As an extension and virtual reimagination of our annual Excellence Awards, Inspiring Excellence shines spotlights on the small and mid-size businesses who have made a difference in our community during these unprecedented times. With input from the Excellence Awards Committee, the Chamber chose 10 organizations to recognize whose stories have inspired our members.
Minority business owners, particularly Black business owners, are currently facing two equally destructive challenges: the global pandemic and ongoing systemic racial discrimination. They continue to remain under-resourced facing unfair lending and financing practices while trying to survive the pandemic. The Enterprise Center (TEC) and its family of organizations have been a great resource to Black business owners and residents in Philadelphia that are feeling the inequities in the system.
TEC is a Black-led organization with a mission to cultivate and invest in minority entrepreneurs to inspire working together for economic growth in communities. TEC also has two affiliates: The Enterprise Center Community Development Corporation, its community arm, and The Enterprise Center Capital Corporation, a certified community development financial institution (CDFI).
In the last 6 months, TEC has assisted businesses with applying for COVID-19 loans and creating recovery plans, providing access to healthy food for the Walnut Hill community, and donating office supplies to businesses in need. Because of the TEC, 166 businesses received Paycheck Protection Program loans and COVID-19 loans, over 4,000 meals were distributed, and 11 small businesses received new printers.
After the social unrest that occurred in May, TEC launched Support 52nd Street, a grassroots fundraiser to help 52nd Street businesses recover from the physical damage done to their businesses. Many business owners felt discouraged and defeated as the toll the damage left made staying in operation during the COVID-19 pandemic even more challenging. TEC’s fundraiser was able to raise over $160,000.
Since March 2020 when businesses were mandated to shut down, TEC has offered online services such as consultations for its business clients with flexible scheduling to accommodate business owners’ needs. In April, in response to minority businesses losing revenue drastically, TEC created the COVID-19 Resilience Fund to support minority-owned businesses experiencing significant financial losses and business disruptions because of the COVID-19 pandemic. Reacting to the needs of the community during this unprecedented time, TEC committed $2 million of its small business loans to distribute COVID-19 loans at 1% interest with no payments for the first six months and is working with existing clients to defer payments. To date, TEC has received loan inquiries totaling 14 million dollars. Loans can be utilized for job retention and working capital needs. TEC primarily serves low-to-moderate-income small business owner clients, of whom 93% are minorities and 72% are African American: 79% of beneficiaries are low-to-moderate income, and 37% are low-income
Not only does TEC make sure businesses are well prepared for the future, but they also look out for the needs of residents in the community. Walnut Hill is a predominantly low-income neighborhood in West Philadelphia that is comprised of immigrants and people of color disproportionately affected by COVID-19 and chronic under-investment and discrimination. TEC provides resources and assistance to over 8,000 residents and 200 businesses in its home neighborhood of Walnut Hill and TEC has volunteered its office space as a drop-off location for Philabundance, a local food distribution organization, to provide meals to seniors.
Since June, TEC has raised over $40,000 and partnered with a minority-owned caterer to distribute 4,000 meals to residents of the Walnut Hill neighborhood and is currently participating in the Farmers to Families program distributing food boxes to families in need in partnership with two local funders.
TEC’s role in advising and lending to Black-owned small businesses is now crucial to preventing further unemployment and economic collapse in Philadelphia. Small businesses must survive if the region is to make a full recovery from COVID-19. The COVID-19 pandemic has heightened the urgency of TEC work to support Black-owned businesses as an essential source of economic growth and livelihoods in underserved communities.
Inspiring Excellence: Honoring the Resiliency of Small to Mid-Size Businesses
Check out the program book from the November 19 celebration to read not just the stories of our 10 honorees, but also those of the over 70 organizations who were nominated.
