Black Owned Businesses

Black Business Owners, Celebrities, Influencers, and Leaders Gather with Visa at CEO’s Making Waves for Black Women in Business, Helping Corporations Fulfill Commitment to Equality and Inclusion

October 12, 2021 (updated October 12, 2021) Published by BusinessWire

Two-Day Conference Provides Vital Resources for Black Women in Business

OAKLAND, Calif.–(BUSINESS WIRE)–On October 26th and 27th, CEO’s Making Waves for Black Women In Business: Growth, Impact, & Community will kick off a two-day conference by welcoming Black women-owned businesses, industry leaders, and corporations in addressing the need for systemic change in leadership, gender, and race equality in a variety of different industries.

The two-day event will feature discussions from black business owners such as influencer Necole Kane – CEO/Founder of XONecole and Whitney Harper (Brand Manager/Creative Director for Rapper Sweetie) and (Host) Sports Broadcaster Rosalyn Gold-Onwude, along with many other amazing business professionals in different sectors who will share their insights on relevant topics and resources aimed at enhancing the approaches of Black professionals and CEO’s. By strengthening woman-owned companies within the Black community, CEO’s Making Waves will work on closing the 90% wealth gap faced by Black women in business today.

“This is a much-needed event to support the Black women in our communities starting in California with the large tech companies,” says Myeshia Jefferson, founder of Beauty Makes Cents LLC, a company dedicated to increasing entrepreneurial education through events, training, hands-on support, and empowerment.

Jefferson continues, “CEO’s Making Waves will help attendees tap into resources they may not know are available. Many black-owned businesses don’t need a handout, we need a hand up. As a Black entrepreneur, I understand firsthand the struggle of navigating the business world, and the challenges that Black women in business face to get access to the right people and positions that can open doors. Sometimes, we need more hands-on support to guide us to the next level. Many of the large organizations have the means and the resources to help.”

Aiming to connect start-ups and small business owners to companies with resources and mentors available for Black entrepreneurs, the event will act as a foundation for future growth and opportunities. Featuring an impressive lineup of keynote speakers, discussion panels, fireside chats, mentorship sessions, and workshops, CEO’s Making Waves will touch on a wide range of topics, such as entrepreneurship, intrapreneurship, the future of e-commerce, the entertainment industry, sports, wellness, women empowerment, and recruiting.

“This year will have virtual celebrity appearances from Akon, Niecy Nash, Tamar Braxton, and more; but next year we will host the event in-person where we can include interactive activities such as dancing, live music, and a yacht experience! We see this as a great opportunity for black women entrepreneurs to connect, network, and grow,” says Jefferson.

CEO’s Making Waves 2021 participants will also have the chance to win mentorships from top industry leaders through an exclusive guest contest. Organizations can make this an opportunity to build trust and loyalty, while more Black women gain access and support.

Registration is open to all. Remaining space is filling up quickly, so get your tickets soon! Visit CEO’s Making Waves to secure your tickets and learn more.

About CEO’s Making Waves for Black Women In Business

CEO’s Making Waves for Black Women in Business was created in effort to get corporations to walk the talk of addressing the need for systemic change in leadership, gender equality, and race equality by supporting women-owned businesses and professionals. We aim to economically empower 1,000 Black women in California by 2022 with an end goal of closing the racial wealth gap with the help of our future partners.

Contacts

Myeshia Jefferson

Info@ceosmakingwaves.com

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Davis Wright Tremaine’s Project W Completes Inaugural Tech Equity Hub Virtual Accelerator Program

October 5, 2021 (updated October 5, 2021) Published by BusinessWire

Impressive nationwide cohort featured 10 Black and Latinx female entrepreneurs

NEW YORK–(BUSINESS WIRE)–Davis Wright Tremaine LLP is pleased to announce the completion of Project W’s inaugural Tech Equity Hub virtual accelerator program, which provided 10 Black and Latinx female founders the tools, resources and connections they need to build successful companies.

“Tech Equity Hub is our newest initiative to unlock the power of pre-revenue tech companies founded by Black and Latinx women,” said Project W founder Lynn Loacker, partner-in-charge of DWT’s New York office. “These talented founders are innovating in education, healthcare and commerce to address some of the most intractable problems that underrepresented communities are facing. Without a doubt, these remarkable women will leave the world in a better place.”

