which the city has indicated is a major component of its future, as evidenced by the recently published sustainability plan, Green Print. In short, CGF’s mission to create an inclusive, green economy dovetails perfectly with the environmental and economic agenda laid out by Mayor Cicilline and the city of Providence.
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