LaKeysha Jean, founder of Speak to The King, aspires to create a Hallmark-like brand celebrating men of color with her greeting card company. She was among numerous Black business owners attending the Black & Bankable event, hosted by Mom Your Business and facilitated by Sistahbiz Global Network. The event focused on financial strategies, tackling racial disparities in funding, and offered support from credit specialists, accountants, and bookkeepers.
Black entrepreneurs often face challenges accessing loans, receiving lower amounts, and encountering higher interest rates. Black women entrepreneurs, in particular, receive less than 1% of venture capital funding annually.
LaKeysha Jean’s business, still in its early stages, operates primarily on her savings. Despite the uphill battle for financial statements and bankability, she aims to expand globally.
The event’s panelists provided insights on building relationships with banks, navigating credit checks, and accessing various types of business funding, emphasizing the importance of preparation and expertise delegation for sustained growth.
Charisma Harper, an attendee, highlighted the value of a strong bank relationship when seeking funding for her realty team and salon in Northwest Philly.
This event aimed to empower Black entrepreneurs to overcome financial obstacles and achieve their business dreams.