How This New Resource Is Helping Black Businesses Get Funding
Black and woman-owned businesses are among some of the fastest growing selections in the sector. However, they often don’t get the most return on their efforts due to the fact that they need financing and resources in order to get started, and these are typically in shorter supply than what white entrepreneurs have access to. Black Enterprise reported on a new public effort that may try to bring some balance to this area, Venturize.
Venturize is a public effort launched in 2016 to help small business owners make better decisions when pursuing financing. This is a tool rather than a lender, but it will be added to Small Business Majority’s existing entrepreneurship program. That program started in 2015 to help small businesses gain access to critical resources on issues such as responsible lending, retirement, healthcare, and other benefits.
Simon Brown, a spokesman for the Small Business Majority, explains that while all businesses can use Venturize, it is specially designed to help smaller communities.
“Business owners who are not able to obtain a loan initially can use Venturize to access educational resources so they can obtain the knowledge they need to help them become loan ready,” Brown says. Venturize was initially launched by Opportunity Finance Network (OFN) to help connect small firms with approved lenders and business assistance providers.
“For entrepreneurs, getting even a small loan could determine whether or not a business succeeds or fails,” said Small Business Majority Founder & CEO John Arensmeyer. “Securing funding is a major challenge for almost all entrepreneurs, and while obtaining capital might feel like an uphill battle, the truth is there are more funding options today than ever before. Our new resource portal outlines these funding options and provides entrepreneurs with the tools they need to make the best decisions for their small business.”
“We are excited that Small Business Majority is taking on the next phase of development for Venturize,” said OFN President and CEO Lisa Mensah. “More small business owners will prosper when they are armed with the information they need to borrow with confidence. Venturize is a natural extension of the great wor
We are excited that Small Business Majority already does to connect entrepreneurs to responsible capital. The potential for continued platform enhancement and audience growth is tremendous and we are cheering them on.”
(By: Ryan Velez)