Create Generational Wealth for People of Color

It is widely known that entrepreneurship is the most effective way to narrow the racial gap in America.

• "According to the Survey of Business Owners, the existing number of Black-owned businesses have created over 1 million jobs and generated over $165 billion in revenue. Another important advantage of entrepreneurship is that successful business ownership is one mode for achieving personal wealth. The wealth differential between business owners and non-business owners is significant, and this wealth advantage is even more pronounced for minorities and women.“ 

• “At a certain point, you cannot jump the growth gap without an influx of capital. That can come from venture capital firms, family investment, but historically, you’re looking at loans. Now let’s speak plainly – Black and Brown entrepreneurs face systemic challenges that other businesses don’t when trying to get approved for loans.

● Only 1 percent of venture capital money goes to companies founded by Black entrepreneurs Source

● More than half of companies that have Black owners were turned down for loans, and many Black-owned firms were the most likely group to apply for a credit card and yet they experience the highest turn-down rate Source

● Due to a lack of intergenerational wealth, many Black business owners do not have the collateral that traditional banks want Source