The Origins of Elevate Small Business
In 2015, the Federal Reserve Bank of Boston released a wealth report revealing a stark reality: Across Greater Boston, white households had a median net worth of $247,500, while Black households had $8.
To LEAF, this data revealed a call to action. Generations of working people had been shut out of financial resources, capital, and economic opportunities. LEAF had the tools to open doors and support to those who worked in our communities but had doors closed to them.
That $8 of net worth compressed decades of systems excluding people who were Black. LEAF assembled a team led by Executive Director Gerardo Espinoza and Managing Director Amine Benali. They wanted more insight, a range of perspectives, and expertise to help address this problem. LEAF’s Elevate Small Business team took shape. Elevate’s mission was to support underserved business owners who would lift their communities’ economic foundations.
LEAF’s Elevate Small Business program hired advisors with quantitative analytical skills and wisdom to meet entrepreneurs where they were. Entrepreneurs working with Elevate would receive flexible capital—key to starting a business—and culturally competent technical assistance.
The Bay State Banner is an example. This local newspaper has given Boston’s Black community a voice for five decades when mainstream media overlooked them. When the Banner faced financial challenges and new opportunities, Elevate Small Business supported them. Through capital and strategic analysis, LEAF’s Elevate team collaborated with the Banner, which continues to be a valued news source for the community.
That $8 figure told a larger story. And it prompted Elevate Small Business and LEAF to spark the engine of economic power where it had been denied. LEAF is witness to when Americans have access to capital and advisory services, we build businesses that transform our families and entire communities.