The program’s full cohort included:

Tiffany Hosey – BuilDATAnalytics: Streamlining complex construction projects.
Laura Thomas – Effective to Great Education: Social emotional learning technology for underserved school communities.
Emily Brown – Free-From Market: Healthy food solutions to improve health and equity outcomes.
Sheena Franklin – K’ept Health: Virtual dermatological clinic providing culturally competent care.
Aireka Harvell – Nodat: Artificial intelligence to help small businesses drive sales.
Noelle Acosta – Noula: Affordable, at-home maternal wellness test kit and personalized pre- and postnatal care plans.
Mandy Bowman – Official Black Wall Street: Connecting consumers to Black-owned businesses.
Tope Mitchell – Reflekt Me: Personalizing ecommerce by size, body type, skin tone and hair texture.
Ashley Williams – RIZZARR, Inc.: Promoting brands through millennial- and Gen Z-created content.
Danielle Allen – Si · La · Bul: Video platform for cultural language learning.

During the 12-week program, which ended Sept. 30, the group engaged in workshops, one-on-one mentoring sessions, individualized coaching and tech deep dives, as well as community-building events. The expert faculty and accomplished mentors covered product design and evolution, marketing and sales, business strategy and finance, growth, legal, fundraising and personal development. All of the experts, investors and mentors were committed to help the founders build successful companies. Partners that generously shared their expertise and resources included Coalition Venture Studio, M12 (Microsoft’s venture capital fund), R/GA Ventures, Stripe and U.S. Bank.

“Tech Equity Hub was immensely helpful in solidifying my team’s growth. I love how the program focused on the development of every single department within a company,” said Ashley Williams, founder and CEO of RIZZARR, a tech-enabled content marketplace in which brands can find and work with over 5,000 millennial and Gen Z content creators worldwide. “I really think it’s so wonderful that these programs are being created to help women of color. There’s a lot of conversation going around about what women of color go through with startups, funding, and more, and until now, it’s been a lot of talk: Project W actually put it into action.”

Noula founder and CEO Noelle Acosta added: “As a founder, my background has mainly been in business development and go-to-market strategy, so getting exposure to so many different components of the startup journey has been really helpful. The most helpful part, for me, of Tech Equity Hub has been the fact that the faculty and mentors took the time to understand where I’m at in my startup journey as well as what I do well. I was paired with an investor and a mentor in my field who taught me practical and tangible skills.”

BuilDATAnalytics founder and CEO Tiffany Hosey said: “Tech Equity Hub was organized in a way that I never felt we were being shorted on any programming. For the entire program to focus on women of color, specifically Black and brown, and for Project W to pour all of the resources into the programming, it really felt like there was a sincere commitment to see all of us succeed. No other program in which I’ve been involved – from start to finish – has been comparable.”

About Project W

Project W is Davis Wright Tremaine’s commitment to help women build great companies, advance their careers and achieve parity in the boardroom and the workplace. Through its programming, partnerships with like-minded organizations and national network of over 2,500 founders, investors and executives, Project W is moving the needle in closing the gender equality gap and in advancing the careers and lives of women. For more information, visit https://www.dwt.com/about/project-w.

About Davis Wright Tremaine

Davis Wright Tremaine LLP is an AmLaw 100 firm with more than 600 lawyers representing clients based throughout the United States and around the world. For more information, visit www.dwt.com.

Contacts

Leora Goldfarb

Baretz+Brunelle

Lgoldfarb@baretzbrunelle.com

Environmental Service Systems, LLC Ranked Charlotte’s 2nd Largest Black-Owned Business

September 29, 2021 (updated September 29, 2021) Published by BusinessWire

The Company is ranked by Revenue in 2020 Based on Research by Charlotte Business Journal

CHARLOTTE, N.C.–(BUSINESS WIRE)–Environmental Service Systems (ESS), a minority-owned company that provides high-quality janitorial and facilities maintenance services, is honored to be recognized as Charlotte’s second-largest Black-owned business. The Company has gained its recognition on the basis of its revenue in 2020, demonstrating its strength and growth as a diverse company with a national footprint.

