40 OPPORTUNITY ZONE MAGAZINE | VOLUME 2 • ISSUE 1
LEVERAGING OPPORTUNITY ZONES TO SAVE OUR SMALL
BUSINESSES
By Emily Lecuyer
Impact investors can use OZs to fund a more equitable and inclusive financial system to help our small business community survive in the midst of a pandemic .
Our
1
small business community faces an existential threat . While government assistance and philanthropy have provided critical support for many businesses , the prolonged economic impact of the pandemic requires us to do more . It requires us to do things differently . Opportunity Zones have the structural framework to be a transformative tool , but only with targeted implementation and key policy reforms .
Since OZs are a tool designed to spur economic development and job creation in distressed communities , let ’ s use them right . 2 The legislation ’ s purported intent in other words , is shared prosperity . To make this a reality , qualifying investments should be required to prioritize the creation of high-quality , attainable jobs while offering existing residents an avenue to participate in the broader economic development occurring around them . This can be done through direct investments in purpose-driven companies , investments that build community wealth through collective ownership , and by expanding legislation to allow for direct investment in Community Development Financial Institutions ( CDFIs ).
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