Business and Finance
Where Black Entrepreneurs Can Find Financial Help
Black-owned businesses are booming this yr. Whether it’s retail, hair and wonder, food or alcohol, there are more Black entrepreneurs than ever, and plenty of have gotten successful businessmen and ladies.
Despite the news, many black entrepreneurs struggle to seek out seed capital, bank loans, expansion funds and loans. According to , Forty-six percent of Black business owners say they’ve encountered issues accessing capital, amongst other challenges; 39% feel they don’t have enough details about learn how to apply for money; 38% don’t have a relationship with a lender or bank; and 21% have no idea where to use for capital.
In honor of Black Business Month BLACK ENTREPRENEURSHIP has developed a listing of monetary resources for black entrepreneurs.
Loans and grants
Founders of the First CDC
Founders of the First CDC is the most important national platform for growing businesses led by diverse founders. Since 2015, this nonprofit has provided funding, training, and mentoring opportunities for businesses led by women, people of color, military veterans, LGBTQ+ members, and entrepreneurs in urban communities.
Earlier in 2023, Founders First awarded $25,000 to women-owned businesses on Mother’s Day. Last yr, it awarded $300,000 to assist Black, women, and experienced entrepreneurs of color in New Jersey, Pennsylvania, Chicago, and Texas through its Job Creators Quest Grant program. Founders First also offers scholarships for its business accelerator programincluding leadership coaching and continuous business improvement.
Lendistry
Since 2014 Lendistryminority-owned community development financial institution (CDFI), has provided greater than $9 billion in economic opportunity and progressive growth to greater than 600,000 small businesses and their underserved communities. Lendistry provides business loans, the Small Business Administration (SBA) special loans grants and programs for entrepreneurs in California, Colorado and New York.
Lendistry is working with its non-profit organization, Center by Lendistrato attach small business clients with technical support, business courses, and business advisors. The organization also provides references from entrepreneurs who’ve applied for and received funding.
During the COVID-19 pandemic, Lendistry has awarded greater than $200 million in pandemic recovery grants to small and micro businesses in New York City.
Other grant programs for Black entrepreneurs include Power Forward Small Business Grantwhich offers $25,000 to Black-owned businesses in New England and Beyond Open Grant for minorities, women, veterans, LBGTQ+ people, and other people with disabilities in Charlotte, North Carolina.
Acceleration Programs for Companies
Those who have already got their business up and running may now be searching for an accelerator program to take their business to the following level. Here are some business accelerator programs that may also help.
Amazon
If you might be an entrepreneur operating within the retail industry, Amazon Black Business Accelerator The program goals to assist construct the sustainability of Black-owned businesses by explicitly addressing barriers to access, opportunity and advancement.
The Amazon Business Accelerator program provides financial assistance, education and business coaching, in addition to marketing and promoting support for Black entrepreneurs.
Goldman Sachs
Goldman Sachs has two business programs, one specifically for black women.
The first is 10,000 small businesses programwhich provides business education covering the important thing elements of business development through a network of faculties across the United States. The program partners with CDFIs and other lenders to supply capital to small businesses. The 10,000 Small Businesses program also connects latest entrepreneurs with those that have passed through this system for one-on-one advice and networking opportunities.
Goldman One Million Black Women The program is an extension of the ten,000 Small Business Program, which goals to show Black women entrepreneurs learn how to higher understand their funds, hire employees, price services and products, and connect aspiring entrepreneurs with a network of successful Black women entrepreneurs.
Google for Startups Black Founder Accelerator
Google for Startups Black Founders Accelerator is a 10-week digital accelerator program for Seed to Series A technology startups based within the U.S. and Canada. The program will accept 10 Black-owned technology startups and supply them with three months of mentorship and training from over 20 Google teams, technical support, early access to Google tools and products, and more.
Applications are open and the winners shall be chosen this yr. Companies participating in this system include: 4 degrees, Beam City DNAAND EDLight.
Other key business acceleration programs include: Seed Place, Tummland Coalition to Support Black Businesses.
Venture capital firms
Many Black investors are currently searching for the appropriate company to speculate in. Everyone from Black celebrities to people within the financial industry have been launching enterprise capital firms lately to assist Black entrepreneurs realize their dreams. Here are some VC firms and investors who may also help turn your idea into something extraordinary while also providing financial assistance.
Black Angel Technology Fund
This Black Angel Technology Fund is a VC firm founded by Black entrepreneurs and investors, focused on seed funding for early-stage technology firms. Black Angel’s investments include After some thoughtpatented transaction delay/revert technology, which allows users to reverse transactions before they reach the opposite party; and Ceek VR, a next-generation virtual reality platform.
Interested parties can send an e-mail to Black Angel or register on the inspiration’s website home page for more information.
Harlem Capital Partners
New York-based Harlem Capital Partners focuses on early-stage minority startups. The firm’s goal is to create wealth for girls and other people of color. Forty-three percent of the businesses Harlem Capital has invested in are women-owned, and 61% are Black or Latinx-owned.
