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Entrepreneurship Program Offers Financial Aid To Female, Minority Startups
Despite our $1.1 trillion worth of buying power, African Americans are still largely underrepresented in the business sector when it comes to ownership, accounting for just 7 percent of all businesses, according to the U.S. Census in 2007, when the entrepreneur landscape was last surveyed.
Programs like the Venture Capital Access Program (VCAP), a partnership between Harvard Business School Alumni Angels of Greater New York (HBSAANY) and The National Association of Investment Companies (NAIC) are aiming to turn the tide, however.
A report last year indicated that black-business ownership may actually be on the rise, yet still, the challenge of funding lingers.
Bloomberg Businessweek's Diane Brady looked at the impact startups can have in providing jobs and stopping the erosion of the country's middle class and offered a closer look at why the disparity exists.
Black borrowers face “a perception out there that African Americans have an inferior skill set and expectations,” argues R. Donahue “Don” Peebles, chairman and CEO of Peebles Corp., an African American real estate developer. “How do you start a business if banks won’t lend?” asks the Reverend Jesse Jackson. Smaller nonprofit players such as Seedco Financial, which extends money and technical assistance to low-income entrepreneurs, may help some deal with the funding gap.
VCAP hopes to provide some of that capital as well, linking women and diverse entrepreneurs nationwide with access to venture capital that Ed Dandridge, President and Chief Executive Officer of NAIC, says is essential to innovation and job creation.
According to a press release on the program, entrepreneurs can apply through The Marathon Foundation website at www.marathonfdn.org. VCAP applicants will be reviewed in a series of screenings conducted by the Marathon VCAP selection committee, HBSAANY, and NAIC board members. Finalists will be announced Monday, June 18th and will present their business plans to HBSAANY angel investors at a Pitch Night in New York City on Wednesday, June 27th.
**UPDATE** The deadline for this program has expired. Additional resources are available here sba.gov and ccr.gov
If there are any other opportunities you know of please share them below in the comment section
Comment
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Comment by Kimberly Rochelle Nelson on July 26, 2012 at 3:36pm -
Great info...thank you for sharing
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Comment by Juda A. Giles on July 24, 2012 at 10:56pm -
Great Information..Thanks
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Comment by Adriane Shannon on July 23, 2012 at 3:07pm -
Good information to know. Thanks! :-)
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Comment by Natalia Bolding on July 22, 2012 at 11:37pm -
Thanks! this is great info!!!
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Comment by Tamara McIntosh on July 22, 2012 at 6:06pm -
Very informative thank you
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Comment by MRS. DEBORAH R. MARTIN-MINTON on July 16, 2012 at 10:24pm -
THANK YOU........GREAT INFORMATION:)
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Comment by Tira O on July 16, 2012 at 9:25pm
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I need to send this page to a friend of mine. She designs bags and jewelry... Hmm
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Comment by Takeya Hill on July 16, 2012 at 8:29pm -
Good info! TY!
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Comment by BETSEYMONROE on July 16, 2012 at 5:35pm -
Thank you.... =)
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Comment by TATIA BRADLEY on July 16, 2012 at 4:00pm -
@JACKIE THANKS SO MUCH WILL CHECK THOSE OUT!!! 1LOVE #BC
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