Photo: Erika Giraud | Unsplash
In 2015, out of the wish to help young entrepreneurs develop their business by offering the money, knowledge, and time gained from retirement, Judy Wicks, former owner of a restaurant called White Dog Cafe, founded the Circle of Aunts and Uncles (CAU) in Philadelphia. CAU is a place where seniors can "apply their values of economic justice and environmental sustainability" while building many wonderful relationships with young business owners. As a substitute for unwilling banks or family and friends who cannot lend money to new business owners in tight spots, the current 45 "aunts" and "uncles" of this organization have loaned $358,000 to 26 local businesses. Thane Wright, who took over Bower Cafe in 2018, was sinking fast when a friend introduced him to CAU. He received a business-saving loan of $10,000 and was assigned a wonderful Aunt who helped guide his business in the right direction and even connected him to accountants and industry leaders. "As an entrepreneur, you don't always know what your needs are," Wright says in appreciation, "You know you're failing in multiple areas, and then they can help you to figure out in which area to start on first to get you back on your feet." Started as a small party of retired friends who wanted to "co-create the economy" and build a community of trustworthy mentors and young entrepreneurs, CAU is partnering with community development financial institution (CDFI) to help manage the lending process. Today, the organization continues to move forward with the intention of building a new sustainable economy in America by helping small businesses get off the ground.
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