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John,
As we approach the end of National Black Business Month, there’s something powerful you can do before August 31 to help equalize the economic playing field for every person in this country.
The Federal Reserve System’s Small Business Credit Survey (SBCS) sheds light on the financial experiences of small businesses, particularly for small businesses owned by people of color. When investigating this data, we find three challenges Black-owned small business face:
Black-owned small businesses tend to be worse off financially than White-owned small businesses.
Black-owned small businesses are more likely to experience challenges with loans and credit than White-owned small businesses.
Black-owned small businesses are more likely to take on personal financial burdens than White-owned small businesses.
When you make a gift to Prosperity Now, you’re helping support minority-owned businesses that researchers say have the biggest potential to add 13 million new jobs and more than $3 trillion to our economy.
It’s important to act now: despite this powerful solution’s potential, minority-owned businesses are woefully underfunded and overlooked, delaying transformative change for our economy even longer.
In fact, if we adequately invest in the minority-owned businesses, which already create $1.8 trillion in receipts a year, we could eliminate centuries-long disparities and recreate a better economy that works for everyone.
And with the financial impact of the COVID-19 Pandemic still weighing heavily on many minority-owned businesses even years later, Prosperity Now is investing in solutions like CDFIs (Community Development Finance Institutions) — that distribute critical pandemic capital to economically distressed communities) and ESOs (Entrepreneurial Support Organizations) to uplift minority-owned businesses.
Your donation today will fuel innovative projects like the Pilot Design Lab, our pilot project to help Black women entrepreneurs facilitate mergers and acquisitions in the retail space and support sustainability and scalability.
That’s just the beginning. Act now — during the final days of National Black Business Month —to help equip minority-owned businesses with the resources they need to help boost our economy for all.
Sincerely,
Prosperity Now