“It is a moment of great pride for ESS to be recognized as the second-largest Black-owned business across various sectors in Charlotte. Charlotte Business Journal is a premier media platform with comprehensive coverage of local and national business news and their research is an effective barometer for the success of minority-owned companies based on the revenue generated,” said Edgar Ruth, President and Founder of ESS. “I am pleased to see that the pride my team takes in the work we do transcends to our business accomplishments. ESS exceeded the revenue generation goals through the hard work and perseverance of each employee. As a result, our achievements have gained recognition among companies from a wide range of industries,” he continued.

The Company is determined to create more meaningful opportunities and contribute to creating a positive impact on the industry, employees, customers, and community in North Carolina and across the country.

About ESS

Established in 1998, Environmental Service Systems, LLC provides janitorial and facilities maintenance services to clients belonging to a range of industries. For more information about ESS, visit www.environmentalss.com

Contacts

Ciara Lilly clilly@environmentalss.com

Fiverr Announces Inaugural Future Collective, a Business Accelerator Fellowship for Black Entrepreneurs

September 22, 2021 (updated September 22, 2021) Published by BusinessWire

Future Collective fellows to receive funding as well as access to a free 6-month training and mentorship program for startups

NEW YORK–(BUSINESS WIRE)–Fiverr, the company that is changing how the world works together, is announcing its inaugural Future Collective Fellowship Program as well as the five fellows who have been selected to receive funding, training and mentorship. Fiverr’s Future Collective was created alongside 1863 Ventures, an independent, Black-led nonprofit organization that delivers business development programs designed to bridge the gap between entrepreneurship and equality, and maestra, a business strategy firm building a more socially conscious and equitable world. The program aims to support Black entrepreneurs that have used Fiverr’s platform to get started and are already a part of Fiverr’s growing community of small businesses.

Research shows that Black entrepreneurs face financial hurdles not only when beginning their businesses, but as they attempt to navigate spaces that often don’t look like them and to which they have had little access historically. The Federal Reserve Bank of Cleveland found that Black entrepreneurs were 10% more likely to apply for financial startup assistance than their white counterparts, yet they were 19% less likely to be approved. White entrepreneurs have an edge over their Black counterparts because, for every $100 in white family wealth, Black families hold just $5.04. That same sentiment is what drives many Black sellers on Fiverr. 54% come to the platform hoping to make a sustainable, permanent living primarily on Fiverr – more likely than their White and Latinx seller counterparts. Fiverr hopes to be a part of helping to close that gap and countless others.

“Fiverr’s purpose is to provide anyone, no matter their race, religion, background or beliefs, the opportunity to build their business, brand or dreams. Therefore, it is incumbent upon us to use our platform and resources in pursuit of this purpose,” said Micha Kaufman, CEO of Fiverr. “Yes, the world has seen an outpouring of support for Black owned businesses in the past year, however, there is still so much work to be done. We are thrilled to be able to support these incredible five businesses with the funding, mentoring, and training that they deserve and can’t wait to watch them continue to grow and succeed through this program.”

The five businesses that have been selected as Fiverr’s inaugural class of Future Collective fellows are:

Appdrop – software for empowering non-technical teams to build mobile apps without writing a single line of code.

Budget Collector – provides an artificial intelligence (AI) art adviser as a mobile app. The company supports the development of private art collections as well as galleries and provides resources for potential and current art collectors.

De L’or Cakery – a 5-star artisan cake catering company using top notch ingredients, many imported directly from the Caribbean to provide outstanding flavors.

Hey Girl Hey – a social bonding game created by sisters, Seanice and Sharina Clarke, Hey Girl Hey is a card game built to foster community connections among black women, featuring unexpected and entertaining prompts and challenges.

Keeyahri – a luxury women’s shoe brand inspired by founder and artistic director Keya Martin’s favorite architecture around the world. Keeyahri aims to help women feel confident through unique designs.

