A new initiative from the Small Business Development Center (SBDC) aims to connect $100M to 1,000 Black entrepreneurs and small businesses to start their very first business or take their existing business to the next level. The project will also help launch 100 new Black-owned businesses & provide lifelong mentorship.
Looking to take a bite out of COVID losses and rebuild a suffering segment of the economy, The Inclusivity Project launched in February with the goal of securing $100 million for 1,000 Black-owned businesses.
It’s been estimated that half of the nation’s Black entrepreneurs have been forced out of business by COVID-related circumstances, but Chris Horton isn’t taking that lying down. A finance expert for the nonprofit organization Northern California Small Business Development Centers (Norcal SBDC), Horton is leading a new initiative to reach and help Black small business owners level the playing field when it comes to working capital.
The Inclusivity Project is an initiative of the Norcal SBDC network, in affiliation with the Norcal Financial Development Corporation (Norcal FDC) and has the support of dozens of partner organizations that care about increasing the success of Black business owners.
The Norcal SBDC – which is funded in part by the U.S. Small Business Administration and the State of California – wants The Inclusivity Project to shine a light on the needs of Black entrepreneurs and provide a safety net that can help them preserve their existing business or start a new enterprise in Northern California.
The SBDC program offers many free resources to small businesses, including expert business advising and training opportunities. Throughout 2020, the organization has been hyper-focused on building a cache of COVID resources and being the go-to for loans and grants designed to survive the crisis.
“One hundred million dollars is a lofty goal, but the SBDC is committed to economic diversity as it breeds economic vitality, and I think we are up for the task,” Horton said. “It’s my hope that this opportunity will bring needed attention to Black and minority-owned businesses and demonstrate that the SBDC ecosystem serves all people and bridges pathways for minority-owned businesses to financial platforms to stand on.”
For more information or to apply for services, go to TheInclusivityProject.com and sign up. For more information on the Norcal Small Business Development Center Program, go to norcalsbdc.org.
