How to Finance a Black Women-owned Business in 2020
Basic familiarity with business terms
Desire to own and operate a business
Maggie Lena Walker was the first female bank president of any race to charter a bank in 1902. Black women have continued down this path of entrepreneurship. According to one report, “the number of businesses created by black women in the United States alone is up more than 460% over the last 20 years, making them the fastest growing group of entrepreneurs in the nation.”
Of course, we’ve known this for some time, and have the track record to prove it. We launched MinorityFinance in 1998 and noted that 65% of the inquiries from the site came from Black women. While others have come along after our launch, we remain active and at the forefront.
The key issue then, and now, is money: “according to the Diane Project, black female founders are only able to raise an average of $36,000 in venture funding, while start-ups owned mostly by white males have received on average $1.3 million.” We provide data-based advice and instruction, based on our years of experience, to help you over this hurdle.
Our class provides information on the current state of Black women businesses. We provide actionable information you can use to get financing for your business.
• Business Planning
• Your business credit history: Dun and Bradstreet.
• Data and Resources for Black women businesses
• The best non profit, local/state/federal resources
• Steps in the business financing process
• Protecting your ideas: intellectual property rights
• What type of financing products and sources/investors/lenders are best for your business: banks, credit unions, factors, hard money lenders, crowdfunding, credit cards, venture capital, digital currency, ICOs.
• Why you should seek out venture capital these days. Which ones to go to. How you should approach them.
Who this course is for:
- African Americans