Wells Fargo Provides $500,000 for LPPI, CNK Research The grant to UCLA research groups will support policy solutions to benefit small business owners of color

A new grant of $500,000 from Wells Fargo will support efforts by researchers affiliated with the Luskin School to determine best practices and policy solutions to benefit businesses operated by persons of color.

The award will go to the UCLA Latino Policy and Politics Initiative (UCLA LPPI) and the Center for Neighborhood Knowledge (CNK) for research aimed at increasing access to capital, technology and environmentally sustainable practices for these businesses.

“COVID-19’s disparate impact on small business owners of color highlighted the enduring legacy of structural barriers that impede economic opportunity and social mobility for large swaths of working Americans,” said Maria Samaniego, deputy director of UCLA LPPI. “This grant will allow us to develop policy research and resources that are specifically tailored to the needs of communities of color, which have the power to transform small business ownership in ways that will drive our economy for generations.”

UCLA LPPI and CNK will focus on understanding how to broaden access to financial services and technology tools. They will also explore how to best leverage public, private and social partnerships to boost the entrepreneurship potential of small businesses owned by Latinos and other people of color. The findings will lead to more informed decisions about post-COVID economic recovery policy relating to minority-owned businesses. Another goal will be increasing labor force participation in those communities.

“We cannot ignore the bright spotlight the pandemic has put on inequity, nor the responsibility and opportunity we have to close gaps in resources that have existed for far too long,” said Jenny Flores, head of small business growth philanthropy at Wells Fargo. “Investing in UCLA LPPI and CNK will offer an in-depth view into how the public and private sectors can better support and accelerate access for business owners of color who will be at the forefront of building an inclusive economy.”

Research Professor Paul Ong, director of CNK, pointed to previous research from UCLA that has identified economic and social impacts of the COVID-19 pandemic and produced insight into how society’s systems and institutions often work against the interests of people in disadvantaged communities. “With this funding, we will be able to pinpoint the exact systemic barriers and to generate the knowledge to remove them for future generations,” he said. “Equally important, new insights will inform new practices that create greater equity for people of color.”

Support from Wells Fargo will also enable UCLA LPPI and CNK to identify best practices in sustainability that small businesses can adopt to help them meet the challenges presented by climate change.

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