Each of the Future Collective fellows will receive $24K in funding from Fiverr, guaranteed placement in an accelerator program organized and orchestrated by 1863 Ventures and regular mentorship and guidance from Fiverr’s senior management team. The structure of the program will consist of monthly cohort sessions, assigned online materials to review and complete coupled with regular coaching sessions. The fellows will also have access to 1863 Ventures’ weekly entrepreneur webinar sessions, allowing them to participate in sessions they find relevant to their business and growth.

“Now, more than ever, it is time to double down on our support of Black entrepreneurs. Over the past few years, roughly 20% of Black Americans have engaged in early-stage entrepreneurship, but their businesses struggle to advance along the entrepreneurial pathway,” said Melissa Bradley, Managing Director of 1863 Ventures. “If Black businesses reached economic parity with non-black businesses, their revenues would increase by approximately $5.9 trillion and create more than 19 million more jobs. 1863 Ventures is proud to be leading the charge in providing the necessary resources, capital, and programmatic support to break down barriers for Black businesses. We are excited to be working with Fiverr and maestra to make this new fellowship one of a kind and accomplish economic parity for these businesses.”

“While white adults have 13 times the wealth that Black adults do, when we compare median wealth of Black and white business owners, the median wealth gap decreases to a multiplier of three,” said De’Ara Balenger, Co-Founder of maestra. “Through this effort and more like it, we believe that we can work towards building Black generational wealth and supporting Black entrepreneurship.”

About Fiverr

Fiverr’s mission is to change how the world works together. Since 2010, the Fiverr platform has been at the forefront of the future of work connecting businesses of all sizes with skilled freelancers offering digital services in more than 500 categories, across 9 verticals including graphic design, digital marketing, programming, video and animation. In the twelve months ended June 30, 2021, 4.0 million customers bought a wide range of services from freelancers across more than 160 countries. We invite you to become part of the future of work by visiting us at fiverr.com, read our blog and follow us on Facebook, Twitter and Instagram.

Contacts

Abby Forman

press@fiverr.com

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Ohio-Based Startup Is First Northeast Recipient of Black Business Support Fund From Kinetic

September 17, 2021 (updated September 17, 2021) Published by BusinessWire

Kinetic Business has awarded $125,000 in grants since 2020 to benefit Black-owned firms

GENEVA, Ohio–(BUSINESS WIRE)–Kinetic Business today announced that an Ohio-based consulting firm that specializes in professional coaching, training and development, has been selected as the first Northeast Region winner of the Black Business Support Fund. The fund seeks to increase the number and stability of Black-owned businesses located within Kinetic’s service footprint.

Jewel White recently learned that, as a small-business grant recipient, her firm will receive $2,500 in cash and a year of free internet. Located in Geneva, Ohio, near Ashtabula, 180 Development Solutions & Consulting Co. LLC is a consulting agency that serves business and impact-driven organizations with coaching, facilitated dialogue, and shared learning experiences. Through its services, clients are given tools to manage and resolve disputes effectively, strengthen relationships, and encourage a collaborative team culture.

White says she is using the grant award to build strategic partnerships for her business. She recently became an authorized partner of Everything DiSC®, a global network of consultants, trainers, and coaches dedicated to improving the performance of people and cultures of organizations. That official partnership may not have been possible, at least not this year, without the support and recognition of Kinetic Business, she said.

“I’m so grateful that a close friend shared information about the Black Business Support Fund with me. I read the requirements and applied for it right away,” White said. “I strongly encourage other owners of Black-owned businesses to take the time to look into it and apply as soon as possible. The application process was a breeze. And already, the grant has been a real blessing for our small business, allowing us to continue pushing toward our vision of assisting other businesses and organizations, eliminating barriers, and implementing strategic techniques to produce purposeful, profitable, and impact-driven results.”

White’s is the first Black-owned enterprise to win the Fund since early August, when Kinetic Business began accepting applications for the awarding of grants to eligible businesses in three Northeast states: New York, Ohio, and Pennsylvania. Previously, Kinetic opened the Fund to eligible customers in areas of Georgia, Kentucky, New York, North Carolina, Ohio, and Pennsylvania where the company has service.

Since the fund’s launch in late 2020, businesses selected for the grants have received a grand total of $125,000 in cash awards. If chosen, each small-business grant recipient will receive $2,500 in cash and a year of free internet for their business. The selected businesses will also get a free consultation from Kinetic Business on processes and products that could improve efficiencies and make their business more profitable.

