Today we are proud to announce that our work is featured in a new white paper titled: Reducing Income Inequality: How CDFIs Promote Job Quality. Our mission has always been about working with entrepreneurs to create accessible good jobs, so we are very happy to be featured alongside organizations that share our belief that good jobs lead to improved communities.
The white paper was authored by the Opportunity Finance Network (OFN), the nation's largest network of Community Development Financial Institutions (CDFIs). It explores the ways in which the CDFI community can spur job quality improvements and reduce inequality in our neighborhoods. The study tracks the work of five organizations across the nation: Growth Opportunity Partners, New Hampshire Community Loan Fund, Coastal Enterprises, Inc., and Community First Fund, and ICA Fund Good Jobs, and makes the case for six ways to scale good job creation:
- Create more awareness of how small businesses benefit when they provide quality jobs.
- Identify which development services interventions have the greatest impact on quality job creation and find ways to make these services more cost-effective to deliver.
- Identify the best business-level metrics to measure the impact of quality job creation and create systems to collect, manage, and analyze this data.
- Make the case for CDFI impact in quality jobs so that funders and investors have a compelling reason to fund this work.
- Consider expanding targets for quality job interventions with the goal of increasing the pipeline of eligible businesses and broadening CDFI impact.
- Encourage funders to fully support this work.
Earlier this year, we were certified as a Community Development Financial Institution (CDFI) by the Department of the Treasury. CDFIs provide financial products and services to low-income individuals and underserved communities. Specifically, CDFIs finance affordable housing, small businesses, schools, community facilities, health care centers, grocery stores, and many other types of investments that spark growth in communities across America.
ICA Fund Good Jobs is one of the only CDFIs that specifically focuses on creating good jobs through access to capital and technical support for small businesses. Our CDFI status boosts our mission and uniquely positions us to make an impact on the quality of jobs in the Bay Area.
And, if you are in Atlanta this week for the OFN Conference, you can join a panel on how CDFIs can promote good jobs featuring ICA Fund God Jobs CEO, Sean Daniel Murphy, and Senior Portfolio Manager, Nina Robinson.