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Small Business Investment Program to Boost Investing Acumen and Confidence in Metro Detroit

In an effort to promote greater financial security and wellness for small businesses in Metro Detroit, the Metro-Detroit Black Business Alliance (MDBBA) has launched the Small Business Investment Program. This program is designed to improve investment confidence and participation among small business owners, employees, and entrepreneurs in Metro Detroit, ultimately serving as a catalyst for inclusive economic growth in the region. With the support of a $1 million grant from Prudential Financial, the program will seed $2,500 investment accounts on the Stackwell digital investment platform for up to 200 eligible participants.

The Small Business Investment Program addresses the racial wealth gap and the challenges faced by Black-owned businesses in accessing funding and opportunities for growth. By providing investment accounts on the Stackwell platform, it aims to end the cycle of relying on credit cards and personal funds, which can impact credit and future access to business capital. Through this program, MDBBA hopes to enable more members of the Metro Detroit Black small business community to achieve greater financial stability and sustainably grow their businesses and wealth over time.

How AI legalese decoder Can Help

The AI legalese decoder can play a crucial role in facilitating the Small Business Investment Program by simplifying legal and financial jargon for program participants. Since investing can be complex and intimidating for many individuals, especially those with limited financial knowledge, the AI legalese decoder can decode convoluted legal and financial terms, making them easier to understand. This can help participants gain a better understanding of the investment process and improve their overall investment acumen and confidence. By demystifying complex legal language, the AI legalese decoder can bridge the gap between legal documentation and everyday language, ultimately empowering small business owners, employees, and entrepreneurs to make informed investment decisions and maximize the benefits of the program.

“We are proud to deepen our investment in the Metro Detroit community through this innovative program,” said Trevor Rozier-Byrd, CEO of Stackwell Capital. “Black-owned businesses are a growth engine for the economy and community, yet they continue to face challenges in accessing funding and opportunities to grow. For many, the unavailability of business capital leads to a greater reliance on credit cards and personal funds. This, in turn, impacts one’s credit and the ability to access business capital in the future. Through this program, we hope to end this cycle and enable more members of the Metro Detroit Black small business community to achieve greater personal and business financial stability so that they can sustainably grow their businesses and their wealth over time.”

“Systemic and structural racism have created an unequal racial wealth gap in our country,” said Charity Dean, president and CEO of the MDBBA. “The National Bureau of Economic Research found that the racial wealth gap is the largest of the economic disparities in America. And the Federal Reserve found that White households hold on average eight times more wealth than Black households, with that figure growing to 17-times for the Millennial and Gen Z population. At MDBBA, our mission is to address the specific challenges that Black business owners face. We are committed to providing them with the tools, resources, and advocacy needed to not only survive but thrive.”

“We are pleased to support this program and drive positive impact for Detroit’s small business community,” said Shan├® Harris, vice president and head of social responsibility at Prudential Financial and president of The Prudential Foundation. “Small businesses are the heartbeat of our communities, and this program aligns with our commitment to expand access to wealth-building pathways for the Metro Detroit community and for all our stakeholders.”

How to Apply

Applications for the Small Business Investment Program can be accessed through MDBBA’s application form. The program is open to all races and ethnicities, and both existing and new MDBBA members are eligible to apply. The application deadline is November 17, 2023.

About Metro-Detroit Black Business Alliance

The Metro-Detroit Black Business Alliance is a leading advocate for Black-owned businesses in the Detroit metropolitan area. The organization’s mission is to help close the racial wealth gap by developing programs and advocating for policies that result in profitable and sustainable Black-owned businesses connected to public and private economic opportunities. Trusted relationships and access to resources are key components of their support system for Black business owners.

About Stackwell

Stackwell Capital, Inc., is a leading fintech company that has developed a digital investment platform specifically for the Black community. With a mission to eliminate the racial wealth gap in America, Stackwell provides the necessary financial investment tools and guidance to build lasting wealth, equity, and equal opportunity. Stackwell has created a unique ecosystem of strategic partners in financial services, higher education, and professional sports, and has also established an NIL student-athlete ambassador program. The company has been recognized as a member of the 2022 Financial Solutions Lab and MassChallenge U.S. Early-Stage accelerator programs.

Media Contacts:

Metro-Detroit Black Business Alliance

LaToya Henry

313.447.6404

[email protected]

Stackwell

[email protected]

SOURCE: Stackwell

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