Microlending Accelerator Program
Microlending is key to meeting the capital needs of BIPOC-owned firms. Data from the Federal Reserve’s Small Business Credit Survey indicates that a large majority of BIPOC businesses are loans of less than $100,000, but the level of bank lending in loans of this size has been falling for decades. To help CDFIs to meet this market gap, the Aspen Institute Business Ownership Initiative (BOI) launched the Microlending Accelerator Program (MAP) to test a model for CDFIs to scale microlending to BIPOC entrepreneurs. MAP will support four to six CDFIs with free, customized technical support for building key elements of a high-volume microloan program.
MAP is a six-month program. Participating CDFIs will receive technical support from individuals with direct experience in building key elements of a high-volume microloan program at CDFIs or fintech lenders. Cohort members will also work in collaboration with the Aspen Institute Business Ownership Initiative to develop and refine an effective technical support delivery model for CDFIs.
MAP’s initial cohort began in 2022, with four participating CDFIs. The next cohort will begin in summer 2023. To learn more about the initiative and how CDFIs can express interest in participating, read our program description.