New Small Business Fund Kickstarts Minority Business Growth
by Jeremy Vickers, Associate Vice President, External Affairs
Small businesses are the heartbeat of America and over the past few decades have been the primary net job creators. Small business owners often play leadership roles in communities as employers, donors, civic and nonprofit leaders, and rocks of strength for generations of families. Over the years, I have observed significant disparities in who has access to start small businesses and the capital to grow them. In lieu of this our partners at the Cen-Tex African American Chamber of Commerce have pulled together a new fund aimed at helping to start, build, and grow the next generation of minority owned business in McLennan County.The Cen-Tex Minority Business Equity (CTMB) fund is currently raising money towards its launch goal of $100,000, and is well on its way to putting cash in the hands of local businesses. Through the chamber's Center for Business Excellence, which hosts conferences, seminars, networking, and other educational activities for small businesses owned by people of color, this fund will collaborate with a local bank TFNB who recently committed to investing heavily in supporting small businesses in East Waco as well. Learn more about participating in the fund here.
By providing cash grants the CTMB fund will help small businesses from our communities of color receive access to capital that represents an equitable opportunity for, perhaps, the first time ever in our community. Often times, minority owned businesses may not have access to generational capital, traditional bank capital, or investors and this fund can be seed or growth capital to change a family for generations to come. Coupled with education and other resources, including banking relationships, this fund is positioned to support a legacy of positive outcomes for Waco!
This unique collaboration could not come at a better time as millions of small businesses across our country are struggling. The Cen-Tex African American Chamber of Commerce led by BU alum John Bible, continues to lead out on collaboration and community partnerships to build a Waco where all who strive can thrive!
Learn more about the Chamber, the Center for Business Excellence, and the Cen-Tex Minority Business Equity Fund by visiting centexchamber.com.