Black entrepreneurs face significant inequities in startup capital. What’s the fix?
2 min read
Black entrepreneurs face significant inequities in startup capital — and as a result, 38% of Black business owners feel discouraged to apply for loans, compared to only 13% of white entrepreneurs. How can that gap be bridged? At Yelp’s first-ever Black in Business Summit in August, which was sponsored in part by Entrepreneur, speakers and panelists discussed financial readiness and access to funding, as well as more strategies for succeeding as a Black business owner in the face of systemic inequality.
In the panel Creating equitable access to capital, executives from Truist Foundation, CornerSquare Capital and Combs Enterprises shared what business owners should know about their financial health and accessing capital. You’ll learn:
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What a CDFI (community developed financial institution) is and how they support businesses that need flexibility or are denied funding through traditional channels
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How to use your business plan to track your cash flow and determine the gaps in your business
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The importance of tenacity and not giving up while building relationships that can impact your bottom line
Yelp also sat down with Nicole Gibbons, CEO of the online paint retailer Clare, and one of the few Black women to receive more than $1M in funding. Clare made history with its funding and turned a lot of heads. Click here to watch that session, where you’ll hear how Nicole’s experiences as a woman of color impacted how she builds her business and what small business owners can learn from her mistakes. You’ll also learn:
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How Nicole turned her side hustle into a successful company with over $4 million in venture capital funding
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The importance of confidence, storytelling and communication when it comes to successful branding of a business
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The networking channels Nicole used to get in touch with VCs and others who considered her business for funding
