Video — Driving Innovation in Small Business Lending: Examples of How Small Business and CDFIs are Working Together to Advance Job Quality
Description
Job quality is vital not only for workers, but also for small businesses and communities. Yet too many jobs today miss the mark on one of the key characteristics of a good job: providing enough pay to live on. Only 56% of full-time workers in the United States make enough money to cover their families basic needs. This problem is particularly acute at small businesses. Nearly 60% of low-wage workers work at businesses with fewer than 100 employees, and 35% of low-wage workers work at micro-businesses with fewer than 10 employees. Small businesses also struggle to address other characteristics of a good job, like providing adequate benefits, stable scheduling, and a positive work culture.
Recognizing this context, in 2022, the Aspen Institute Economic Opportunities Program (EOP) launched the Shared Success project, funded by the Gates Foundation. The project supports 11 community development financial institutions (CDFIs) across the country to integrate job quality support into their small business services with the goal of improving job quality for small business employees and building business resilience. Three years later, EOP has seen how grantees have used innovative approaches to recruit, advise, and incentivize small businesses to improve job quality.
This discussion is the first of two panels from our event, “How Good Jobs Support Small Business Success: Lessons from the Shared Success Demonstration,” which took place on May 21, 2025 at the Aspen Institute’s office in Washington DC. Our speakers include Maureen Conway (Vice President, The Aspen Institute; Executive Director, Economic Opportunities Program), Israel Flores (Business Services Director, Northern Initiatives), Tristan Bredehoft (Co-Owner and Founder, Cafe Rica), Laura Owens (Chief of Staff, vChief; Consultant, Four Bands Community Fund), Eunice Straight Head (Co-Director, Oyate Studio), and moderator Lauren Starks (Director, Good Companies/Good Jobs, Economic Opportunities Program, The Aspen Institute).
During this event, we heard from leaders of CDFIs, their small business clients, philanthropic supporters, and other experts, and we discussed the lessons learned from Shared Success, ranging from practical tips about strategies for engaging small businesses in discussions of job quality to the range of job quality improvements CDFI clients helped their businesses make. We hope you enjoy this important discussion on small business support strategies that help businesses and workers both thrive, achieving Shared Success.
For more information, including a transcript, speaker bios, and additional resources, visit our event page, and add our second panel, “Building, Sustaining, and Scaling Job Quality within CDFIs,” to your watch list. For highlights from this discussion, subscribe to EOP’s YouTube channel, or subscribe to our podcast to listen on the go.
About Shared Success
Shared Success, a project of the Aspen Institute Economic Opportunities Program, shows how building better jobs can simultaneously uplift workers while also driving small business success.
About the Economic Opportunities Program
The Aspen Institute Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy.
Join Our Mailing List
To receive occasional emails about our work — including new publications, commentary, events, fellowships, and more — join our mailing list.
Connect on Social Media
For news and updates every day, connect with us on the social media platform of your choice.
Building Shared Success: A Guide to Small Business Job Quality Advising for CDFIs
What is Shared Success?
Shared Success by the Numbers
Investing in People, Investing in Success: How Internal Job Quality Can Strengthen Community Development Financial Institutions
How Understanding and Acting on Workers’ Perspectives Drives Small Business Success: Lessons From Shared Success CDFIs
Shared Success Mid-Term Evaluation Report
