“Blacks in this country have been intentionally and historically disinvited from the table. In order for us to get some sort of equity, some semblance of equity, a drop of equity, we need more funding partners that are willing.”
This statement to the Detroit Free Press by Capital Connect CEO Charity Dean puts the business issue in Detroit in succinct terms. It could serve as the mission for her Metro Detroit Black Business Alliance Program.
Capital Connect wants to help create and sustain successful Black businesses and is receiving applications to help give access to funding resources. The deadline is September 3. The organization intends to provide local black business owners access to millions of dollars in grants and loans from its capital partners.
You don’t have to look far to find a multitude of statistics highlighting financial inequities between white and Black business owners. It’s why Capital Connect and its programs are essential to the city of Detroit. Capital Connect started last year and now runs a three-month program in downtown Detroit helping Black business owners and entrepreneurs learn how to succeed in creating a business and financial plan, pitching their business and more. However, there are currently fewer than 20 people enrolled.
Capital Connect program manager, Autumn Kyles emphasized to the Free Press that learning how to pitch your business represents a daunting task for some. “I think a big piece of convincing someone that you deserve money is about you being able to confidently tell your story,” Kyles said. “Not a lot of people really know how to craft a story that can sell why they can grow and why they need the money to grow.”
You can learn more about Detroit’s Capital Connect here.