Another World is Possible Fund supports the Foundation for Black Entrepreneurship: Sistah Biz with funding for professional services and technical assistance and training for Black women entrepreneurs. The grant funds services offered via their Business Clinic. The Clinic provides marketing, back office, and business design services. Sistah Biz aims to provide more accounting support, e-commerce, and digital marketing training and services for women who have been forced to move their businesses online due to the pandemic but have very little capacity or knowledge in digital marketing.
Location: Denver, CO
Mission: Our mission is to provide Black women entrepreneurs with free and low-cost coaching, training, technical assistance, and community to both ensure their success and close equity gaps in entrepreneurship. We aim to increase the number of black women entrepreneurs who own profitable, scalable, sellable businesses. We believe our program participants will become pillars and leaders in their community who are able to infuse resources in Black underserved communities and inspire entrepreneurship in young Black youth.
Black women entrepreneurs are the fastest-growing group of entrepreneurs in the country, but among the lowest-earning and least funded. The revenue gap between Black women business owners and all women business owners is the most stark ($24,700 vs. $143,100, respectively). Women of color business owners saw their revenues drop during 2007 to 2018, from $84,000 to $66,000. During the same period of time, non-minority business owners saw their average revenues increase, from $181,000 to $212,300.
Overall, Black businesses tend to have lower sales, fewer employees and smaller payrolls, lower profits, and higher closure rates. The FBE seeks to increase access to capital and strengthen financial and business literacy in the Black business community through culturally-responsive, high-touch services and business development programming.
Sistahbiz is working to change these realities.