LiftFund is using MacKenzie Scott's $10 million gift to reduce its interest rates at a time when rising rates are hurting small businesses.
Scott Ball / San Antonio ReportThat’s one of Janie Barrera’s main pieces of advice for small-business owners — perhaps not surprising, given that Barrera has been in the business of lending money for almost 30 years.
But Barrera is not stepping down just yet. The former nun who started LiftFund — originally known as Accion Texas — in 1994 wants to help with the transition and celebrate the nonprofit’s 30-year anniversary on March 20 next year. The party will be held at the Boeing Center on the South Side, she said, with “900 of our closest friends.”
Even as the Federal Reserve has raised interest rates several times over the past year, LiftFund has only raised its lowest rate to 9.9%. In San Antonio, just under half of roughly 34,000 small businesses are micro-companies, according to acommissioned by the city and released in 2021 that assessed the city’s small business ecosystem in an effort to reduce longstanding socioeconomic disparities within the city’s Black and Hispanic communities.
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