Too many people are struggling to make ends meet because they haven’t been given a fair chance. In 2018 the unemployment rate dropped to a 17-year low, yet almost half of American workers are stuck in low-wage jobs; the number of new small businesses is at rock bottom; and race or where you’re born are the biggest factors for financial success in life. These challenges are key drivers behind growing income and wealth inequality, as there are fewer jobs that afford working people and their families dignity, financial security, and economic mobility.
At Pacific Community Ventures, we know things can be different. We envision a world of thriving communities where everyone has a fair shake. Our mission is to invest in small businesses, create good jobs for working people, and make markets work for social good. We achieve our mission through a combination of fair lending, free mentorship, skilled volunteerism, social impact measurement and management, and field-building research.
We’re working with entrepreneurs and investors to create higher-quality jobs and more equitable communities. This report highlights our recent progress, and we hope you’ll join us on this journey.
Our Impact In 2018: Investing in Small Business
- 716 businesses across 50 states received access to capital and mentorship
- 68% of supported companies grew their revenues
- 16% year-over-year median revenue growth at supported companies (vs 6.1% for comparable small businesses)
- 13% job growth at our companies surpassing national and state rates (1.6%)
- 2,582 jobs created and retained at the businesses we served
Our Impact In 2018: Investing in Quality Jobs
- Average wages at supported small businesses were $22/hour (full-time) and $18/hour (part-time)
- $89,463,239 in wages paid to working people from underinvested communities
- 55% of full-time workers at supported small businesses are eligible for health benefits, 28% are eligible for retirement benefits, and 64% have paid time off
- 67% of small businesses provide workers with their schedules at least two weeks in advance
Our Impact In 2018: Investing in Communities
- $30 billion in investment capital evaluated across asset classes
- Over $325 Million deployed or managed using our customized Impact Measurement and Management systems
Our Impact In 2018: Investing in Racial and Social Equity
- 87% of the businesses we funded were located in, or hiring from, low-income communities
- 71% of the small business owners we work with are women or people of color
- 52% are women
- 56% are people of color
View our full impact report
Pacific Community Ventures is a 501(c)(3) nonprofit whose mission is to strengthen small businesses, strengthen communities, and create better livelihoods for working people. We believe that by investing in small businesses and making markets work for social good we can create stronger communities without poverty, where everyone has a fair shake and access to good jobs, affordable housing, and healthy food.
The post Investing In Small Business and Big Ideas: Pacific Community Ventures 2018 Social Impact appeared first on Pacific Community Ventures.
The full and original article can be viewed on PacificCommunityVentures.org
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