Institutions (MDIs) can create an ecosystem of support that provides additional avenues to accessing capital. These institutions specifically work with underserved entrepreneurs including those in low-to-moderate income areas and minority populations. Supporting these organizations and their mission was at the heart of the creation of Wells Fargo’s Open for Business Fund, an industry- leading effort that has donated roughly $420 million to support nonprofits who serve small businesses; the Small Business Resource Navigator, an online portal helping connect small business owners to potential financing options and technical assistance through CDFIs; the Capital Pathways Workbook, a free resource that helps entrepreneurs map their capital needs to business goals and objectives; and a $70 million fund in partnership with Hello Alice to improve access to credit and capital for underserved entrepreneurs. By empowering Black/African American women- owned businesses with the financial resources they need, we enable businesses to scale, grow, and build for the future. Fostering the growth of Black/African American women-owned small businesses through improved access to capital is an investment in the long-term success of the business. By dismantling financial barriers and building an environment where businesses can thrive, generational wealth can be an attainable goal for all. Harnessing mentorship Investing in education and mentorship programs specifically designed for Black/African American women entrepreneurs can provide valuable resources and guidance. By addressing systemic barriers and supporting equitable opportunities, we can contribute to the sustainable growth of Black/African American women-owned small businesses, ultimately playing a part in building lasting generational wealth. This level of support is at the heart of Milestone Circles, a mentoring program for women entrepreneurs offered by the Nasdaq Entrepreneurial Center and funded by the
Images: Adobe
Wells Fargo Foundation. The majority of the participants, (86%), have been Black, African American, and/or Afro-Caribbean, and have learned to improve their business alongside a circle of fellow entrepreneurs. Building strong business and community networks can significantly enhance the success and sustainability of all women-owned small businesses. As Black/African American women continue taking the lead in business ownership, we all must continue taking steps to maintain and support their momentum. By addressing both systemic barriers and promoting proactive support, including improving access to capital and mentorship opportunities for Black/African American women-owned businesses, we can pave the way for sustained growth and build pathways for the next generation. 1 2024 Impact of Women-Owned Businesses Report, https://www.wippeducationinstitute.org/research 2 “The Comprehensive Case for Investing More VC Money in Women-Led Startups,” Harvard Business Review, September 18, 2017. https://hbr.org/2017/09/ the-comprehensive-case-for-investing-more-vc-money-in- women-led-startups 3 “Who is driving Black business growth? Insights from the latest data on Black-owned businesses,” Brookings, May 24, 2023. https://www.brookings.edu/articles/who-is-driving- black-business-growth-insights-from-the-latest-data-on- black-owned-businesses/. 4 2024 Impact of Women-Owned Businesses Report, https://www.wippeducationinstitute.org/research 5 “Supporting the Wave of New Black Women Entrepreneurs,” Wells Fargo Stories, August 30, 2023. https://stories.wf.com/supporting-the-wave-of-new-black- women-entrepreneurs/.
39 The Acumen
Powered by FlippingBook