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It’s always a brighter day whenever women of color secure funding. Project Entrepreneur, a UBS program, and Hello Alice, a platform helping small business owners, have recently added to the underrepresented group’s trail of success. To play a part in helping to close the equity gap and promote access to capital for Black and LatinX female founders of color, Democratizing the Friends & Family Round program was announced in October 2021. According to a press release, kicking off the season of 2022 wins, the program has awarded $1 million in grants to 40 female founders.
The NAACP has sealed a partnership with Hello Alice, and it’s a pinnacle moment for Black entrepreneurs. In hopes of creating a new future for Black businesses, the civil rights organization will be acquiring an ownership stake in one of the world’s leading platforms to spur development and growth for small Black-owned businesses. “To champion true racial equity, we need to address the long-standing economic inequality that has left Black communities underfunded and undervalued for centuries,” NAACP President & CEO Derrick Johnson said in a press release. “According to the U.S. Small Business Administration, today there are an estimated 2.6 million Black-owned businesses, and this first-of-its-kind partnership is a pivotal step towards putting Black business at the forefront of our economy and as a result, building generational wealth and economic power for Black communities.” Before the NAACP’s investment, they tapped Hello Alice to launch the Black-owned Business Resources to...