The global economy is expanding, providing an opportunity for Black-owned businesses to succeed. Various mechanisms have been adopted to facilitate access to the necessary capital required by these businesses to align with the dynamic growth of various economic sectors.
The Global Black Impact Summit (GBIS) 2024 – scheduled for February 27 in Dubai – plays a pivotal role in assisting Black-owned businesses to secure capital. Organized by the Black Impact Foundation, a Dutch-based global organization empowering the Black Community and advocating for inclusivity on the global stage, GBIS 2024 will take place under the theme “Black Excellence: Unleashing the Unexplored Potential for Global Unity.”
Crowdfunding platforms such as Kickstarter, Indiegogo, and GoFundMe have become instrumental for Black-owned projects to showcase their innovative business ideas and garner support from a diverse audience.
Venture capital firms have increased focus on funding Black-owned businesses. In the U.S. alone, venture capital directed to Black businesses reached record high in 2020 and continues to increase with firms such as Balmer Group – owned by Steve Ballmer, former Microsoft CEO – releasing $400 million in investment to support Black entrepreneurs in 2022.
Grants offered by government agencies, non-profit organizations and various corporations to empower minority entrepreneurs have evolved into not only a crucial source of financial assistance for Black-owned businesses but also a significant financial catalyst, propelling the expansion of economies.
Banks play a pivotal role in empowering Black-owned businesses by facilitating access to capital.
