Grant Deadline Reminder + Innovative Finance Resource
The first time I applied for a loan to open a restaurant, I was rejected by 20 banks. I had a business plan, financial projections based on months of due diligence, family experience in hospitality, and professional education and experience as a lawyer. Eventually, I was approved for a loan guaranteed by the Small Business Administration. Privilege, effort, and luck eventually led to capital.
I learned early in my entrepreneurial journey that other people’s money is not easy to come by. It’s harder if you are a woman.
It’s even harder if you are a person of color.
Many entrepreneurs and small businesses are never able to access financing.
The statistics for women and people of color seeking capital are bleak.
I’m part of The Marigold Effect to help startups and small businesses succeed, and help improve these statistics.
Boosting access to funding is one way to increase economic mobility and build wealth. Other ways include home ownership, entrepreneurship, investing, financial literacy, education, workforce development, childcare, retirement savings, and policy solutions.
To further these efforts, we are granting 10 mini-grants of $5,000 each to support organizations whose work is to close the racial and gender wealth gaps. The deadline to apply is this Friday, 12/16/2022.
Recommendation
The Innovative Finance Playbook is a new tool with the goal “to help diverse founders and funders understand the breadth of resources, details of particular types of innovative models, and the best ways to support inclusive entrepreneurship.” It has term sheets for innovative capital products, a database of funders committed to innovative capital, case studies, and more.
Let’s Work Together
My calendar is open to discuss your business challenge or opportunity. We are accepting new clients for 2023.