To be eligible for a Black Business Support Fund grant, a business must:

Be a new or current small business in a market area that Kinetic serves in North Carolina, Kentucky, Georgia, New York, Ohio or Pennsylvania;
Be Black-owned and have 25 or fewer employees;
Not be currently engaged in bankruptcy proceedings;
Not be a nonprofit organization, liquor store, check-cashing agency, gun shop, pawn shop or adult entertainment business, and
Not apply for multiple businesses.

Funds will be awarded on a first come, first served basis. Applicants should check Black Business Support Fund website for full terms and conditions and application process.

Kinetic has a long history of partnering with business and residential customers to connect communities to what’s important. Kinetic by Windstream is committed to deploying fiber to communities across the 18-state Kinetic footprint. This multi-year, $2 billion investment expanding fast, reliable connection allows residential customers gig speeds to navigate the internet safely from home with no lag times while they work, learn or stream entertainment services. Businesses ranging from small shops to large enterprises can take advantage of the fiber-backed network to deploy solutions that make their companies more efficient and profitable such as OfficeSuite UC® and SD-WAN.

About Kinetic

Kinetic by Windstream is a business unit of Windstream, a privately held communications and software company. Kinetic provides premium broadband, entertainment and security services through an enhanced fiber network to consumers and businesses primarily in rural areas in 18 states. The company also offers managed communications services, including SD-WAN and UCaaS, and high-capacity bandwidth and transport services to businesses across the U.S. Additional information is available at KineticBusiness.com. Follow us on Twitter at @GoKineticBiz.

Contacts

Kerri Case

kerri.case@windstream.com

The State of Black Business: New Survey Finds Progress, Challenges

July 31, 2021 (updated July 31, 2021) Published by BusinessWire

Groupon and National Black Chamber of Commerce survey for National Black Business Month found nearly 80% of Black business owners say their businesses are better off than last year

Nearly three of four Black business owners say investment in Black-owned businesses still trails white-owned businesses

Groupon is helping consumers discover and patronize local, Black-owned businesses

CHICAGO–(BUSINESS WIRE)–Groupon, the go-to destination for local experiences, and the National Black Chamber of Commerce released their second annual survey of Black small business owners in recognition of August’s National Black Business Month. Groupon and the chamber spoke with 500 Black-owned small businesses and 1,500 consumers to gain a better understanding of how consumers’ shopping habits have forever changed since the racial reawakening that began in the United States last summer. According to the results, consumers are largely keeping their promises to spend a greater share of their wallet at Black-owned businesses, but challenges remain.

Nearly 80% of Black business owners said their businesses were better off than they were last year at this time and nearly 60% said their business is as good or better than it was prior to the pandemic. Seven out of 10 consumers said that they actively sought out opportunities to shop at Black-owned businesses and an equal number plan to continue to do so long term. Nearly 70% of consumers also said they find it helpful when a business identifies as Black-owned and approximately 60% said they would be willing to pay more if they knew a small business was Black-owned.

More than half of all Black business owners said that while there’s more attention on the concerns and needs of businesses owned by people of color, the overall environment is still quite challenging. Roughly three out of four Black business owners said capital investment still lags in comparison to their white counterparts. In fact, gaining access to capital investment was the number one concern among the businesses surveyed. Their ability to tap into government resources, recover from the pandemic, build a support network and hire enough staff, were the other top concerns cited. Ultimately, black business owners indicated that the system that sets them up for success or failure still has a long way to go and more than 75% of those surveyed feel as though they’re held to a different standard, which makes launching and growing a business as an entrepreneur even harder.

“Groupon recognizes the importance of being a brand that lives by its values, taking a stand for what’s right and leveraging our influence to drive positive change within our communities,” said Aaron Cooper, Interim CEO, Groupon. “Every merchant has worked hard to build a business that they can be proud of, and it’s important for us to understand the systemic barriers and biases that exist for marginalized communities. As a company, we’re committed to highlighting and championing Black-owned businesses and connecting them to our diverse customer base. While we’re making progress, we recognize that we have more work to do.”

