“During Black History Month, we celebrate the incredible impact African Americans have had on our country. At the WBDC, we see this impact every day as we work closely with black business owners who are driving our local and national economies.
According to the Small Business Administration, African Americans own 2.6 million small businesses that employ 975,000 people and generate more than $150 billion in annual receipts. These business owners are essential players in economic development, yet as a society we continue to underinvest in them. CB Insights reports that only one percent of $58 billion invested by venture capitalists in U.S. startups in 2015 went to black-owned businesses. This is unacceptable.
That is why the WBDC is committed to improving access to capital for minority business owners. We offer direct lending for established businesses and startups while simultaneously providing financial assessments and counseling to support business owners in their efforts to receive funding from other sources. We know that an investment in black business owners is a critical investment in our economy, which is why 55% of the WBDC’s loans approved have gone to African American business owners.”
For more information on the WBDC’s access to capital services please click here.
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