Small businesses are key to driving inclusive economic growth, according to Ascendus’ CEO Paul Quintero. Paul recently shared his takeaways from a conversation ongenerating income and prosperity in the U.S. with Diana Farrell, President & CEO of the JPMorgan Chase Institute, Lisa J. Servon, Professor of City & Regional Planning at UPenn, and Roni Mazumdar, owner of The MasalaWala and Tapestry restaurants in New York City.
Panelists discussed new research from the JPMorgan Chase Institute, which reveals that most small businesses would have less than a month of cash reserves in the case of a financial emergency. The experience of The MasalaWala restaurant demonstrates what access to working capital and business advising services can mean for a new business. Although Hurricane Sandy threatened to close his restaurant in its first year, Roni was able to not only survive that first financial shock, but also build the tools he needed to be financially resilient. He is now preparing to open his third restaurant.