Page 3 - HCC_2021_IMPACT_REPORT

As we enter our 55th year serving Harlem and surrounding communities, we are proud of the continued contribution of Harlem Commonwealth Council (HCC) and its subsidiary Harlem Entrepreneurial Fund (HEF) to the economic empowerment of individuals and small businesses through education, capital access and business development resources.
The world we knew changed in 2020 due to the ongoing COVID-19 pandemic. We lost many members of our community and witnessed the closing of many small businesses that serve as the economic engines of our communities. In the face of this crisis, we focused our efforts on being a first responder for youth and small businesses in our target communities.
HCC quickly pivoted its educational programs to a virtual setting. Our adult learners continued to gain basic literacy and math skills to enable workforce participation. Our young learners were able to learn in-person in a safe and supportive environment during hybrid school days and participate in virtual after school activities including STEM experiments, theater, and dance.
On Juneteenth 2020, HEF became a Paycheck Protection Program (PPP) lender with the Small Business Adminis- tration (SBA), and provided over $4 million dollars in first and second draw loans to over 100 small businesses, including the Studio Museum in Harlem. HEF was also certified as a Community Development Entity (CDE) with a view to becoming a contributor to supportive housing in Harlem. Additionally, HEF partnered with the NYC Small Business Services to provide interest rate relief to our borrowers, giving small businesses much needed financial relief during the pandemic.
Looking forward, we will strive to further engage entrepreneurs and small businesses with increase product offerings to streamline access to capital and technical assistance programs. In the upcoming year, HEF expects to obtain additional certification as an SBA micro loan lender to expand our lending capacity.
With the support of our community partners, we are developing a college advisory program for high school students in our target communities to help bridge the gap between financial literacy and economic empower- ment. This program, anticipated to begin in Fall 2022, will help students and families navigate the college admis- sions process from application to enrollment.
Since our formation we have strived for economic empowerment for our clients, and by extension our commu- nities, through education and access to capital to create and retain jobs. This will remain our unyielding focus; hopefully for another 55 years.
The staff and board extend our collective gratitude to all our supporters, clients, and investors as we work together to achieve social and economic justice.
Stay safe and well!
E. Hamil Douglas President & CEO
MESSAGE FROM
OUR PRESIDENT & CEO
CELEBRATING 55 YEARS OF SERVICE
photo credit: Regina Fleming