Groupon is taking action in August and throughout the year to translate its support for Black-owned businesses into meaningful action:

The company has curated a collection of hundreds of Black-owned businesses across the United States and will be featuring these merchants across Groupon’s mobile, online and social channels throughout the month of August. In 2020, Groupon saw searches for “Black-owned” increase nearly 400% for the full-year vs. 2019. During Groupon’s 2020 Black Business Month campaign, units sold for businesses that identified as Black-owned and participated in the month-long event increased 44% compared to the previous month. To find Black-owned businesses that you can support in your community, please visit gr.pn/celebrate.

In addition, the company has partnered with Kiva.org––a renowned crowdfunding platform––to raise funds from consumers to support a Black-owned business fund that will help create opportunity and unlock investment capital for Black merchants across the U.S.

Groupon is also working with the National Black Chamber of Commerce to offer an online marketing and technology education session at the Illinois Chamber’s annual convention in September. The Groupon and chamber survey of Black-owned businesses identified social media, lack of a digital/online presence, consumer awareness, upfront costs and foot traffic as their biggest marketing challenges. Experts from Groupon will consult with business owners who are attending the convention.

On Aug. 22, Groupon is partnering with The Black Women’s Expo – BWE Next to feature 10 Groupon merchants as exhibitors. Each Black-owned business will have their own booth in the expo’s marketplace and Groupon will help promote and advertise their presence. Groupon will also have its own booth at the expo to help the company recruit diverse applicants from the estimated 30,000 attendees.

Finally, to help bring more attention to the disparities Black entrepreneurs face and resources available to help their businesses succeed, Groupon is joining forces with the Illinois Department of Commerce and Economic Opportunity (DCEO) to host a virtual panel discussion: Building Back Better: Charting Economic Recovery for the Black Business Community & Crafting the Roadmap for Access to Capital for Black Entrepreneurs. The discussion will take place on Aug. 25, 2021 at 10:00 a.m. CDT and will bring together a national audience of business, government and community leaders. For more information about the Groupon and Illinois Department of Commerce and Economic Opportunity virtual panels, please visit gr.pn/webinar.

“Over the past year we’ve made progress drawing attention to the needs and concerns of Black-owned businesses, but we know that we must do even better,” said Larry Ivory, chairman of the National Black Chamber of Commerce and president and CEO of the Illinois State Black Chamber of Commerce. “We’re grateful to companies like Groupon that are willing to listen to the concerns of our community and heed their responsibility to do more. By working together, we can help level the playing field for small Black-owned businesses, and we’re excited for Groupon to provide actionable and useful insights to our members.”

About the National Black Chamber of Commerce

The National Black Chamber of Commerce® was incorporated in Washington, DC in March 1993. The NBCC is a nonprofit, nonpartisan, nonsectarian organization dedicated to the economic empowerment of African American communities. In essence, the NBCC is on the leading edge of educating and training Black communities on the need to participate vigorously in this great capitalistic society known as America. The NBCC reaches 100,000 Black owned businesses. There are 2.6 million Black-owned businesses in the United States. Black businesses account for over $138 billion in revenue each year according to the US Bureau of Census. The National Black Chamber of Commerce® is dedicated to economically empowering and sustaining African American communities through entrepreneurship and capitalistic activity within the United States.

About Groupon

Groupon (NASDAQ: GRPN) is an experiences marketplace where consumers discover fun things to do and local businesses thrive. For our customers, this means giving them an amazing selection of experiences at great values. For our merchants, this means making it easy for them to partner with Groupon and reach millions of consumers around the world.

Contacts

Groupon

Nick Halliwell

nhalliwell@groupon.com

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New Goldman Sachs and Bipartisan Policy Center Report Shows Action Needed to Increase Small Businesses’ Access to Capital

July 27, 2021 (updated July 27, 2021) Published by BusinessWire

As Paycheck Protection Program funds end, small businesses need more capital; Black-owned small businesses face larger hurdles than their white peers in accessing capital

NEW YORK–(BUSINESS WIRE)–A new report released today by Goldman Sachs 10,000 Small Businesses Voices in conjunction with the Bipartisan Policy Center shows the strain small business owners across the country are feeling as federal Paycheck Protection Program (PPP) funding is depleted. The report offers urgently needed policy solutions to put main street businesses back on the road to recovery.

