Black business ownership is on the rise even with the coronavirus pandemic as seemingly permanent backdrop. Black women are helping to drive that rise. That rise is remarkable considering at the beginning of the pandemic Black-owned fell by 40%.
While the rise in ownership is encouraging, Black business owners face unique challenges when seeking funding to grow their businesses. Finding funding for black-owned enterprises can be a monumental job. To help create awareness, this article contains resources Black business owners may want to consider as sources of capital for business growth
Small Business Loans
Fintech platforms, development councils, and certain financial corporations, banks, and minor government agencies are lending to Black-owned businesses. These financial options for black-owned enterprises assist them in expanding and scaling their operations to the core level. Some of the funding resources are as follows:
Accion International: This non-profit micro-lender offers finance to black businessmen.
Accompany Capital: It assists immigrant and refugee businesses in New York City with low-cost financing, financial education, and training.
Jeannie Bell Capital: The company serves as a growth strategy business consultancy with the ability to fund loan backed by the company’s recurring sales.
DreamSpring: This non-profit organization gives finance to start-up businesses in the black community.
EnrichHer: This fintech platform provides loans to women business owners.
Founders First Capital Partners: It provides flexible revenue-based financing. This financial organization assists in starting a business and developing working capital.
Carver State Bank: Established in Georgia in 1927, Caraver State Bank is a Black owned full-service commercial bank
Kiva: This charitable internet financing platform connects businesses to crowdsourced finance.
Private equity firms
Harlem Capital Partners: This firm concentrates on disruptive firms that solve crucial challenges. It is on a quest to transform the image of entrepreneurship.
Humble Ventures: Another private equity firm that invests in a variety of businesses to help them grow.
New Media Ventures: This is a startup fund firm aimed at businesses and activists looking for new methods for progressive change.
Kapor Capital: Kapor Capital is an impact investment firm that invests in various businesses that are having huge social effects. This firm is focused on bridging potential inequalities.
It’s a wrap.
This list is by no mean all inclusion. It does provide a starting point and offers valuable information. You may learn about the many options available to meet the demand for black-owned businesses. If you do, send me an email so that I can expand the list.