By Jasmine Browley ·Updated July 6, 2023
Living Cities and Known have joined forces to amplify Black founders’ and and them scale their businesses.
The organizations’ Cities Catalyst Fund III, a $100 million fund aimed at disrupting systemic underinvestment in Black communities wants to also connect diverse fund managers to business owners that are in need of culturally competent financial support. That is critical as Black-owned firms are underutilized in helping to deploy capital to minority entrepreneurs.
“The funding is needed because the level of private capital and public funding available to brilliant, innovative, and hard-working entrepreneurs of color is shamefully low,” said Living Cities’ President and CEO Joe Scantlebury stated.
Data shows that just 60% of BIPOC business owners were able to receive the funding they applied for in comparison to 80% of their white peers.
According to Black Enterprise, Scantlebury shared a statement that the disparity is the continuation of policies and practices that enshrined white economic privilege, incented anti-Blackness, and made economic violence on and wealth extraction from people of color a standard economic practice in the U.S.
More information can be found here.
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