Hereford: Beyond Small Business Saturday

The Urgent Need for Systemic Support for America’s Entrepreneurs

Small Business Saturday is a well-intentioned initiative encouraging people to show their support for their local entrepreneurial community after the spending frenzy of Black Friday. Yet for many small business owners, the challenges they face extend far beyond a single Saturday.

For businesses working with razor-thin margins, one successful Saturday of revenue is helpful, but far from sufficient for long-term sustainability. Access to affordable capital can be the critical difference between success and surrender. That’s why the burden of boosting small businesses cannot rest solely on consumers alone. Long-term, systemic support must come from broader, collaborative efforts at a national level.

According to a recent Goldman Sachs survey, more than 75% of small businesses are concerned about their ability to access capital and 66% of small business owners felt the issue of access to affordable capital was not sufficiently addressed by political candidates this election year.

Take small business owner Jarvis Moore, for example. After being released from prison, Jarvis had difficulty finding a job. He reached out to his church network for odd jobs and developed a reputation for reliability, but he was repeatedly denied loans by traditional financial institutions.

One of his dreams was to provide jobs that pay adequate, honest wages to people who needed a second chance. With no affordable access to capital, Jarvis initially struggled. That’s when he turned to LiftFund. As a nonprofit lender, we were able to look at his lending profile more holistically than a traditional bank and offer business support to help him get started.

“It’s the reservoir of resources that LiftFund opens up to you that enables you to get over hurdles that are unforeseen,” said Jarvis.

Today, Jarvis owns multiple businesses that employ over 300 people. His journey has not only changed his life, but helped create sustainable, meaningful jobs in his community.

While Jarvis was able to pursue his dream, many entrepreneurs across the country struggle to find affordable access to funding. Traditional lending often presents significant challenges for small business owners, particularly those without generational wealth. Banks frequently view small businesses as too risky, and while alternative lenders may offer quick access to cash, steep fees and deceptive terms often leave entrepreneurs struggling. So they’re faced with a heartbreaking choice: abandon their dreams or take financial risks with predatory lenders.

Affordable funding has the power to transform local economies. When small business owners have access to supportive and transparent financial resources, they can invest in equipment,

hire local talent, and build sustainable economic ecosystems that uplift entire communities—all without falling into crippling, snowballing debt. And yet, access to these resources remains an uphill battle for many.

To bridge this critical gap, nonprofit lenders like LiftFund work with public and private funders to develop access-to-capital programs to support entrepreneurs who lack funding from traditional sources. Nonprofit lenders are designed to take the time to thoroughly understand each business owner’s unique profile, extending their risk tolerance beyond the limits of traditional banks. They embody a transformative approach to using financial resources to empower local entrepreneurs.

LiftFund has proven this model works: we’ve issued more 0% interest loans than any other nonprofit lender in the country, helping thousands of entrepreneurs without access to affordable capital achieve financial stability. That access enabled those entrepreneurs to create thousands of jobs and millions in economic impact for their local communities.

For every $1 LiftFund lends generates $14 in economic activity. Despite this multiplier effect, funding for nonprofit lenders remains a fraction of what’s needed to meet demand.

Small Business Saturday should be more than a symbolic gesture. With strategic partnerships, bold legislative action, and investment in nonprofit lenders, we can create a future where every entrepreneur has the chance to succeed—fueling vibrant local economies nationwide.

We know that strategic, compassionate lending can break cycles of economic uncertainty, and the potential for all of our communities is enormous. Let’s turn one day of support into a year-round commitment to small business resilience.

Editor’s Note: The above guest column was penned by Amy Hereford, CEO of LiftFund. The column appears in the Rio Grande Guardian with the permission of the author.

About LiftFund

LiftFund is a nonprofit small business lender which aims to transform lives by opening doors, leveling the financial playing field, and building a community of shared success. Founded in 1994 in San Antonio, Texas, LiftFund provides capital, financial coaching, and resources to entrepreneurs who do not have access to loans from commercial sources. For 30 years, LiftFund has had the honor of helping thousands of veteran-owned businesses take root and grow, creating almost $1B in economic impact in local economies.

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