Investing in Entrepreneurs of Color
Calling All San Francisco Entrepreneurs!
Investing in entrepreneurs of color is essential to the growth of the community. Working Solutions has partnered with JPMorgan Chase and fellow nonprofits ICA Fund Good Jobs and Pacific Community Ventures to launch the Entrepreneurs of Color Fund in San Francisco.
As part of a $150 million Small Business Forward program to invest in entrepreneurs of color, women, and veterans, JPMorgan Chase will invest $3.1 million in this collaboration in San Francisco.
Investing in entrepreneurs of color combats rising income inequality by creating jobs with living wages, yet, small businesses owned by people of color struggle to access the capital and consulting support they need to grow and thrive.
The growth of small businesses and the number of employees hired by entrepreneurs of color are really the economic engine for this country. Entrepreneurs of color often hire other people of color, providing more access to jobs. This not only creates individual but generational wealth.
The San Francisco Entrepreneurs of Color Fund aims to close that gap with a range of services designed to spur the growth and profitability of companies owned by people of color. The fund provides San Francisco entrepreneurs with capital to support businesses from start-up to scale-up. Fund partners also offer financial advice, one-on-one mentoring, and practical business education
“Through this collaborative approach, we will provide loans and investments along a continuum of capital – starting from $5,000 – to reduce the chronic undercapitalization faced by entrepreneurs of color in our community, said Sara Razavi, Interim CEO and former COO at Working Solutions. “Our goal is to meet entrepreneurs of color ‘where they are’ with tailored resources and consulting to create sustainable businesses, good local jobs, and thriving, inclusive neighborhoods in San Francisco.”
Over the last decade, the number of businesses owned by women of color has skyrocketed, increasing by 322% despite a lack of capital investment. Research by Project Diane, finds that black women-led startups have raised just 0.0006% of the $424.7 billion in total technology venture funding raised since 2009.
As a community of women entrepreneurs, we can be stronger and find solutions to our challenges. We can develop expertise, combine our talents and speak to the world with a louder voice, say Ebanks of Chase