Black Americans own 2.2 percent of the nation’s 5.7 million employer businesses, according to U.S. Census data. Yet, many lack the proper financial tools, guidance, and resources to succeed. States like Georgia saw a big jump in business growth last year with a 57 percent increase in new business formations. While this may seem exciting, Black businesses historically bring in less revenue because they face challenges related to funding, business models, financial understanding, and leadership. McKinsey & Company reported that while approximately 15 percent of white Americans hold some business equity, only five percent of Black Americans do. Octavia Conner, a virtual CFO and founder of Say Yes to Profits, told AfroTech that for Black business owners to succeed, they’ll also need more support from corporate America. She said corporate America needs to stop limiting opportunities for entrepreneurs based on the color of their skin, offer more programs and financial resources, and grant...

When the Relief app announced that it had received $2 million in seed funding via a press release, people beleaguered with the burden of credit card debt breathed a sigh of relief. Led by Collaborative Ventures with participation from such prestigious investors as Brand Foundry Ventures, Interplay Ventures, Necessary Ventures, and The Fund, as well as backing from notable angel investors including Twitch founder Justin Kan, Elliot Tebele, and Ben Kaplan of Jerry Media, the Relief app is poised to usher in a new era of debt, well, relief . For co-founder Jason Saltzman, however, the focus is not necessarily on the debt relief itself, but on creating a holistic environment that benefits all users. “I consider myself a social impact entrepreneur who is deeply motivated to help as many people as I can,” he told AfroTech. “I am an adjunct professor at FIU in Miami where I also sit on the foundational board of directors as the Vice-Chair of Enterprise Growth. My latest venture, Relief, is...

When Whitney Beatty & Ebony McGee Andersen first came up with the idea of Josephine and Billie’s cannabis speakeasy, they knew they’d be up against some challenges. As working mothers and Black women in the cannabis space, Beatty & Andersen also knew what they had to do to overcome those challenges. “Women, in general, have issues with access, but Black women in the cannabis space? Oh, the stories,” Beatty tells AfroTech. “And we knew we’d be facing the same thing — which is why we are so lucky that we got Jay-Z and The Parent Company to invest in our concept.” Josephine and Billie’s aims to create an inclusive and equitable society and a legal cannabis industry in which Black and minority entrepreneurs have the opportunity, access, and financial and logistical support to build peak levels of success and value for their communities. “In my former role as an urban planner, I can certainly attest how important investment is to the success of a business,” said Andersen. “But, more than...

Italee Lucas is a former North Carolina Tarheel Women’s Basketball player, and she was also the 21st pick by the Tulsa Shock in the 2011 WNBA draft. She now plays overseas for the Angolan Women’s National Basketball team. Lucas has quite a few accolades under her belt, but now she can also add successful investor to that list. I was fortunate enough to spend some time talking with her to understand how she began investing and what she has learned about the process by working with the experts. This interview has been edited for length and clarity. AfroTech: When you were drafted into the WNBA, did they have anything in place to teach rookies about personal finance? Italee Lucas: They didn’t, and that’s one of the things I’m even talking to my agent about now. I did end up changing agents three times, and I think it’s important for the agents, especially for the women, coming out to be partnered with either a financial advisor or some type of additional capitalist. When I first came...