A list of resources to help minority women business owners reach their goals.
Women-owned businesses are on the rise. Overall, women-owned businesses employ 12.2 million people and generate $2.7 trillion in revenue.1 A growing number of these businesses are led by women of color in the Black, Asian American, and Latinx communities.
But too often minority women entrepreneurs face an overall lack of mentorship and business resources available to these communities, and it’s clear why businesses led by female minorities face unique challenges.
To help address those challenges, as well as potential issues finding funding, we’ve compiled a list of resources to help Black, Asian American, and Latina women business owners.
- The Growth Initiative from the National Minority Supplier Development Council allows certified minority-owned business enterprises (MBEs) to access equity capital from institutional investors with the National Association of Investment Companies (NAIC), a network of diverse private-equity firms and hedge funds.
- Accion equity firms and hedge funds. Accion, a nonprofit lending network, helps underserved entrepreneurs including low-income entrepreneurs, and women.
- Opportunity Fund and entrepreneurs of color. Opportunity Fund provides loans to low- and moderate-income businesses in the arts, and those promoting economic and social justice. The group is focused on helping African Americans achieve representation in more traditional seats of power.
If you’re curious about additional funding opportunities beyond those listed here, Women and Minority Businesses is an organization that offers a regularly updated list of grants and business loans available, including state- (and even city-) specific offerings. To improve your chances of getting your business funded, learn more about applying for business grants, microloans, or Small Business Administration programs.
Grow your network and education
In many industries, who you know is just as important as what you know. There are many organizations that aim to connect entrepreneurs with networking opportunities, mentorship, resources, and education. Before seeking guidance and support, reflect on what you need from a mentor and consider where to connect with them and how having one can help your business thrive.
To find a network of entrepreneurs to grow with and learn from, here are some places to start:
- Milestone Circles community. Get hands-on help setting and reaching business goals from a network of peer-mentors and industry experts. This program, run by the Nasdaq Entrepreneurial Center and powered by Wells Fargo, helps women-owned business grow their companies.
- The National Association of Negro Business and Professional Women’s Clubs, Inc. offers education, entrepreneurship support, and leadership skills development for Black women.
- Black & Brown Founders offers a 10-week bootcamp that takes Black and Latina women entrepreneurs from ideation to launch through coaching, workbooks, and concentrated education.
- #WeAllGrow is a digital network that culminates in an annual summit for Latinas. It covers a range of topics including entrepreneurship, leadership, and personal development.
- Side Hustle Pro podcast highlights Black women entrepreneurs who turned their side hustles into profitable, successful businesses. In addition to the podcast, you can sign up for coaching and training.
- National Asian Pacific American Women’s Forum offers support and resources to Asian American women professionals with a focus on economic, reproductive, immigrant, and racial justice.
- The Minority Business Development Agency MBDA offers strategic business consulting to help with strategic planning, business planning, staffing, and organization and structure. Find your local MBDA location here.
- The U.S Black Chambers, Inc. holds the annual Women’s Business Leadership Conference.
- The United States Hispanic Chamber of Commerce also offers women-specific resources such as the In Her Footsteps podcast.
- The US Pan Asian American Chamber of Commerce hosts the annual CelebrAsian conference to foment business partnerships for small businesses.
- Asian Hustle Network has mentorship programs, networking events, educational workshops, investment opportunities, and an annual conference.
It may also be helpful to register your business as a woman- and minority-owned entity. This certification could help you access business opportunities with the federal government, or with companies actively seeking out diverse partners. In addition, to grow your business, learn more about using venture capital and small business loans.
The path to leading a successful, sustainable business cannot be carved out alone. Reach out to these groups for resources that may help you reach your unique business goals. In addition, learn more about products and services that can help you as you make decisions about your business. To talk with a banker, make an appointment today.
