After Navigating Local Economic Hurdles, Small Businesses Find Their Place
When underserved communities couldn’t launch local startups, LPL Financial Foundation, LISC San Diego, Vista Chamber of Commerce and the University of San Diego stepped up
SAN DIEGO, March 09, 2023 (GLOBE NEWSWIRE) — They say it takes a village, and that was the case for two San Diego County farmers’ market initiatives. The entrepreneurial gumption was there, but lack of economic savvy and bureaucratic know-how provided a serious roadblock. That’s when four organizations joined forces to support two struggling communities in their drive to reignite their local farmers’ markets. With a shared goal of stimulating economic developments in communities that wanted to build, support came by way of small business empowerment organizations funded by the LPL Financial Charitable Foundation (the “LPL Financial Foundation”). Through strategic partnerships, local businesses gained access to capital and created unique food experiences that reflect the communities in which they now thrive.
The LPL Financial Foundation awarded a grant to LISC (Local Initiatives Support Cooperation) in 2021 and again in 2022. Funding was aimed at advancing the economic well-being of underserved populations and providing resources to small business owners in those communities. LISC agreed to provide high-touch, specialized support and technical assistance to small businesses led by entrepreneurs of color, specifically targeting the San Diego markets where LPL maintains headquarters.
Armed with funding provided by LISC through the LPL Financial Foundation grant, Executive Director of LISC San Diego, Ricardo Flores, and his team targeted two local communities. From the beginning, there were a variety of considerations.
“In North County where we aimed to launch a new night market, there were regional real estate aspects, business development considerations and partnering with other local organizations in the financial development of those communities,” said Flores.
For this Vista Twilight market, Vista Chamber of Commerce assisted small business startups working to provide cultural cuisine and goods to their community. The team began hiring staff that spoke Spanish to deliver value in bilingual communications that best served those local business owners.
“Linda Vista was targeted as another often-overlooked area. We needed partners who could respond to the unique needs of a farmers’ market that had gone dormant during the pandemic,” said Flores. “Here we partnered with the University of San Diego as a fiscal agent and funds provided the operational aspects needed to get the Linda Vista Farmers Market back up and running. There were permits, certifications and vendor requirements; we needed to remove the barriers for small businesses that lacked experience in securing all these business prerequisites.”
Two additional partners, Access Community Center and Bayside Community Center, also received funding from the University of San Diego to provide technical and operational assistance to over 25 small business owners in Linda Vista.
Now in their second year, both farmers’ markets are widely viewed as key successes. There are new vendor inquiries coming in regularly and a waiting list to join.
“We’re also exploring growing the markets and possibly establishing new locations as part of an add-on grant by USD and the local Access, Inc. office,” said Flores.
“Empowering small businesses to deliver culturally significant offerings that are reflective of residents is exactly what we envisioned,” said Foundation President, Tim Carter. “We are committed to enriching communities by supporting the economic developments that best serve them. When these areas thrive, it helps neighboring areas as well. These achievements benefit the entire community while encouraging an entrepreneurial spirit that can inspire the business owners of the future.”
The LPL Financial Foundation is an independent non-profit organization that supports advancing the economic well-being of underserved populations. Learn more at LPL Community Involvement.
About The LPL Financial Foundation
The LPL Financial Charitable Foundation is an independent 501(c)(3) non-profit organization dedicated to advancing the economic well-being of underserved populations where LPL lives and works, with an emphasis on encouraging professional readiness and placement of career-ready talent for the financial services industry and providing resources and training to small-business owners.
About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve*, supporting more than 21,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 500 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.
*Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report). No. 1 Independent Broker-Dealer in the U.S. (Based on total revenues, Financial Planning magazine 1996-2022). Among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 in Financial Institution Market Share; No. 1 in Share of Advisors (2021-2022 Kehrer Bielan Research & Consulting Annual TPM Report). Fortune 500 as of June 2021.
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Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.
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LPL Financial Foundation, LISC San Diego, Vista Chamber of Commerce and the University of San Diego are separate entities.
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