Executive Summary
The phrase “small businesses are the backbone of the U.S. economy” is often heard in industry forums, policy discussions, and economic analysis—for good reason. Small businesses create jobs, drive innovation, and uphold the entrepreneurial ecosystems that communities depend on. Credit unions play a unique role in these ecosystems by providing accessible financing options and support that is grounded in an intimate understanding of the communities they serve. Unlike larger financial institutions, credit unions are deeply rooted in their communities. By design, credit unions are well positioned to provide exactly the kind of support that small businesses need to grow and succeed. Despite this, credit unions only serve 1 in 10 small businesses. The Entrepreneurial Ecosystems (EE) Incubator program was developed to bridge this gap by empowering credit unions with the knowledge and tools to be effective ecosystems builders. The program was designed with a dual focus: deepening credit unions’ understanding of entrepreneurial ecosystems and providing entrepreneurs with access to valuable resources and support networks.
Credit Union Implications
The learnings gleaned throughout the EE incubator offer a strong foundation for future efforts aimed at enhancing small business success and growing entrepreneurial ecosystems. We invite credit unions to keep engaging with these insights through actionable strategies that benefit entrepreneurs and the wider community. Download the full report for three strategic recommendations credit unions can take to becoming successful ecosystems builders.
Filene would like to thank all of the supporting and participating organizations and community partners for making this incubator possible.
