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Targeting Human NeedsEconomic Development & Public/Private Partnerships
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Compassion Spotlight
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The Need
The Response
U.S. Department of Commerce
U.S. Small Business Administration (SBA)
U.S. Agency for International Development (USAID)
FBCOs are a strong asset in the national strategy for local economic development. They are important contributors to revitalizing communities, establishing sustainable economic development initiatives, attracting private investment, building wealth, and encouraging entrepreneurship.
The Department of Commerce, Small Business Administration (SBA), and U.S. Agency for International Development (USAID) all play a role in promoting national and world commerce, business, and economic development by assisting communities to achieve economic growth and prosperity. Through creative partnerships with FBCOs, these Federal agencies work to leverage public resources and enhance the effectiveness of their programs.
Department of Commerce
The Economic Development Administration (EDA) is the principal agency within the Department of Commerce that invests in social service organizations. EDA helps business, social service, and local government partners across the country to create wealth and minimize poverty by promoting a favorable business environment to attract private capital investment and higher skill, higher wage jobs through capacity building, planning, infrastructure, and research grants, as well as other strategic initiatives.
Small Business Administration (SBA)
The SBA partners with nonprofit organizations in both its financial assistance programs and entrepreneurial development programs. Nonprofit credit unions, microlenders, and certified development companies provide SBA credit assistance to small businesses unable to obtain credit at reasonable terms. Through its nonprofit partners at Women’s Business Centers (WBC) and the Service Corps of Retired Executives (SCORE) “Counselors to America’s Small Business,” SBA provides management counseling and training to small businesses, including nonprofit FBCOs. Technical training includes developing a business plan, managing and growing, identifying appropriate sources of capital, continuity of operations, and other key issues. These programs focus on assisting underserved and rural communities and people in need, including minorities, veterans, Native Americans, and women.
In 2008, over one million small businesses received assistance from SBA’s nonprofit counseling and training partners.
U.S. Agency for International Development (USAID)
USAID’s Global Development Alliance (GDA) works to forge alliances among the public, private, and nonprofit sectors to stimulate economic growth, develop businesses and workforces, and address a range of other needs. By linking the assets of companies, foundations, and nongovernmental organizations (NGOs) with USAID’s resources, GDA helps all sectors work together to improve lives, provide employment, and expand opportunity. Since 2001, GDA has cultivated over 680 alliances with more than 1,700 individual partners and attracted investments of more than $9 billion in partner resources.