This year, The Community Foundation for Northeast Florida has invested nearly $500,000 in grants and loans to expand entrepreneurial opportunities for small business owners across the region, with a particular focus on underserved communities.
These investments align with research from the Brookings Institute highlighting self-employment as a critical indicator of inclusive prosperity. According to the Brookings framework, access to entrepreneurship and small business ownership represents a pathway to economic mobility, particularly for communities that have historically faced barriers to traditional employment and capital.
Importantly, self-employment is associated with neighborhoods that have achieved inclusive prosperity – meaning they have effectively reduced poverty without displacing long-time residents. This is the goal of The Community Foundation’s Supporting Neighborhoods initiative.
“Self-employment is about creating jobs and much more—it’s about building wealth, strengthening neighborhoods, and fostering economic opportunity in communities that need it most,” said James Coggin, Senior Director of Grantmaking & Impact Investing. “These investments reflect our commitment to helping neighborhoods thrive across Northeast Florida.”
Expanding Access to Capital
Two major investments are bringing new lending capacity to the region.
Ascendus is a mission-driven small business lender and a Community Development Financial Institution (CDFI). The Community Foundation invested in Ascendus this year through a $25,000 grant and $250,000 loan, plus a loan guarantee, approved in August from the Local Capital Pool.
Ascendus has provided over $420 million in financial support to more than 56,000 entrepreneurs, many from low-to-moderate income and historically underserved communities. This investment supports Ascendus’ expansion into Northeast Florida, bringing specialized loan products designed to serve undercapitalized small business owners. Through its Get Ready Program, Ascendus equips entrepreneurs with access to capital and personalized financial coaching to strengthen their credit and prepare their businesses for growth—bridging the gap between traditional and nontraditional lending.
Another investment was in Prospera, a partner of Ascendus, which is a nonprofit economic development organization that has been helping Hispanic entrepreneurs start, sustain, and grow their businesses since 1991. It received an $80,000 grant over two years to increase financial literacy and access to capital for local entrepreneurs in Northeast Florida, with a particular focus on Latino-owned businesses. Since its founding, Prospera has served over 8,000 clients through its business consulting services resulting in clients securing $70 million in loans and creating or retaining more than 16,000 jobs in Florida.
The Community Foundation’s grant, approved in March 2025, will assist 100 Latino entrepreneurs in the area, with at least 30% of clients expected to demonstrate financial advancement and at least 10 businesses receiving access to new capital over the two-year period. Key partners include the First Coast Hispanic Chamber of Commerce.
“We are so grateful to The Community Foundation for Northeast Florida for its strategic investments in the local ecosystem. Effective small business support is a team sport, and this grant is enabling us to collaborate intentionally and consistently with a CDFI and a local chamber to achieve collective impact,” said Prospera President and CEO Augusto Sanabria. “While also leveraging the Jessie Ball duPont Fund’s matching grant, Prospera’s individual, ongoing guidance and technical assistance, combined with the access to capital that Ascendus provides, and the networking and exposure opportunities that FCHCC offers, helps Hispanic-owned small business owners to achieve sustainable growth and positively impact the Jacksonville metro area’s economy.”
Building Infrastructure for Entrepreneurship
Beyond capital, the Community Foundation is investing in systems that connect entrepreneurs to resources. The UF Foundation received a $17,000 grant in May to launch their Community Entrepreneurial Collaborative, a small business navigation and networking system that connects entrepreneurs in underserved neighborhoods to small business resources. The platform helps steer current and future business owners through the process of accessing entrepreneurial needs, technical support and capital from organizations like Prospera and Ascendus.
The Women’s Business Center received $25,000 through the Jacksonville Chamber Foundation in May in support of their Launch an Entrepreneurship Scholarship Program. The initiative awards scholarships to women from underserved communities providing them the opportunity to complete the Entrepreneur Certificate Program. The program is a portfolio of five fundamental business topics (finance, legal, marketing, customer acquisition & leadership). This program equips participants with the knowledge and skills needed for long-term business success. In addition to training, the women also receive personalized counseling, support, and access to additional resources to help them scale.
Neighborhood-Level Support
Two investments are targeting Jacksonville neighborhoods with specific challenges.
The Springfield Area Merchants and Business Association received a $12,500 grant to launch a peer-to-peer mentorship program serving Springfield area small businesses.
LIFT Jax, on behalf of Florida Avenue Main Street, received $25,000 in August 2025 to support a small business development initiative on Jacksonville’s Historic Eastside. The program will create grants for current and new businesses, including funds for signage, storefront improvements, and costs related to launching or relocating a business in the Eastside community.
A Strategic Focus on Inclusive Prosperity
The Community Foundation’s Supporting Neighborhoods initiative has long focused on economic mobility in neighborhoods. The approach has been validated by the Brookings research, which offers a new framing for the desired outcome of this initiative: “inclusive prosperity.”
“Inclusive prosperity is important for neighborhoods because it creates access to jobs, economic mobility, and wealth,” Coggin added. “Ultimately, our investments in small businesses are investments in people. We hope they will help to help put economic opportunity within reach for more residents of Northeast Florida.”