The Atlanta-based lending platform EnrichHER is helping to connect minority women entrepreneurs and small business owners with the funding they need.
EnrichHER founder and CEO Dr. Roshawnna Novellus knows the Black Lives Matter movement and focus on social equity helped, but Black women are still struggling to get seed funding, loans, and access to credit. However, she is working to change that.
Even during the
apper amp_ad_1 ampforwp-incontent-custom-banner ampforwp-incontent-ad1">“I believe that all women need to have access to their own economic power,” Novellus told 11 Alive. “I have a huge track record of financial knowledge, but oftentimes when I go to make a financial transaction myself, people just assume that I don’t know what I’m doing. Even though I have a doctorate in finance.”
Novellus added that EnrichHER receives about $15 million in loan requests per month from companies seeking to stabilize their business. To date, EnrichHER has given out $14 million in capital to diverse-owned businesses in 47 states.
One of those recipients is Barbara Jones, founder of Lillii RNB Inc.
According to Jones, there were times when she couldn’t pay herself and keep her business running. Jones added that the funding she received from EnrichHER not only saved her business but allowed her to receive additional investment from Venus and Serena Williams.“They gave me the funding, and I was able to hire two people, get them trained, get them on projects,” Jones told 11Alive. “That saved our business because we were able to meet our demand.”
Black businesses, both small and large, are now getting the increased funding and support they need from other Black people in positions of power. Beyoncé, rapper Jay-Z, and many others have started impact funds to help other Black men and women in various disciplines, including cannabis and even banking.