Venture Noire, a nonprofit dedicated to helping black and minority entrepreneurs, hopes to raise $ 5 million to help more of these businesses.
Keenan Beasley, the founder of Venture Noire in Bentonville, Arkansas, said BLACK COMPANY Via email, the non-profit association is trying to raise the money in its second donation cycle in order to create two cohorts of up to 20 startups to further support this ecosystem of underrepresented founders in the USA.
“One of the fastest, most effective ways to do this is by starting businesses,” Beasley said in a press release. “By supporting these diverse early entrepreneurs, we are helping to create a level playing field.”
Emma Willis, Director of the Heartland Region at Venture Noire, stated that in addition to having access to personalized programs and resources, each cohort will end up with a Bentonville storefront in front of investors and corporations to help grow startups.
The organization’s efforts come from the fact that only around 1% of the venture capital dollar today goes to color entrepreneurs. Combined with discriminatory lending practices and institutional prejudice, America has undercut more than 1 million minority companies, totaling over 9 million potential jobs, and a collective national income of $ 300 billion. Venture Noire aims to help eradicate inequality. Since its inception in 2018, the organization claims it has facilitated the distribution of nearly $ 180,000 in non-dilutive capital.
Venture Noire is in active engagement with organizations to support the program, Beasley said. Black companies from across the country can apply for funding. Funding for the nonprofit is priced and provides donations in kind to underrepresented founders and entrepreneurs, Beasley says.
Companies can visit www.venturenoire.org for more information on nonprofits. Investors can donate to Venture Noire and the communities it serves. Details of the application location are expected to be published early next year after the second round of funding is complete.
Venture Noire’s first fundraiser included a one-year scholarship from the Walton Family Foundation, which expired in August 2020. The nonprofit has hosted a total of 27 events, worked with over 200 black and minority entrepreneurs, and started four new businesses to create new jobs.
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