Context
When COVID-19 hit in March 2020, small businesses faced not only a public health crisis but an economic one. Businesses faced an avalanche of emergency funding programs: PPP, EIDL, state grants, city programs, each with different eligibility rules, application processes, and timelines. The businesses most in need of capital were the least equipped to navigate the complexity.
Challenge
How do you help 100+ businesses across metropolitan area access emergency capital when the rules are changing daily and the information landscape is chaotic?
What I Built
- Coordinated and facilitated webinars with the U.S. Small Business Administration District Director, City of New Orleans’ Economic Development Office, CDFIs, banks, and other entrepreneur support organizations
- Delivered financial coaching and application support programs to navigate PPP, EIDL, and local programs
- Created information infrastructure (webinars, guides, checklists) that translated complex eligibility requirements into actionable guidance
Results
130+ businesses supported | $4M+ in federal relief financing accessed |
What I Learned
The rapid standup of our pandemic support programs was only possible due to partnerships built on trust prior to the crisis, enabling a level of flexibility and alignment to meet the moment. This moment also taught me about the nuances in how federal dollars are dispersed. Because the Paycheck Protection Program (PPP) funding was deployed through local banks and CDFIs, it allowed for quick deployment for those already connected to these institutions. For entrepreneurs without existing banking relationships or with limited deposits were deprioritized. Counterintuitively, many entrepreneurs found success utilizing online lenders such as Square to greater success