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PUBLIC TESTIMONY
Testimony by Yanki Tshering, Executive Director of Accompany Capital
2:12:59
ยท
173 sec
Yanki Tshering, Executive Director of Accompany Capital, testified about the importance of CDFIs in supporting immigrant and underserved small business owners in New York City. She highlighted Accompany Capital's work in providing affordable credit and financial education, and requested continued support from the City Council in light of potential federal funding risks.
- Accompany Capital has dispersed over $68 million in business loans ranging from $1,000 to $350,000
- Tshering thanked the City Council for creating the CDFI initiative and proposed a $330,000 grant to help 250 micro-entrepreneurs
- She emphasized the success of the New York City Small Business Opportunity Fund program, which deployed $85 million in low-interest loans
Yanki Tshering
2:12:59
Is it on?
2:13:00
Okay.
2:13:01
Thank you.
2:13:02
Good afternoon, Jeff Elise.
2:13:04
Nice to see you and members of the small business committee.
2:13:07
My name is Yanki Shering, and I'm the executive director of company capital, a certified CDFI established in New York City.
2:13:15
Mission is to create pathways to prosperity for immigrant refugee underserved small business owners across the city by providing access to affordable credit, financial education and training.
2:13:27
Over the past twenty five years, we have expanded economic opportunities for BIPOC owned businesses dispersing over 68,000,000 in business loans ranging from micro loans of 1,000 to street vendors and hair braiders to 350,000 to finance larger projects like a green business using rainwater management technology at the Jacob Javits Center.
2:13:53
I'd like to thank the city council for creating the CDFI initiative last year.
2:13:59
We have a proposal pending for this initiative to continuing our existing partnership with two other CDFIs, Asian Americans for Equality and Bork Capital to create economic opportunity for emerging entrepreneurs across the city.
2:14:15
The grant of 330,000 will help us provide up to 250 micro entrepreneurs with resources to start or formalize their business, establish ITIN, and access the capital they need to grow.
2:14:29
The capital would be provided by a company capital.
2:14:33
CDFIs thrive through partnerships with banks and other CDFIs, private philanthropy and government.
2:14:40
In 2023, the New York City Small Business Opportunity Fund program and we heard commissioner of New York City Department of Small Business earlier speak a little bit about the success of this program.
2:14:55
So this was a partnership between city of New York, Goldman Sachs and Mastercard for Inclusive Growth with the assistance of eight CDFIs.
2:15:05
We were one of the CDFIs and combined we deployed 85,000,000 in low interest loans to small businesses.
2:15:14
So what I would like to quickly say is executive order from the current administration is putting the future of the federal CDFI fund at risk.
2:15:23
So and that is why we are here today to request that as you develop the city council's fiscal year twenty six preliminary budget, we urge you to consider the risks facing the small business community, which is closely tied to the challenges facing immigrant communities, so many of our small businesses.
2:15:44
Thank you for your time.
2:15:45
On behalf of everyone at the company capital, we look forward to strengthening our partnership with you.