An Historic Opportunity: Building Wealth for Historically Underutilized Businesses

The James Irvine Foundation; Social Impact Fund; Nowak Metro Finance Lab

doi:10.17918/00010523

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An Historic Opportunity: Building Wealth for Historically Underutilized Businesses

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An Historic Opportunity: Building Wealth for Historically Underutilized Businesses

The James Irvine Foundation, Social Impact Fund and Nowak Metro Finance Lab

23 Jul 2021

DOI:

https://doi.org/10.17918/00010523

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Abstract

As of July 15 2021, most states have received their first half of the total flexible funding offered by the American Rescue Plan (ARPA), with a small group of states having received their entire funding allotment already. The vast majority of states have either: (a) not allocated any funding from their flexible funds or (b) have allocated far less than half of their total funds. And despite the guidance from the U.S. Department of Treasury, many state legislatures and governors have expressed concern about whether their proposed projects will comply with that guidance. As states prepare to spend their funds in the upcoming months and years, they should look towards best practices emulated by other states—both in terms of what states fund and also the processes by which they allocate that funding. In these early stages, only a few states have transparently documented their appropriations. Moving forward, all states should adopt transparent methods of allocation for the benefit of local communities, relevant organizations, and other state policymakers deciding how to spend their own funding.

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Title: An Historic Opportunity: Building Wealth for Historically Underutilized Businesses
Creators: The James Irvine Foundation (Institution)
Social Impact Fund (Institution)
Nowak Metro Finance Lab (Institution)
Publisher: Nowak Metro Finance Lab, Drexel University; Philadelphia, PA
Number of pages: 15
Resource Type: Report
Language: English
Academic Unit: Nowak Metro Finance Lab
Other Identifier: 991021902028904721

An Historic Opportunity: Building Wealth for Historically Underutilized Businesses

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