Is your organization registered as 501(c)(3) status with the IRS?
YesWhere our solution team is headquartered or located:
New Haven, CT, USAWhich dimension of the Challenge does your solution most closely address?
What is the name of your solution?
The Prosperity Foundation and The Black Business Alliance (BBA) are black-led, black-run, AND 100% entrepreneurial-driven.
Provide a one-line summary of your solution.
Changing the
What is your solution?
It has been proven that communication among Black businesspeople helps build professional networks that support wealth growth across the Black community. We are the center of the Network of funding providers and technical assistance and funding organizations that can successfully bridge the gap. A comprehensive funding system - that partners with funding organizations (meaningful partnerships/agreements), assesses funding partners’ underwriting guidelines, and advocates for changes that positively impact Black businesses.
The Funding Superhighway - a 12-week financial academy through a Black lens with a Financial Wellness Retreat, offered as a standalone program or attached to a growth-stage incubator. By addressing the systemic issues and providing improved access to capital - this multifaceted approach includes [1] A culturally-based financial literacy program; [2] expert technical assistance; [3] a curated network of funders; and [4] advocacy and education with funding organizations.
The Funding superhighway (FSH) program combines the essential layering of strengthening business technical acumen and direct access to capital alongside creating the space for addressing the Black money mindset (historic scarcity/lack, prejudice, exclusion, and trust while improving personal and business financial skills. Critical components include the Receive Retreat – a full-day Black money mindset adjustment program that integrates with a holistic mindfulness approach.
The FSH program is launching in part with our Crown Program specifically for black women.
Anticipated outcomes include:
• Stronger, more stable black-owned businesses
• Improved access to capital
• Developed short and long term work plans to increase sales or improve business processes
• Increased engagement with business support services
What specific problem are you solving?
The purpose of our program is to support the acceleration of the Black entrepreneurs, and the small business community of Connecticut through a comprehensive strategy that includes financial wellness support, training & resources for participants. Racial disparities have shaped how many in the Black community view and engage with finance. Structural racism woven into the system includes misinformation, lack of transparency, lack of opportunity to correct minor errors to move funding applications forward, or a credit rating dilemma most black entrepreneurs face.
In addition, the racial wealth gap means that most black entrepreneurs start their businesses with a lot less funding than their white counterparts. Research shows that white-owned startups have an average of $18,500 in outside equity at founding, compared to just $500 for Black-owned startups.
Explain how the problem you are addressing, the solution you have designed, and the population you are serving align with the Challenge.
We understand the challenges black business owners face and provide culturally competent services with the ability to meet entrepreneurs where they are with multiple levels of support, including hands-on technical assistance, and increasing awareness of available resources to support business growth, strengthen entrepreneurial acumen, support families and building wealth.
Black voices are heard and acted upon at every level, including but not limited to program design and development, membership structure and
benefits, and advocacy (local, state, and federal) to ensure an environment that supports the growth and development of Black businesses.
Who does your solution serve, including demographics, and how does the solution impact their lives?
According to the U.S. Chamber of Commerce, Black entrepreneurs are nearly three times more likely than White entrepreneurs to have business growth and profitability negatively impacted by a lack of financial capital. Also, the Black Enterprise Study reported that more than 40% were closed within the first few months of the pandemic.
Our target populations are black prospective and current entrepreneurs who require knowledge, tools, empowerment, and capital access.
This multi-faceted holistic approach interweaves intensive technical assistance and entrepreneurial training with business coaching and capital access for success. Each program is intentionally custom-designed to meet identified needs of Black business owners.
Is the solution already being implemented in at least one of the Truist Foundation’s target geographies: North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C., Delaware?
No
Are you planning to expand your solution to at least one US state? If so, please provide an overview of your expansion plans. What is the market opportunity for your business or product here?
We are currently operating our programs throughout Connecticut but hope to offer services and programs on a national level within the next 5 years.
Is your organization’s mission to help launch small businesses and/or to sustain small businesses?
The Prosperity Foundation's mission is to create impacts in black communities throughout Connecticut by investing in organizations that address health, education, and economic disparities in partnership with the Black Business Alliance's mission is to EMPOWER, GUIDE, PROMOTE, ENHANCE,
COLLABORATE, GROW and ADVOCATE for black-owned companies.
What is your theory of change?
Our goal is to get participants to small business status instead of just being self-employed. Through increased access to resources, peer connection, and trust-building, we will create stronger, more stable black-owned businesses, improve access to capital, and develop short and long term work plans to increase sales or improve business processes and increase engagement with business support services
Our solution's stage of development:
Pilot: a product, service, or business model that is in the process of being built and tested with a small number of beneficiaries or working to gain traction.What is your organization’s stage of development?
Growth: A registered 501(c)(3) with an established product, service, or business model in one or several communities, which is poised for further growth. Organizations should have a proven track record with an annual operating budget.Solution Team
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AK
Anne-Marie Knight Executive Director, The Black Business Alliance, Inc.
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What is the name of your organization?
The Prosperity Foundation