In a historic move, Dr. Rashae Barnes has officially established National Black Funding Day, a nationwide holiday designed to celebrate and appreciate the remarkable achievements of black entrepreneurs within the funding industry across the United States. This day not only seeks to recognize their accomplishments but also to address and raise awareness about the stark disparities in funding opportunities for black and minority-owned businesses.
National Black Funding Day aims to shed light on the inequalities prevailing in funding sources, encompassing venture capital, grants, and access to educational resources, ultimately striving to empower underserved communities to secure funding for their entrepreneurial endeavors. This initiative is a vital step towards bridging the gap that black entrepreneurs have historically faced when seeking financial support, with less than 2% of overall funding typically being directed their way.
Why National Black Funding Day Is Needed:
Historically, black entrepreneurs have encountered systemic barriers in securing venture capital funding, receiving only a fraction of the total funding available. Even more concerning is the fact that women of color, who are a vital part of this community, face even greater obstacles in accessing venture capital. A mere 2.2% of venture capital flows to women-owned businesses, with even less directed towards women of color, as reported by the National Women’s Business Council.
The racial bias inherent in lending and equity practices has further compounded these challenges, hindering the growth and success of black entrepreneurs. Structural racism and a lack of representation in venture capital-backed firms have perpetuated discriminatory financial practices, deepening the disparities within the industry.
The recent surge in awareness following the George Floyd racial justice reckoning led to pledges from firms to prioritize diversity and inclusivity. Consequently, black founders saw historic gains in securing venture capital funding, reflecting the potential for positive change within the industry.
How National Black Funding Day Will Benefit the Community:
National Black Funding Day encourages large corporations and businesses to make donations to black founders and their organizations. This financial support will not only help uplift black entrepreneurs but also pave the way for greater diversity and inclusivity within the funding industry.
Additionally, this day serves as an opportunity to celebrate the remarkable milestones achieved by black founders and their contributions to the nation’s entrepreneurial landscape. From the emergence of Black-owned VC firms like Opportunity Capital and Urban National Corp in 1969 to the present-day successes of firms like Base10, co-founded by Adeyemi Ajao, with $1.3 billion in Assets Under Management, the journey of black entrepreneurs in the funding industry is one of resilience and determination.
National Black Funding Day, created by Dr. Rashae Barnes, marks a significant step towards addressing historical disparities and fostering a more inclusive future in the funding industry. We invite all stakeholders, both within and outside the industry, to join us in this celebration of black entrepreneurship and contribute to a more equitable financial ecosystem.
Media Contact
Organization: Barnes Media Group Public Relations
Contact Person: Dr. Rashae Barnes
Website: http://www.bmgpr.com/
Email: rashae@barnesmediagrouppr.com
City: Atlanta
State: GA
Country: United States
Release Id: 2709236632