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PUBLIC TESTIMONY
Testimony by Yanki Tshering, Executive Director of Accompany Capital
6:49:16
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171 sec
Yanki Tshering, Executive Director of Accompany Capital, testified about their organization's work in providing financial services and support to immigrant and refugee entrepreneurs. She highlighted the impact of their work and requested continued funding support from the City Council.
- Accompany Capital has dispersed over $68 million in business loans, created 3,000 new jobs, and saved 11,000 jobs citywide.
- The organization thanked the City Council for the CDFI initiative, which has already supported 25 businesses and is on track to serve over 40.
- Tshering requested continued support, mentioning a pending proposal for $330,000 to create economic opportunities for 250 entrepreneurs who currently don't qualify for services under existing funding.
Yanki Tshering
6:49:16
Oh, good afternoon and you know thank you for your patience.
6:49:19
I was concerned that after a certain point we would be asked to leave.
6:49:23
So anyway, thank you to all the members of the Committee on Immigration.
6:49:28
My name is Yanki Shearing.
6:49:29
I'm the Executive Director of A Company Capital.
6:49:32
We're a CDFI, a Community Development Financial Institution.
6:49:38
And what we do is we focus on providing access to affordable credit, financial education and training.
6:49:45
The loans we provide range from 1,000 to 350,000, so very, very numerous micro entrepreneurs and then going up to working with small businesses.
6:49:57
Since our founding we have expanded economic opportunities primarily for immigrants, refugees, underserved entrepreneurs.
6:50:05
And we've dispersed over 68,000,000 in business loans, created 10,000 unique 3,000 new jobs and worked with over 10,000 unique businesses and saved more than 11,000 jobs citywide.
6:50:21
So while our mission is to create pathways to prosperity for micro and small businesses, their very presence in the city is being threatened by recent executive orders as we're all aware.
6:50:35
And obviously a lot of the federal funding that we had access to has been decreased or is under threat of being eliminated.
6:50:45
Last year we served clients from over 57 countries.
6:50:49
We want to thank City Council for the recent creation of the CDFI initiative.
6:50:55
And through this funding, our team has already supported 25 businesses.
6:50:59
We're on track to serve over 40 businesses.
6:51:03
And these are businesses that would not qualify for services with the funding we currently have.
6:51:10
So these are street vendors, cleaning services and catering businesses.
6:51:17
So we are fully aware that there will be further decreases, restrictions.
6:51:22
We have a proposal pending for the CDFI initiative to continue our existing partnership with Asian Americans for Equality and Business Outreach Center to create economic opportunity for over 250 entrepreneurs who currently do not qualify to get services with the current funding we have.
6:51:43
We have a grant of request of 330,000 pending.
6:51:48
We strongly encourage you to keep in mind all the risks facing immigrant refugee in the small business communities.
6:51:55
These businesses need support.
6:51:57
Thank you for your time.
6:51:58
And on behalf of everyone at Accompany Capital, we look forward to strengthening and partnering with the other organizations that are represented here.
6:52:07
Thank you.