The Columbus Foundation has made its first loans to minority small businesses under new program made to address racial inequities.
and Prospera Advisory Group are the first to receive funding from the foundation's new Equitable Small Business Fund, meant to increase access to capital and services for entrepreneurs of color.
White entrepreneurs attract 17 times more equity capital than Black and Hispanic entrepreneurs, according to the foundation and Next Street, a national organization that partnered with the foundation on the project and also has worked with the city of Columbus on a small business lending program. Black business owners are also approved for financing at one-third the rate of white business owners.
"The solution that is needed is a holistic solution that involves stakeholders across the spectrum," she said. The notion behind the program is that as the loans get repaid, the money can be re-loaned again and again, he said. "The strategy behind this is not to guess. These are established players who have a track record," Moore said.Aventi Enterprises will use the proceeds of its loan to make small loans to women- and minority-owned businesses in Columbus to accelerate their growth.
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