Who has access to cash in the city? Black Leaders Detroit aims to widen the pot
Founded in 2019, Black Leaders Detroit offers grants, no-interest business loans to Black entrepreneurs and small business owners working or living in Detroit.
Dwan Dandridge founded Black Leaders Detroit in 2019 to help increase access to cash for Black entrepreneurs and nonprofit leaders in Detroit.
The issue is a systemic one in the Motor City and around the country. A survey conducted last year by the Bank of America showed that 56% of Black business owners said they often faced obstacles obtaining credit. A whopping 82% of entrepreneurs of color said they often felt like they had to work harder to gain access to capital. About 1,050 small-business owners with annual revenue of $100,000 to $5 million were surveyed for the report.
Dandridge says that starting to offer no-interest business loans earlier this year has opened up a wave of applicants looking to grow their small businesses in the city.
“In three months time, we received $2.2 million in requests,” he says. “People who have not and would not apply for funding are applying [with us] because they know that if they get denied, they’re not gonna worry about it being because they were Black.”
Visit blackleadersdetroit.org for more information or to support their cause.
Listen: Dwan Dandridge aims to provide inclusive access to capital for Black entrepreneurs with Black Leaders Detroit.
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