What is National Black Funding Day?
This day is an opportunity to recognize and address the disparities in funding across the board for black and minority-owned businesses. It is also a chance to highlight the disparities in venture capital, grants, and educational resources on how to secure funding for these businesses.
National Black Funding Day is much needed because black entrepreneurs have historically faced significant challenges in securing funding for their businesses.
Despite their entrepreneurial skills and potential, they typically receive less than 2% of overall funding each year. The statistics are even worse for black women, who receive even less funding, making it challenging for them to access the resources they need to grow their businesses.
Moreover, black entrepreneurs continue to face systematic and structural challenges in securing funding for their businesses. Racial bias in both lending and equity is the most overriding factor responsible for black entrepreneurs’ struggles to obtain business funding. Venture capital (VC) financing startup ecosystems are heavily biased toward startups operated by white males. This bias is further compounded by the lack of representation of black entrepreneurs in decision-making roles within Venture Capital companies.
Why was National Black Funding Day created?
National Black Funding Day seeks to provide a solution to this challenge. On this day, we encourage large corporations and businesses to make donations to black founders and their organizations across the board. This would help to support the growth and development of black-owned businesses and create more opportunities for black entrepreneurs to succeed.
How is National Black Funding Day celebrated?
National Black Funding Day seeks to provide a solution to this challenge. On this day, we encourage large corporations and businesses to make donations to black founders and their organizations across the board. This would help to support the growth and development of black-owned businesses and create more opportunities for black entrepreneurs to succeed.
In addition to financial donations, National Black Funding Day would also serve as an opportunity to provide education and resources to underserved communities on how to secure funding for their businesses. This would include workshops and seminars on topics such as venture capital, grants, and other sources of funding, as well as guidance on how to navigate the process of securing funding.