Access to Capital, Digitalization, and Mentorship as Biggest Challenges
Despite Black women being the fastest-growing community of successful entrepreneurs in the US, with a growth rate of over 18% since 2017, only five percent of the surveyed founders have been able to secure funding through business loans or venture capital funds. Additionally, only 20% were familiar with the process to apply for and receive funding through government grants. While access to capital remains a key barrier for growth among this group, there is also a large gap in mentorship and training in the intricacies of social media algorithms to garner a return on investment from social media efforts.
Although the report found that challenges among Black founders heavily impacted success, results also demonstrated the resiliency and enthusiasm among founders. Of those surveyed, 88% were optimistic about the future of their business, driven by confidence and their personal and community passions to improve the lives of others and deliver an impact greater than themselves.
“It’s through important partnerships with companies like Sage that we are able to effectively shine a light on the struggles that Black women founders face in an exponential way,” said Dr.
To address the challenge of lack of capital and drive immediate change among Black founders in
In addition, Sage and The BOSS Network are announcing a new partnership with Swoop, a prominent global fintech company specializing in funding solutions. This collaborative endeavor, made possible through the
- Up to 150 women entrepreneurs in
Atlanta will be provided a 3-year membership to The BOSS Network and 1 year of training access for up to 150 Atlanta women founders (including the commission) giving them access to The BOSS Network, resources, support, and events. - 7+ grants from the Invest in Progress program to go to founders in
Atlanta (valued at up to$70K ) - Custom trainings through
BOSS Business University , Sage, and SWOOP for theAtlanta cohort of Invest in Progress recipients in response to the themes identified in the report, including finance training and resources for access to capital.
Sage’s Grassroots Impact in
"We serve millions of SMBs around the world, so we understand the impact they can have on the economy by creating jobs and prosperity within their wider communities,” said
“As the fastest growing business community in the
“The insights from our new report with BOSS clearly indicate that the priorities must be providing faster, easier access to capital and helping them unlock the benefits of digital technology. Similarly, our new partnership with Swoop, as well as with
Through this partnership, Sage and The BOSS Network are inspiring the
The full report can be found here.
About Sage
Sage exists to knock down barriers so everyone can thrive, starting with the millions of small- and mid-sized businesses served by us, our partners, and accountants. Customers trust our finance, HR, and payroll software to help business flow. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology, and experience to tackle digital inequality, economic inequality, and the climate crisis. Learn more at www.sage.com/en-us/.
About The BOSS Network
Founded by Dr.
About Swoop:
Swoop is a global fintech company specialising in funding solutions for businesses. Swoop's platform connects businesses and advisors with the right funding options, streamlining the application process and saving them time and money. Swoop is committed to helping businesses thrive by making funding accessible and hassle-free. https://swoopfunding.com/us/
Media Contacts
US Public Relations Manager
mara.maddox@sage.com
Axicom
Sageusteam@axicom.com
Source: Sage
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