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PUBLIC TESTIMONY
Testimony by Jessie Lee, Managing Director of Renaissance Economic Development
2:40:45
ยท
119 sec
Jessie Lee, Managing Director of Renaissance Economic Development, testified about their organization's work in supporting small businesses through technical assistance and microloans. She thanked the City Council for their support of various initiatives and urged for continued support, especially in light of potential federal funding cuts.
- Highlighted the success of the Chamber on the Go initiative, which helped counsel 1,000 small businesses and provided $13 million in microloans
- Expressed gratitude for the CDFI initiative, which supported low-income solopreneurs
- Raised concerns about a recent White House executive order threatening the stability of the CDFI fund at the US Treasury
Jessie Lee
2:40:45
Good day, chairman Feliz and the small business committee.
2:40:48
My name is Jessie Lee, Renaissance the managing director of Renaissance Economic Development.
2:40:53
We are an affiliate to Asian Americans for Equality.
2:40:56
We are a CDFI and also an SBA microlender.
2:41:00
We have partnered with the Department of Small Business Services since February.
2:41:05
I wanna first thank city council for their support of Chamber on the Go initiative.
2:41:10
This helped organizations like us to give free technical assistance to low income small businesses.
2:41:17
In fiscal year 2024 and to date 2025, we have counseled 1,000 small businesses and gave $13,000,000 in microloans to two zero nine small businesses, many who are brick and mortar businesses.
2:41:32
This helped to create and retain over 1,000 jobs.
2:41:36
Second, I want to thank speaker Adams for prioritizing small businesses through the creation of the CDFI initiative.
2:41:43
This year, through this initiative, we worked with city council and two other CDFIs, Bach Capital and Acompany Capital, to support low income solopreneurs.
2:41:54
Our micro entrepreneur hub gave business training and microloans to help these solopreneurs start their business in areas like delivery services and hospitality.
2:42:02
We are excited to continue this program in fiscal year twenty twenty six, and we count on city council's renewal of the CDFI initiative.
2:42:11
Last week, an executive order from the White House threatened the stability of the CDFI fund at the US treasury.
2:42:18
This is a vital capital resource for our small businesses.
2:42:22
The possible elimination of the CDFI fund will hurt our ability to provide affordable loans to struggling small businesses, further pushing them to predatory lenders.
2:42:33
I urge you to support organizations like ours who are helping small businesses access capital and to join us to save the CFI fund and continue these initiatives.
2:42:43
Thank you for your support.
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