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FundBLACKFounders
Our economic mobility work ensures that we’re meeting needs and building futures by providing pathways out of poverty to prosperity.
This is done in three ways:
-
Upskilling individuals for
increased income -
Providing robust education and financial stewardship principles and practices
-
Expanding Black-owned small business infrastructure within the community
Why focus on expanding the infrastructure of Black-owned businesses?
- There’s an expectation by lenders that entrepreneurs should be able to raise initial capital through friends and family. However, we know that white Americans have 11 times more wealth than Black Americans.
- Only 1 % of start-up capital accrues to Black entrepreneurs.
- The average white business starts with $107,000 and the average Black business only has $35,000.
- Black individuals represent 14.2% of the US population but only 2.2% of employer businesses.
- If Black-owned businesses were equivalent to their representative size of the U.S. population, there would be 806,218 more Black-owned businesses.
- Black-owned businesses are much more likely to hire Black workers.
- 90% of all new businesses do not have any outside investors, and often use equity in their homes to start their firms, but property values in Black neighborhoods are significantly undervalued and Black homeownership rates are significantly less than white homeownership rates, effectively removing this option for many would-be Black business owners.
- Black-owned businesses have higher loan denial rates and than white-owned businesses even after controlling for credit-worthiness.
In response to the lack of capital and resources, FundBLACKFounders was founded and helps Black entrepreneurs raise capital by:
-
Offering support and training to grow their businesses.
-
Providing access to a
crowdfunding platform. -
Matching grants to what
is raised.
Search open fundraising campaigns here!
-
Aaron Jordan
Business Name:
Black Complex LouisvilleA coworking space and member community offering workspace, professional development, high-level networking, and social experiences.
blackcomplexlouisville.com -
Ronyale Smith
Business Name:
Blak Koffee CafeA full-service coffee shop where business, culture, and coffee meet!
blakkoffee.com -
Mariha Fisher
Business Name:
Bonnet BanditsExperience the ultimate beauty sleep with our Luxe Collection bonnets and pillowcases – the perfect addition to your nightly routine!
bonnetbandits.com -
Roderick Shawn Summerville
Business Name:
Ebony GreensTM, LLCA premier black-owned golf apparel enterprise.
ebonygreens.com -
Lafesa Johnson
Business Name:
Hip Hop Sweet ShopA nostalgic, hip-hop experience while serving trendy milkshakes, cheesecakes, and various baked goods.
hipsweets.com -
JoCari Beattie
Business Name:
JoBé ProductsA portable desk that transforms into a backpack called Besk.
jobeproducts.com -
Michael Jackson
Business Name:
Kentucky Greens CompanyA wide range of leafy greens, Salad Mixes, microgreens & Cooking Greens grown Hydroponically using zero pesticides or chemicals.
kentuckygreensco.com -
Lecresha Sewell
Business Name:
Melanated Healthcare, Inc.A digital health platform that connects Black and people of color to health professionals that share the same racial or cultural background.
melanatedhealthcare.app -
Nachand Trabue
Business Name:
Mellanaire MarketplaceA retail incubator space that provides entrepreneurs with a space to sell their products and wares.
melannaire.com -
Nicole Scott
Business Name:
Nicole Scott Inc.Description: Handmade, ethically produced, clothing and accessories.
nicolescottinc.com -
Bridgette Johnson
Business Name:
W.O.W. Factor Academy LLCDescription: A non-traditional preschool of innovation edutainment with WOW is to use Edutainment, to keep children involved and interested in learning.
creativelyinvented.com
Need More Information?
For questions or more information about Fund BLACK Founders, contact john.nevitt@metrounitedway.org.
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