Black Economic Alliance Entrepreneurs Fund – Black Economic Alliance Foundation

The Black Economic Alliance Foundation, in collaboration with Wells Fargo, launched the Black Economic Alliance Entrepreneurs Fund to accelerate the growth of Black entrepreneurs and business owners.

About

The Black Economic Alliance Foundation is committed to promoting sustainable economic development for Black Americans. Economic security and wealth creation studies have shown that successful business ownership is a path to economic security and to wealth creation. Yet, there continue to be gaps in funding for Black entrepreneurs from traditional funding sources.

With this in mind, we are launching the Black Economic Alliance Entrepreneurs Fund to provide $50 million of seed, start-up, and early-stage capital to businesses founded and led by Black entrepreneurs. The launch of the Fund is anchored by Wells Fargo with a $20 million commitment to kick-start operations and investments.

According to the Harvard Business Review, before 2020, Black founders received roughly 1% of venture capital financing. Reuters reported that even after the unprecedented influx of investment into Black causes over the past year, only 3% of the $147.6 billion venture capital deal volume in 2020 went to Black founded companies. In 2016, the Center for Global Policy Solutions reported that due to discriminatory financing practices and a bias toward companies primarily operated by white males, America is losing out on over 1.1 million minority-owned businesses. As a result, the economy is foregoing over 9 million potential jobs and $300 billion in collective national income.

Services Provided

Advocacy and Public Policy Organizations (Only check a box if your organization is an association, board, commission, council, or foundation)

  • Foundation

Financial Resources and Assistance

  • Loan Providers
  • Obtaining Debt Funding
  • Obtaining Equity Funding
  • Venture Capital Equity Providers
Primary Contact
Black Economic Alliance Entrepreneurs Fund Information
Address
700 13th Street NW
Washington, DC 20005