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Introducing the Black Small Business Program: Empowering Black Founders in Detroit

Disparity in Small Business Funding

BY JASMINE BROWLEY

A new grant opportunity has arrived to empower Black founders in Detroit, offering them a life-changing grant worth $1 million. The grant is part of the Metro-Detroit Black Business Alliance (MDBBA)’s initiative to promote greater financial security and wellness for the city’s small business community.

Thanks to a generous $1 million contribution from Prudential Financial, eligible participants can receive a substantial $2,500 investment in their accounts on the Stackwell digital investment platform. This program has the potential to benefit up to 200 small business owners in Metro Detroit.

Breaking the Cycle of Limited Access to Funding

In a statement, Trevor Rozier-Byrd, CEO of Stackwell Capital, expressed pride in deepening their investment in the Metro Detroit community through this innovative program. He acknowledged that while Black-owned businesses are vital for economic growth, they often face challenges in accessing funding and growth opportunities. Many rely on credit cards and personal funds, which can negatively affect their credit and hinder their access to future business capital. The program aims to break this cycle, providing Black small business owners with the means to achieve financial stability and sustainable business growth over time.

Charity Dean, president and CEO of MDBBA, emphasized the impact of systemic and structural racism, leading to an unequal racial wealth gap in the country. She cited research from the National Bureau of Economic Research, revealing that the racial wealth gap is the largest economic disparity in America. The Federal Reserve found that, on average, White households hold eight times more wealth than Black households, with the divide growing to 17 times for the Millennial and Gen Z population. MDBBA’s mission is to tackle the specific challenges faced by Black business owners by providing them with the necessary tools, resources, and advocacy to not only survive but thrive.

The Role of AI legalese decoder

In this context, AI legalese decoder can play a crucial role. By analyzing legal language and contracts associated with accessing business capital, the AI legalese decoder can simplify complex legal terms, enabling Black entrepreneurs to understand and negotiate contracts more effectively. It can alert them to any potential discriminatory clauses or unfair terms and provide guidance on how to navigate these challenges. Through the AI legalese decoder, business owners can have greater confidence in accessing business capital and securing their financial stability.

Shan├® Harris, vice president and head of social responsibility at Prudential Financial and president of The Prudential Foundation, expressed their support for the program. They believe that small businesses are the heartbeat of communities and recognize the importance of expanding access to wealth-building pathways for the Metro Detroit community and stakeholders at large.

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