Black business access to capital has been and continues to be a challenge. The ability to grow and expand business through banking relationships to build economic wealth was the focus on October 4th as the Minority Business Accelerator (MBA) and PNC Bank and their new diversity rollout collaborated to support mid-size companies.
The role of capital is a hurdle to the growth of businesses. An entrepreneur has an idea and a plan to launch a business. Entrepreneurs invest their savings and leverage their credit cards to create this newfound business. As the company grows, more capital is needed to build contracts, employ personnel and develop operations; this is when a solid banking relationship is vital. The role of banking has been elusive to many of our small and upcoming Black companies. The inaugural event shared the part PNC is taking in supporting Black businesses through education and potential loans. The MBA goal endorses the development of Pillar II businesses to become accelerator firms eventually. Black Achiever’s as an organization is opening the door to embrace entrepreneurs and future business owners seeking to buy or acquire a company. Black businesses, as any business, require access to capital to sustain and manage the evolution of the entrepreneur's vision for their business. By Dr. Tyra Oldham PhD, MBA