Next Street and Common Future
Climate Impact & Sustainability Data (WINTER 2020)
Reporting Period: WINTER 2020
Environmental Metrics
ESG Focus Areas
- Racial Equity
- Small Business Support
- Community Development
- Economic Inclusion
Social Achievements
- Convened coalitions of over 40 local stakeholders to co-create strategies for a more inclusive small business ecosystem.
- Interviewed and hosted focus groups with over 20 local economic development stakeholders, capital and service providers, and business owners.
Climate Goals & Targets
Environmental Challenges
- Deep socioeconomic disparities persist along racial and ethnic lines in San Antonio.
- COVID-19 pandemic worsened inequities and magnified financial distress among small businesses owned by people of color.
- Higher closure rates for Black-, Hispanic-, and Asian-owned businesses compared to White-owned businesses.
- Significant shortage of capital to meet small business needs, with disproportionately low rates of traditional lending for microenterprises and neighborhood-based businesses in Hispanic and Black neighborhoods.
- Lack of coordination and resources across the city and county to serve small businesses effectively.
- Disparities in small business ownership, revenue, and employment for entrepreneurs of color.
- Limited access to networks and marketplace discrimination for business owners of color.
- Barriers for non-native English-speaking entrepreneurs in finding culturally and linguistically competent support services.
Mitigation Strategies
- Recommendations for equitable access to capital, customers, and services.
- Strategies to enhance availability and access of flexible debt and equity capital.
- Forming collaboratives of capital and service providers to build more resilient businesses and communities of color.
- Expanding access to networks for business owners of color.
- Forming coalitions to coordinate and advocate for ecosystem priorities.
- Implementing innovative land ownership models to support shared ownership and maintain affordability.
- Creating partnerships to pair credit-building capital with one-on-one counseling.
- Building upon and sustaining accelerators to provide tailored advising, coaching, and mentorship.
- Creating and sustaining networks of small businesses owned by POC.