In June, 82% of small business owners in a Goldman Sachs 10,000 Small Businesses Voices survey said their PPP funds would run out by the end of July. Yet just 24% said they were confident they could maintain payroll after depletion of PPP funds. Many small businesses say they are in a precarious position: emergency assistance is dwindling, and debt needs to be repaid—yet revenues have not fully recovered. For those seeking new sources of credit, pandemic disruptions are hindering their ability to secure financing.

The report also highlights a troubling fact: Black-owned businesses have significantly more difficulty accessing capital than their white peers. While PPP was broadly effective in sustaining employment at small businesses, its design reflected underlying disparities in access to finance. Challenges faced by Black small business owners include:

Black-owned businesses that are low credit risks are half as likely as white-owned firms to receive all the financing they seek, found a 2021 Federal Reserve Banks Small Business Credit Survey.
And white-owned businesses are twice as likely to receive all financing sought even when they are medium/high credit risk.
Research also finds racial differences in the decision to apply. Black small business owners with high credit scores are more than twice as likely to report a fear of denial than white founders with below median credit.

“As July comes to a close, small businesses across America face a grim reality: their Paycheck Protection Program funding is running dry, but our economy hasn’t fully recovered, the cost of doing business is increasing and their debts are coming due,” said Joe Wall, national director of the Goldman Sachs 10,000 Small Business Voices program. “Together with the Bipartisan Policy Center, our policy recommendations will help ensure a main street recovery continues.”

Policy actions recommended in the report include:

Create a long-term, low-interest loan guarantee program to provide flexible, patient credit to allow small businesses to rebuild balance sheets as they restore revenues.
Direct the Small Business Administration (SBA) to re-evaluate policies regarding financial performance in previous years to account for the impact of 2020 on small business balance sheets.
Make SBA subordination agreements as easy as possible regarding Economic Injury Disaster Loans (EIDL).
Consider actions that will expand the lender base in government guarantee programs.
Strengthen the capacity of CDFIs to distribute more small business credit in their target communities.
Prioritize small business financing as federal, state, and local governments distribute American Rescue Plan relief funds.

“Many American small businesses are still struggling to recover from the pandemic. Federal relief programs were crucial in helping them stay afloat,” said Dane Stangler, Director of Strategic Initiatives at the Bipartisan Policy Center. “Now, new actions are needed to help expand access to the credit they will need to invest and create jobs for their communities.”

The full report with detailed policy recommendations for increasing small business access to capital can be found here.

ABOUT 10,000 SMALL BUSINESSES VOICES

Goldman Sachs 10,000 Small Businesses Voices is an initiative for program participants to organize and advocate for policies that matter to them. It builds on Goldman Sachs 10,000 Small Businesses, which over the past decade has provided access to education, capital, and support services to more than 10,000 small business owners across all 50 states, Puerto Rico, and Washington D.C.

Contacts

Abbey Collins, Goldman Sachs, 212-902-5400

New Partnership With Black Future Co-op Fund, UW Foster, and Bank of America Invests in Washington Black-Led Businesses and Nonprofits

June 15, 2021 (updated June 15, 2021) Published by BusinessWire

SEATTLE–(BUSINESS WIRE)–The Black Future Co-op Fund, University of Washington Foster School of Business’ Consulting and Business Development Center (CBDC), and Bank of America today announced a new partnership to build generational sustainability of Black-led businesses and nonprofits across Washington state.

“Black businesses and organizations have long been vital contributors to Washington state, yet purposeful and persistent anti-Blackness has undermined their opportunity to thrive,” says Angela Jones, J.D., Fund architect and Washington STEM CEO. “Through this partnership, we’re intentionally investing in Black well-being and building the infrastructure for generational wealth.”

With support from the Black Future Co-op Fund and a $500,000 grant from Bank of America, the CBDC is working with Black-led businesses and organizations across Washington to provide tailored technical assistance, leadership development training, financial management guidance, and help accessing funding.

