TESTIMONY
Testimony by Tshering Gurung, Senior Manager of Business Development and Training at Accompany Capital, on Small Business Support
1:55:33
·
165 sec
Tshering Gurung from Accompany Capital, a certified community development financial institution, testified about the importance of supporting small businesses and underserved entrepreneurs. She emphasized the need for increased resources for small business providers and highlighted the challenges faced by small business owners across the city.
- Accompany Capital's mission is to assist entrepreneurs, especially those with cultural or language barriers
- Small business owners face issues such as landlord harassment, financial challenges, and competition from big retailers
- Gurung called for support from the city council to help providers on the ground assist entrepreneurs
Tshering Gurung
1:55:33
Hello.
1:55:33
Good afternoon, Chair Fellas, and all the members of the finance and small business committee.
1:55:39
It's a pleasure to be here today.
1:55:41
My name is Sharon Guru, and I'm a senior manager of business development and training at a company capital, which is a certified community development financial institution established in 1997.
1:55:53
And And I heard, you know, commissioners speak about CDFI, so it was, like, really good to hear, you know, the work that we have done.
1:56:00
And a company capital mission is to create pathways to prosperity for immigrant refugee and underserved entrepreneurs across the city by providing access to affordable credit financial education and training in technology and best business practices.
1:56:16
We also offer free webinars, community resource fairs, and workshops as well as matching savings program for refugees, sponsored by the federal government office of refugee resettlement.
1:56:29
Our diverse staff speak over 12 languages and dialects, including Spanish, Urdu, Russian, French, and APali.
1:56:36
We work with each client in their own language whenever possible to provide them with individual technical assistance, including how to open a bank account, how to establish or repair their credit, how to how to develop and business and marketing plans, and how to access affordable credit.
1:56:54
Since our inception, we have expanded economic opportunities for minority owned businesses dispersing over 60,000,000 in business loans ranging from $500 micro loans to street vendors and hair braiders to 350,000 in community advantage loans to finance larger project such as renovation and equipment for a new restaurant.
1:57:19
We have assisted nearly 10,000 unique businesses and created almost 3000 new jobs and saved more than 11,000 job citywide.
1:57:28
As you develop the city's council fiscal year 25 preliminary budget response, we strongly encourage you to recommend an increase in resources for small business providers, especially those that dedicate their work to underserved entrepreneurs.
1:57:43
Small business owners across the city are facing various issues from renterre.
1:57:48
Land or harassment, financial challenges and competition from big retail retailers.
1:57:54
In order to assist entrepreneurs with this trouble, especially those that have cultural or language barriers, providers on the ground need your support.
1:58:04
Beyond the preliminary budget, you're also encouraged.
Oswald Feliz
1:58:08
Please conclude.
Pilar DeJesus
1:58:09
Okay.
1:58:09
115 minutes.
Tshering Gurung
1:58:10
Thank you so much for your time.
1:58:11
And on behalf of every everyone at the company Capital, we look forward strengthening our partnership with you.
1:58:17
Thank you for your time today.