The Prosperity Foundation

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

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.

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.

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.

We are currently operating our programs throughout Connecticut but hope to offer services and programs on a national level within the next 5 years.

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.

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