Black Business Resources

Evelyne Del, Communications and Business Strategist

Black owned and operated businesses represent more than 2 million small businesses in the United States. However, according to financial resource site fundera.com, close to 58% of Black business owners reported that their businesses were at risk for being in financial distress after the pandemic struck in 2020.

Although Black Americans have been starting businesses at record rates over the past couple of years, the lack of startup funding can often lead to business closure, higher employee turnover rates, and difficulty in scaling their businesses. Here are some resources for Black business owners looking to stabilize and grow their businesses.

Funding

LISC - Local Initiatives Support Corporation LISC helps to forge resilient and inclusive communities of opportunity across America by connecting communities with resources like funding and technical assistance.

CDFI Fund - Community Development Financial Institutions Fund CDFI’s mission is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders, investors, and financial service providers.

SBA - Small Business Administration The Small Business Administration provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.

Education & Training

NMSDC National Minority Supplier Diversity Council Their mission is to be the leading organization for driving socioeconomic equity and generational wealth in communities of color by building capacity and capabilities through programs and other educational offerings that help close that wealth gap.

Goldman Sachs One Million Black Women

With the One Million Black Women: Black in Business program participants learn how to better understand their finances, hire their first employee, and price their products or services – at no cost to the business owner.

The Institute 

Founded in 1986, The Institute seeks to  diversify North Carolina’s business base as a strategy for expanding 

economic opportunity. Their mission is carried out through training and partnerships with educational, financial, and technical resources. 

North Carolina MBDA Business Center

Operating under the care of the North Carolina Department of Administration Historically 

Underutilized Business Office (HUB), the NC MBDA delivers business and technical assistance that promotes growth the economic prosperity of all American business enterprises.

Together with their network of partners, funders, and volunteers, many of these organizations are continuing to expand opportunities that focus on equitable access to opportunity for small and minority owned businesses. In addition to funding and education, these organizations also provide opportunities to partner with other 

businesses and mentors.