For Immediate Release: October 13, 2020
Contact: [email protected]
President Bill Clinton to host “Building an Inclusive Recovery,” a new Clinton Foundation series to address racial and economic disparities in the wake of COVID-19
President Bill Clinton will launch the new series, including announcements of new commitments designed to support small businesses, community revitalization, and Community Development Financial Institutions (CDFIs).
New York, NY - On October 20, President Bill Clinton will kick off “Building an Inclusive Recovery,” a Clinton Foundation series to address racial, ethnic, tribal, economic, and health disparities in wake of COVID-19. The virtual series will include announcements of new commitments from a variety of philanthropic and private sector organizations designed to support small businesses, invest in digital technology, spur economic development, and improve financial systems in underserved communities.
COVID-19 has had a disproportionate impact on Black, Latino, and Native American communities – with wide disparities on both the health and financial effects of the pandemic:
- Black, Latino, and Native American cases and deaths from COVID-19 are significantly higher than their share of the national population;
- Approximately 40 percent of the one million Black-owned businesses in America are estimated to have closed, with more struggling to access needed credit;
- The five business sectors most affected by the pandemic represent almost 50 percent of revenues for Latino-owned businesses;
- In September, nearly eight times the number of women dropped out of the workforce as men – with Black and Latina women reporting much higher rates of unemployment than white women.
On a range of issues affecting the nation’s small businesses and underserved communities, it is more important than ever to bring together business, government, and civil society leaders to address these longstanding disparities and advance solutions to help create a more inclusive economic recovery.
The series will focus on elevating the voices of the changemakers who are addressing these critical issues and identifying individuals, organizations, and programs that can be expanded and replicated to support more communities and businesses in their recovery and inclusion efforts. The Clinton Foundation and President Clinton will launch the series to highlight the important work being done as well as the significant challenges that still need to be addressed. This series will feature conversations designed to create actionable results and spotlight the people, ideas, and organizations that are pioneering solutions to create more equitable wealth opportunities in the United States.
Under the Clinton Global Initiative (CGI) Commitment to Action model, these meetings will provide a platform for the cultivation of new, specific, and measurable projects promoting an inclusive economic recovery. Each virtual event in this series will highlight approaches ready to be scaled or replicated. Following these events, Clinton Foundation staff will continue to bring people together and host additional conversations among partners to help facilitate action and drive additional impact.
This conference is made possible by the generous support of our partners: the Mastercard Center for Inclusive Growth and Caliber Home Loans.
Featured participants will include: President Bill Clinton, founder and board chair, Clinton Foundation; Ajay Banga, chief executive officer, Mastercard; and Sanjiv Das, chief executive officer, Caliber Home Loans.
The virtual conference will launch with three virtual convenings that will be streamed. To learn more about the first event on October 20, visit live.clintonfoundation.org/smallbusiness:
October 20: Small Businesses, Big Opportunities – a panel discussion with President Bill Clinton, Mastercard CEO Ajay Banga, and others.
The economic fallout from COVID-19 is pushing America’s small businesses to their limits. More than one in four small businesses are considering closing, more than 40 percent of Black-owned businesses are estimated to have permanently closed, and the top five sectors of the economy that have slowed represent 50 percent of the revenue for Latino-owned businesses. While these closures represent a severe blow to the American economy, there is an opportunity here to rebuild these small businesses to be more resilient than ever by doubling down on proven and innovative solutions.
Join President Bill Clinton, Mastercard CEO Ajay Banga, and a diverse range of problem-solvers who are at the forefront of developing these solutions. By realizing the promise of digital technology, unlocking access to capital, and better integrating small businesses into global supply chains, we have the chance to not only rebuild the backbone of the American economy but to do so in a way that is more inclusive for all Americans.
November 19: Affordable Housing and (Re)building the American Dream – a panel discussion with President Bill Clinton, CEO of Caliber Home Loans Sanjiv Das, and others
Homeownership is one of the most effective and proven solutions to building wealth and financial stability in America. However, the economic fallout from COVID-19 and a scarcity of affordable options are exacerbating America’s housing crisis, particularly in urban settings where cities are already grappling with the increased challenges of navigating the pandemic in densely populated areas. For Black Americans, even before the COVID-19 pandemic, homeownership rates were at an all-time low: just 40.6 percent of Black Americans owned a home in 2019, compared with 76 percent of white Americans. Latino homeownership in the United States is the fastest-growing in the nation, but still significantly lags behind white homeownership by over 24 percent, underscoring many of the broader challenges the United States faces as it seeks to close economic disparities. At the same time according to the National Low-Income Housing Coalition, the United States is short more than seven million homes for extremely low-income renters.
Please join President Bill Clinton, CEO of Caliber Home Loans Sanjiv Das, and a panel of affordable housing champions for a solutions-focused conversation on affordable housing and urban revitalization efforts in the United States. By investing in more affordable housing units, offering innovative financial products, and reimagining city landscapes, there is the potential to unlock affordable housing options while helping to close the economic wealth gap.
December, TBD: Supporting CDFIs for Inclusive Economic Prosperity
Community Development Financial Institutions (CDFIs) often serve as a bridge between low-income communities and economic resources and access to capital. In the context of the COVID-19 pandemic, CDFIs are more important than ever in offering a lifeline to underserved communities and Black- Latino- and other minority-owned businesses in these challenging economic times. As Americans have spent the year not only navigating economic turmoil but also confronting a history of racial injustice, there is a unique opportunity now to support CDFIs as they continue to innovate their work to provide the resources, expertise, and local knowledge to advance a more inclusive economic recovery.
In this virtual event, leaders will outline opportunities to engage with CDFIs in creating more inclusive economic opportunities for Americans. Building on the domestic economic work of the Clinton administration, including the establishment of the CDFI Fund and the expansion of the Earned Income Tax Credit, this event will bring together a diverse group of leaders from the public sector, private sector, and civil society. It will also expand on the Clinton Foundation’s “Economic Inclusion and Growth: The Way Forward” conference on domestic economic policy held in 2019 in Little Rock, which examined the evolution and successes of CDFIs and other proven approaches for urban and rural economic revitalization and discussed how to apply these lessons to help address systemic economic inequality today.
About the Clinton Foundation
Building on a lifetime of public service, President Clinton established the Clinton Foundation on the simple belief that everyone deserves a chance to succeed, everyone has a responsibility to act, and we all do better when we work together. For nearly two decades, those values have energized the work of the Foundation in overcoming complex challenges and improving the lives of people across the United States and around the world.
As an operating foundation, we work on issues directly or with strategic partners from the business, government, and nonprofit sectors to create economic opportunity, improve public health, and inspire civic engagement and service. Our programs are designed to make a real difference today while serving as proven models for tomorrow. The goal of every effort is to use available resources to get better results faster – at the lowest possible cost.
We firmly believe that when diverse groups of people bring resources together in the spirit of true cooperation, transformative ideas will emerge to drive life-changing action.
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