Black Information Pages Blavity, he fixed it, AND Chatdesk are amongst the businesses in Harlem Capital Partners’ 51-investment portfolio. Interested parties can fill out an investment form form to present your idea.
Serena’s ventures
Retired tennis legend Serena Williams is using her sophomore yr to assist people of color and ladies working in diverse industries. Serena’s ventureswhich Williams founded in 2014, invests in entrepreneurs who want to resolve on a regular basis problems through unorthodox considering. Serena Ventures has managed a portfolio of greater than 60 angel investments using Williams’ own money.
Last yr, Serena Ventures raised $111 million in a funding round and its current portfolio includes Juno Healthcare, Stupid, Nestcoin, AND Infinite objectsEntrepreneurs excited about Serena Ventures can complete its offer form.
Other VC firms supporting Black and ladies entrepreneurs include: DigitalUndivided, Impact America Fund, Intercultural projectsAND Fearless Fund.
BLACK BUSINESS MONTH:3 Black Business Leaders Who Are Leading the Way in Unconventional Industries
Business and Finance
First black lottery operator
In a city that pulls thousands and thousands of individuals all over the world, Emmanuel Bailey’s success story began in Washington. He began from humble beginnings, growing up with a single mother and moving from rental to rental throughout town and the Washington, D.C., metropolitan area for many of his childhood. At the peak of the drug epidemic, he saw his hometown affected by crime and poverty, and when he returned from college, his town was considered the murder capital of the country. Yet despite these adversities, he all the time worked hard and looked to a brighter future – a super his mother instilled in him since he was a small child.
As Bailey began his journey to a brighter future, he realized that to achieve success, he needed to pursue a university education. Through these pursuits, he became the primary member of his family to attend and graduate from college. He enrolled at Eastern Kentucky University, earning a bachelor’s degree in business administration. While at EKU, he set out to realize the high level of success his mother expected of him in all areas. After graduating from EKU, he obtained an Executive MBA from the Business School. Robert H. Smith on the University of Maryland.
Emmanuel achieved early success within the financial sector. Over the following 25 years, he rose through the ranks, starting as a branch manager at Citizens Bank of Maryland and ending with vice chairman of Fannie Mae. These roles provided him with invaluable experience as a seasoned entrepreneur and leader. After all the pieces he had achieved at Fannie Mae, it was time to strike out on his own.
Seeing the potential within the lottery industry, Emmanuel founded an operations and management services company to run lotteries more efficiently and effectively. Key service providers (VSC) has management experience in all facets of the state lottery contract, including providing direct supervision and management of lottery agents, retail systems, implementation and maintenance of gaming equipment, and oversight of the performance of the central gaming system. He worked in various positions in state lotteries across the country to achieve real institutional knowledge of the ins and outs of the brand new industry he was entering. Combining his latest knowledge with business sense, he decided to win contracts with the most important names within the industry.
The lottery industry is amazingly competitive, and contracts are sometimes awarded to large national firms. However, as Emmanuel grew his business, hiring experienced staff and expanding VSC’s capabilities, he began to make a reputation for himself as a trusted and talented operator within the industry. He soon partnered with titans in the sector and eventually became the one black business owner to operate a state lottery in your entire United States, in his home “state” of Washington.
But his success didn’t end there.
Bailey continued to hone his expertise, turning VSC right into a multi-million dollar company with over 100 employees. He was honored with the 2020 North American Association of State and Provincial Lotteries (NASPL) Powers Award, which he won based on nominations from the DC Lottery itself. In its nomination, the District of Columbia said Emmanuel “is far from a stereotypical executive… and will ensure that the DC Lottery continues to operate every day and that our company remains profitable into the long-term future.” It continues to grow its business by opening a VSC office in Maryland and searching to expand its geographic reach.
Despite all his success, Emmanuel never forgot his family and his connection to his community. He stays deeply committed to giving back to DC communities. He has donated a whole lot of 1000’s of dollars to varied local DC-based organizations supporting programs comparable to school athletic and humanities departments, educational support and health care. He also served and continues to serve on the boards of many local organizations.
Now Emmanuel looks to the longer term. Always striving to enhance his business, Emmanuel works to enhance operations and improve the efficiency of the DC Lottery, while also giving back to the community and creating more opportunities for young children growing up in circumstances like his own. While his feet are firmly planted within the DMV, his ambitious and entrepreneurial spirit has his eyes on expansion into additional states. He says his best achievement, above all his other achievements, is that he helped his mother retire.
Business and Finance
David Shands and Donni Wiggins host the “My First Million” conference at ATL
December is the birth month of David Shands and Donnie Wiggins, friends and business partners. Most people have fun by throwing a celebration. Others imagine it must be catered for. The chosen ones spend the day relaxing in peace and quiet.
