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Imagine what Black women could do when they had equal access to distributed resources, funding, and opportunities? The possibilities are endless – although, unfortunately, it’s not a reality.
Despite this, Black women business leaders continue to lead the way. According to a 2019 reportBlack women represent 42% of net new women-owned businesses, three times their share of the female population at 14%. But even though black women are now starting businesses at record rates, they still face enormous obstacles to doing so. Rather than turning to debt or equity financing to fund their business, many rely on their financial reserves like their savings as their primary source of startup capital.
Through a partnership with IFundWomen of Color, American Express was able to help 100 Black women access capital and much more. THE “100 for 100” The program, announced last November, was created to celebrate and support Black women entrepreneurs in growing their businesses. American Express surprised 100 women with $25,000 in funding and 100 days of resources, including business training, mentoring, marketing, virtual networking, WorkSpaces by Hilton hotel booking credits and more.
“I really went into this business with no idea how to run a business,” said Nadirah Simmons, founder of Okra. “It was just a great idea that I did and people loved it. Now I know a lot more about the ins and outs of what I should be doing on the backend, and I’m much more confident in establishing a strategy for things like marketing.
“It is an honor to be in a space to network with the other honorees and share our joys and challenges. We can understand our pain and want to see ourselves win,” Alyscia Cunningham of His in-house media also shared.
Curriculum expert Della Clark, President and CEO of The Enterprise Center, American Express, has designed a robust 100-day business training program for women focused on key topics relevant to their business: managing cash flow, sales and marketing, growth management and job search. /Balance of life. The “100 for 100” program ends on April 22 with a live virtual business class eventopen free to all small business owners.
