Support Social Ventures To Build Back Better

By Frank F Islam & Ed Crego, April 20, 2021 (Image credits: Tom de Boor, Shutterstock, Dreamstime, et al)

  • Tasking the Small Business Administration with the development of unique programs aimed at providing loans and financial assistance to social ventures.
  • Tasking the Department of Commerce with creating a Qualified Social Venture Tax Exemption.
  • Providing guidance to the Minority Business Development Agency at the U.S Department of Commerce to provide technical assistance and resources to social venture founders of color.
  • Asking Congress to bolster the Office of Innovation and Entrepreneurship at the Economic Development Agency to increase the impact of its Build to Scale grant program to include a social venture track.
  • Starting in K-12 programs, empowering the U.S. Department of Education to allow for the design and deployment of curricula and training programs throughout the U.S. education system, focusing on the skills needed to start a social venture.
  • Prioritizing social ventures throughout the U.S. government procurement processes, creating opportunities for early stage ventures to provide products and services across the U.S. government apparatus.
  • Non-employer businesses that have no paid employees except the owner. About one-third of these businesses are owned by minorities and 40 percent are owned by females
  • Businesses in the retail, arts and entertainment, personal services, food services, and hospitality sectors
  • Businesses with employees owned by African Americans immigrants, Latinx, Asians, and females
  • Mom and pop establishments with fewer than 5 employees in older historic neighborhoods, and in cities and towns with fewer than 10,000 residents across the country