Then there’s Shands and Wiggins.
The two decided that the best birthday gift can be to offer individuals with resources for generational wealth through a conference called “My first million”in Atlanta.
It’s a compromise between how their families and family members need to honor them and their desire to proceed to serve others. Shands acknowledges that almost all people won’t understand, and he unapologetically doesn’t expect them to.
“It’s not up to us to convince anyone why we do what we do,” admits Shands.
“I think everyone does what they do for different reasons, and I would just attribute it to a sense of accomplishment that I can’t explain to anyone else.”
He doesn’t need to clarify this to Wiggins because she understands his feelings. Wiggins has had a passion for serving others for so long as she will be able to remember.
“When I was in middle school, there were child sponsorship ads on TV featuring children from third world countries. I was earning money at the time and I asked my mother to send money,” she says BLACK ENTERPRISES.
She recalls how sad she felt for youngsters living in a world with so many opportunities, but at the same time going hungry. Her mother allowed her to send money, and in return she received letters informing her of their progress.
“It was very real to me,” Wiggins says, now admitting she’s undecided the letters were authentic. “I received a letter from the child I sponsored, a photograph and some updates throughout the 12 months. It was such a sense of being overwhelmed and it was something I felt so good about. I didn’t even tell my friends I used to be doing it.”
She carried this sense throughout her life, even when she lost every little thing, including her house, cars, and money. She still found ways to serve and give back, which is the basis of her friendship with Shands.
They each love seeing people at the peak of their potential, and that is what “My First Million” is all about. There can be no higher birthday gift for them than helping others create generational wealth.
What to expect during the “My First Million” conference.
They each built successful seven-figure empires, then train others, write books about it, and launch an acclaimed podcast Social proof.
Now they’re imparting that knowledge through the My First Million conference, an event for aspiring and existing entrepreneurs. Shands and Wiggins need to prove that being profitable is feasible and encourage people to bet on themselves.
“David and I, on paper, are not two people who should have made millions of dollars. Number one, we want (people) to see it,” Wiggins says. “Then we want them to actually get out of that room with practical and actionable steps.”
Both are clear: this just isn’t a motivational conference. This is a conference where people, irrespective of where they’re of their journey, will come away with clarity about their business and what they must be doing as CEOs. Shands and Wiggins want individuals who do not have a transparent marketing strategy or are considering starting a business to also attend the meeting.
“A few areas we will cover are inspiration, information, plan and partnership,” adds Shands. “We will give you 1-2-3 steps because some people get depressed and uninspired. Even if they know what to do, they won’t leave, go home and do it. So we have to really put something into their heads and hearts that they come away with.”
Sign up and enroll for My First Million Here. The conference will happen on December 13 this 12 months. but Shands and Wiggins say it definitely won’t be the last for those who miss it.
Business and Finance
Operation HOPE on the occasion of the 10th annual world forum
Operation HOPE Inc. takes over Atlanta for the biggest game in the country dedicated to financial literacy and economic empowerment, Saporta reports.
The HOPE Global Forums (HGF) Annual Meeting 2024 strengthens the crucial link between financial education, innovation and community upliftment in hopes of finding solutions to the problems that stifle challenges around the world.
Organized by Operation HOPE founder John Hope Bryant, together with co-chairs Atlanta Mayor Andre Dickens and U.S. Ambassador Andrew Young, the forums, to be held December Sep 11 at the Signia Hotel, will have fun its 10th anniversary with three days of engagement discussions, observations and forward-looking presentations.
Under the theme “The Future,” Hope Bryant says attendees are looking forward to a “powerful moment in history.”
“Over the past decade, we’ve brought together great minds with daring ideas, servant leaders with voices for change, and other people committed to a brand new vision of the world as we realize it. “‘The Future’ is a clear call to action for leaders to help ensure prosperity in every corner of society,” he said.
The extensive program includes influential and well-known speakers who address business, philanthropy, government and civil society. Confirmed speakers include White House correspondent Francesca Chambers, media specialist Van Jones and BET Media Group president and CEO Scott M. Mills.
“John Hope Bryant and his team have been doing this for ten years, and every year HGF raises the bar,” Young said. “Discussions about the FUTURE are important not only for civil dialogue; they are also essential to bridging the economic divide and solving some of today’s most important problems.”
Atlanta is predicted to welcome greater than 5,200 delegates representing greater than 40 countries.
“I have long said that Atlanta is a group project, and through our partnership with HOPE Global Forums, we are inviting the world to join the conversation,” Dickens mentioned. “From home ownership and entrepreneurship to youth engagement and financial education, HGF will offer bold and innovative ideas to ensure a bright future for all.”
It coincided with the organization’s annual meeting launched one other path to enhance financial knowledge with HOPE scholarships. With three tiers of scholarships – HOPE Lite, HOPE Classic and HOPE Silver – clients could have access to free financial coaching and academic resources.
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