“The CBDC was founded 26 years ago by the first Black tenured faculty member at the Foster School and the first Black Dean of the Foster School,” said Frank Hodge, Orin and Janet Smith Endowed Dean of the UW Foster School of Business. “This partnership with the Black Future Co-op Fund and Bank of America will enable us to take the next big step in removing systemic barriers and creating opportunities for wealth creation in Black-owned businesses. The initiative also brings crucial support to Black-led organizations that are leading powerful work to enrich Black generational prosperity and well-being.”

A recent listening tour conducted by the Black Future Co-op Fund identified more than 500 Black-owned business and Black-led organizations across Washington, and found at least 65 of identified businesses have closed in the last six months.

The Fund interviewed Black business owners who shared they have been hard hit by the Covid-19 pandemic and resulting economic recession. Most are under-resourced and operating with little to no profit margin. Black-owned businesses also face significant hurdles accessing resources, such as small business grants, loans, or lines of credit, or culturally informed technical assistance.

While Black small business owners in particular have been disproportionally impacted during the pandemic, recent research from Bank of America based on a national survey of 300 Black business owners found those still in operation remained resilient and flexible as they navigated through an evolving and uncertain business landscape. In response to the impacts from the pandemic, 48% of Black entrepreneurs reported retooling their operations – double that of the national average. However, Black business owners have overcome numerous obstacles with 82% reporting that they have worked harder to achieve success than their non-Black counterparts.

In response to the Black community’s feedback, this partnership is working to build the kind of support that will bolster Black prosperity over generations.

As part of this initiative, CBDC is expanding its board fellows program. Black graduate students at the UW will be matched with Black-led nonprofits for a 9-month board placement, bringing new skills and building the next generation of Black nonprofit board leaders.

Artists in Activism in Snohomish County and Takeall Foundation in Spokane are two of the Black-led organizations recently paired with graduate students. Both organizations are also working with the CBDC to strengthen their financial management and operations through the newly-formed partnership.

“Pervasive economic and social disparities only intensified during the global health crisis, and we see a clear and urgent need for intentional investment in and resources directed to Black businesses and nonprofit organizations,” said Jeremey Williams, market executive, Bank of America Seattle. “This investment is a further demonstration of Bank of America’s commitment to build local partnerships that help foster job creation, economic growth, and stability for Black-led Washington businesses that contribute so much to our community and economy.”

Bank of America’s contribution is aligned to the company’s $1.25-billion, five-year commitment to advance racial equality and economic opportunity. This commitment builds on steps the company has already taken, including program support for nonprofit community partners and lending assistance for small and minority-owned businesses through community development financial and minority depository institutions. Bank of America also recently increased its goal for equity investments in minority-focused funds to $350 million, including an equity investment in Portland-based Elevate Capital, which will put capital to work supporting minority and women entrepreneurs with early-stage funding across the Pacific Northwest and beyond.

ABOUT THE BLACK FUTURE CO-OP FUND

Created by and for Black Washingtonians, the Black Future Co-op Fund is a new paradigm for philanthropy to ignite Black wealth, health, and well-being over generations. Through intentional investment, the Fund works to connect Black communities for collective power, promote a truthful Black narrative, and uplift Black-led solutions that foster Black generational prosperity. For more, visit: blackfuturewa.org.

ABOUT UW FOSTER CONSULTING AND BUSINESS DEVELOPMENT CENTER

UW Foster is a world-class business school in a pioneering city perched on the Pacific Rim. The world’s best and brightest leaders are here, applying ingenuity to better humanity. The Consulting and Business Development Center, now in its 26th year, advances student careers and grows businesses and jobs in communities where they’re needed the most with a core focus on supporting the growth of businesses owned by people of color. For more, visit: foster.uw.edu/consult.

ABOUT BANK OF AMERICA

At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

Contacts

Kara Palmer, Pyramid Communications (for the Black Future Co-op Fund)
206.948.9822 (mobile)
kpalmer@pyramidcommunications.com

Andrew Krueger, UW Foster
206.697.1073 (mobile)
krueger6@uw.edu

Britney Sheehan, Bank of America
425.466.0378 (mobile)
britney.w.sheehan@bofa.com

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