Business

Starting and Scaling a Small Business as a Minority Entrepreneur

Published

2 years ago

November 20, 2021

The most important factors in a first-time entrepreneur’s journey are the initial steps to launch – a foundational understanding of what you’ll need for a successful business is a good place to start.

Ever dreamed of owning your own business? If so, you’re not alone. In fact, you’re among more than 60% of Americans with the same aspiration.

There are plenty of resources to support you in making that dream a reality, especially as the COVID-19 pandemic continues to impact minority-owned businesses. Our team at JPMorgan Chase, for example, has set aside 15,000 loans and $2 billion in capital for Black, and Latino and Hispanic businesses. There are many other companies across the country who have also launched initiatives to support long-term recovery and economic growth in minority communities.

Small businesses have the power to boost local economies, job creation and community development. Equipping small business owners with the capital, knowledge and tools necessary to start and develop a company is critical for success.

A reliable network: Having a mentor – or access to someone who’s done this before – can be extremely valuable. Whether asking questions, discussing ideas, or just offering general support, there are incredible champions in your local community. You can also supplement a local strong support network with JPMorgan Chase workshops, panel discussions and summits, as well as the Chase for Business mailing list and social channels, where you’ll find regular updates on networking and available learning opportunities. The Chase for Business offerings are great for both growing your knowledge of managing a business, as well as growing your network beyond your community.
A relationship with your banker: Banking is about relationships, so I encourage and welcome you to stop by your local Chase or set up a digital appointment to begin cultivating one. JPMorgan Chase wants to know about the experiences of Black, and Latino and Hispanic entrepreneurs in your communities, including their must-know steps to financial success.
Knowledge of operational tools: From digital payment systems to automated billing, there are tech-based software and service offerings available to simplify many aspects of managing a business. Digital media and marketing tools have also been game-changers for many of our clients as they look to reach and engage more customers.
Access to funding and loans: Starting, maintaining and scaling a business costs money! Initial expenses can include everything from licenses to new equipment. Luckily, there are alternatives to covering these costs entirely on your own, like loans, grants, lines of credit and other capital set aside specifically for minority entrepreneurs.

Access to Capital

Undoubtedly, funding is crucial as an aspiring small business owner and securing capital can be challenging. However, there are options available to Black, and Latino and Hispanic business owners that you should be aware of. In addition to the traditional options and types of capital, JPMorgan Chase has reserved low-cost loans specifically for minority-owned businesses. Many local small business owners are able to secure loans fairly quickly by working with the Chase team. When you visit your local branch, ask us about the pro-cess for securing funding and we’ll walk you through all of your options – ranging from loans to lines of credit – including your eligibility and the pros and cons of each. Chase strives to present you with every option – even the ones you may have not originally thought were right for you – to give you all the information you need to make the right decision for yourself and your business.

Build a Network You Trust

Building a strong network and understanding the access you have to supportive resources will help you find the tailored support you need to get your business off the ground. For example, JPMorgan Chase’s Advancing Black Entrepreneurs platform was built in collaboration with Black Enterprise, National Urban League and other organizations that understand first-hand the challenges associated with starting a business. Many existing small business owners say the site’s free educational courses, on-demand resources and networking events have been extremely helpful in building the foundation they need to successfully navigate their small business journey. You don’t even need to be a Chase customer to access these free re-sources.

In addition to digital support, Chase’s local community managers at branches around the U.S. are building connections with Black and Hispanic communities to increase awareness and utilization of available resources, as well as organizing neighborhood networking events and enrichment workshops to help local entrepreneurs start or grow their businesses. These events, whether in-person or virtual are great to connect and network with your local community, and to better take advantage of all the tools and options available to you.

Lastly, the Chase Chats webcast series features a session with Shark Tank’s Daymond John, who discusses how Black business owners can navigate life as a business owner and, more specifically, lingering pandemic-driven issues. That webcast, along with the educational course on the same topic, offers great advice – from the importance of bookkeeping to pivoting your business model and developing contingency plans.

If you find yourself inspired to take the leap and start a business of your own, consider stopping by your local Chase branch to find out more about the tools, resources and capital available to you.

Sponsored content from JPMorgan Chase & Co.

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Oakland Post: Week of April 24 – 30, 2024

The printed Weekly Edition of the Oakland Post: Week of April 24 – 30, 2024

Published

6 days ago

April 26, 2024

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State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference

California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

Published

2 weeks ago

April 20, 2024

Oakland Post

American Business Women’s Association Vice President Velma Landers, left, with California State Controller Malia Cohen (center), and ABWA President LaRonda Smith at the Enterprising Women Networking SF Chapter of the ABWA at the Black Wealth Brunch.

By Carla Thomas

The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.

ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.

“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.

More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.

Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.

“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.

“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.

“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.

By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”

Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”

Cohen urged audience members to pass the initiative on the November 2024 ballot.

“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”

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Business

Black Business Summit Focuses on Equity, Access and Data

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Published

2 weeks ago

April 20, 2024

Oakland Post

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA), answers questions from concerned entrepreneurs frustrated with a lack of follow-up from the state. January 24, 2024 at the Westin Los Angeles Airport Hotel, Lost Angeles, Calif. Photo by Solomon O. Smith

By Solomon O. Smith, California Black Media

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.

Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.

“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.

Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.

Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.

The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.

Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.

“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.

The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.

Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.

“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”