Pillar 2: Investment
Economic Development
Immigrant entrepreneurs are valuable members to any city’s economy. Our small business development, matched savings, and micro lending substantially improve the economic prosperity of clients and their families, who in turn help revitalize the St. Louis economy.
We offer microloans through the International Institute Community Development Corporation (IICDC) and technical assistance, adapted to the needs of low-income immigrant entrepreneurs. Historically, at the time of enrollment 45% of our clients are at or below the Federal Poverty Level, and 79% are at or below 80% of the HUD level. On average, the hundreds of businesses in our small business development program demonstrate a 98% increase in revenue after services.
Since the inception of the IISTL and IICDC’s microlending programs, 351 businesses have been created or expanded as a result of our lending with a total economic impact of $92 million, as calculated by the Regional Chamber and Growth Association (RCGA), using IMPLAN economic impact software.
We have collaborated with the United Way of Greater St. Louis for many years in various economic development programs, including Success by 6, a network of local organizations engaged in providing business assistance to child care businesses, a peer lending program for $1,000 loans, and an IDA in which the lowest income clients can qualify for a 2 to 1 match.
Staff services are augmented by a pool of professional volunteers used both for scheduled training classes and on an as-needed basis for their skills and expertise in various areas of small business development. The program has active volunteers representing the fields of law, accounting, insurance, real estate, information technology, marketing and advertising, graphic design, and general business consulting.
The St. Louis Chapter of Service Corps of Retired Executives (SCORE), Catholic Charities Housing Resource Center, and BUILD St. Louis are among the other organizations that provide resources, services or referrals to program clients. Citi’s Summer Intern Program has also provided valuable multi-year support for microenterprise development.
Contact Information
314-773-9090 ext. 156
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| Pillar 3: Inclusion | |
