NEW Community Investments launches Impresario; an innovative crowd-sourced capital access solution for underserved women, minority and veteran-owned small businesses
LOS ANGELES – NEW Community InvestmentsTM (NCI), an organization dedicated to making financial investments that spark economic mobility especially for underserved women, minority and veteran-owned small businesses, is excited to announce the launch of Impresario, an innovative crowd-sourced capital access solution focused on helping diverse small business owners that are historically excluded financially and at inequitable rates. Impresario and NCI are powered by New Economics for Women® (NEW), a 501(c)(3) nonprofit organization.
In partnership with Crowdfund Better, Impresario will further NCI’s mission to build economic development and financial sustainability among women and minority entrepreneurs in underserved communities. Impresario is uniquely positioned to offer a comprehensive one-stop solution for crowdfunding, support, and high-level training— a first to offer such a combination of capital access services to underrepresented communities.
“Underserved women, minority, and veteran-owned small businesses to accessing capital funding,” says Quentin Strode, President, and CEO of Impresario. “Impresario often face significant barriers leverages NEW’s more than 30-year history of empowering underrepresented populations and provides a compelling way to level the business playing field. We are beyond excited to start this new chapter in our ongoing pursuit of equality to help create generational wealth, especially in our diverse communities.”
“In Los Angeles, we know that when women thrive, so do our communities,” said Mayor Eric Garcetti. “By opening doors of opportunity for current and aspiring women entrepreneurs, Impresario is setting them up for success and building a stronger, more equitable future for all Angelenos.”
Impresario’s unique approach provides minority small business applicants comprehensive support for their capital needs. Once small business applicants become qualified after successfully passing a verification process, they will have the opportunity to access a tiered-structured crowdfunding training, business coaching, technical assistance, and individualized support available virtually and at NO COST. Some small business owners are ready to start crowdfunding today, while others may not be there yet or need help in areas such as developing a business plan or a marketing strategy. Impresario can provide guidance and additional resources to help them succeed.
Impresario aims to leverage the power of the community enabling qualified diverse small businesses to receive donations from community supporters. These supporters donate to businesses they know and see, such as the neighborhood mechanic shop, beauty salon, or restaurant. Additionally, being mindful of the financial inequity and the ongoing need for capital access by small business communities in African nations, Impresario is partnering with the International Trade Administration of the U.S. Department of Commerce and launching Impresario in select African nations with limited training programs. Whether here in the United States or abroad, the Impresario platform adopts strict security measures so supporters can donate without worrying about cyber security.
Crowdfunding is growing. $17.2 billion is generated yearly through crowdfunding in North America1 and it is becoming an increasingly popular way of helping to bring equity to accessing capital allowing underserved small business owners to obtain funding by creating a community of supporters who can make a difference in helping build, grow or even save a business. For minority entrepreneurs, crowdfunding allows them to obtain funding without resorting to expensive bank loans or giving up significant equity in their business. Another advantage is that a crowdfunding campaign can help drum up social media and public attention for a business or product. A successful campaign can provide added exposure and credibility sending a message that the community likes the business, immediately leading to more customers and sales. Especially for small businesses in underserved populations, crowdfunding can provide a valuable tool today as communities are still recuperating from the economic effects of COVID-19.
Research shows there’s still a wide equity gap with low numbers of women and people of color securing business loans and venture capital.2 Impresario aims to bridge that gap for underrepresented women, minority and veteran-owned small businesses, and entrepreneurs in the United States and abroad.
We have capital access solutions that work. For more information, visit impresariobynew.org.
About New Economics for Women® (NEW):
New Economics for Women® (NEW) sparks economic mobility for women, particularly for Latinas and their families, through wealth creation, housing, education, entrepreneurship, and advocacy for economic justice. We empower generations of women and families to thrive. For more information, call (213) 483-2060 or visit https://www.neweconomicsforwomen.org
About NEW Community Investments™ (NCI):
NEW Community Investments™ (NCI) builds economic development and financial sustainability among women and minority entrepreneurs in underserved communities. We concentrate on capacity building, access to resources, lowering financial risk, and closing the funding disparities that persist amongst underserved communities. For more information, call (213) 483-2060 or visit https://new- nci.com.
For more information about Crowdfund Better, visit https://www.crowdfundbetter.com.
- Shepherd, Maddie. “Crowdfunding Statistics (2021): Market Size and Growth.” Fundera Ledger, Fundera, December 16 2020, https://www.fundera.com/resources/crowdfunding- statistics.
- Ashtonlinnell. “Why Mentorship and Access to Capital Are ‘Critical’ Keys to Closing the VC Gap for Entrepreneurs of Color.” CNBC, CNBC, 4 Feb. 2022, https://www.cnbc.com/2022/02/03/mentorship-and-access-to-capital-are-critical-to-closing- the-vc-gap-for-entrepreneurs-of-color.html.