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The philanthropic arm of BECU led an effort to build a network of Washington state groups to break down communication barriers that often lead minority businesses to miss out on government and private assistance.
The BECU Foundation announced it has completed overseeing the expansion of a state program called the Small Business Resiliency Network to 31 organizations serving communities in nearly 40 languages. The foundation was established by BECU ($26.8 billion in assets, 1.3 million members), which is based in Tukwila, Wash., 11 miles south of Seattle.
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The state of Washington contracted with the BECU Foundation to act as financial agent for $2 million in CARES Act funding that enabled the expansion in December and January. The foundation's administrative fees were less than 1% of the total.
The state's Department of Commerce established the network last April to ensure all business owners could be informed about local, state and federal funding and other sources of help. The network's community organizations provide culturally appropriate outreach, translation, assistance and education to ensure business owners can find the information they need from people they trust.
Solynn McCurdy, executive director of the BECU Foundation, said many rural organizations and small businesses owned by women and minorities have been disproportionally hurt by the pandemic.
"We recognize the important role that local organizations play in the financial health of our communities," McCurdy said. "The BECU Foundation was honored to help these businesses receive this critical funding so they can continue serving individuals and families in the Puget Sound area."
The most recent organizations added to the network included:
- African Community Housing Development (ACHD)
- CAFÉ (Community for the Advancement of Family Education)
- Cambodian American Community Council
- Carl Maxey Center
- Center for Inclusive Entrepreneurship
- The Center of the Race
- Ethiopian Community in Seattle
- Fourth Plain Forward
- Japan-America Society of the State of Washington
- Muslin Association of Puget Sound (MAPS)
- Odyssey World International Education Services
- William Factory Small Business Incubator
Former state Rep. Velma Veloria said immigrants and refugees are often challenged by cultural barriers, such as language and fear of asking for help, which prevents them from getting the information their small businesses need to succeed.
"The idea of trusted messengers really resonated with us as well as those we helped," Veloria said.
Lori Wada, with the Seattle Washington Korean Association, said the group continually provides educational resources to its more than 700 business community members.
"We are using our trusted relationships to work with business owners on 'new normal' practices in the workplace, such as new policies implemented by the Department of Labor and Industries," Wada said.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
