DENVER, Oct. 13, 2020 (GLOBE NEWSWIRE) -- October is National Women’s Small Business Month, and Denver-based Sistahbiz Global Network is working to ensure that women continue to have a successful entry into the world of entrepreneurship. This year, Sistahbiz announced the launch of the nation’s first small business loan fund for black women entrepreneurs. Today, the network’s work pays off dividends as the fund has grown to close to a million dollars to be awarded and invested in new business ventures. To kick off the month, they graduated their first entrepreneur cohort class of women who qualify for start-up funding from the organization.
“What I see daily in black women is leadership, perseverance and innovation to not only have a business vision but to achieve it,” said Makisha Boothe, Founder of Sistahbiz Global Network. “Each of these women who have gone through our 9-month training program has a unique start-up vision, but what they share is a passion and drive to evolve an idea into a reality. It’s been a pleasure working with them over the last nine months, and now I look forward to seeing what the future holds.”
In 2019, Black women represented 42% of all net new women-owned businesses nationwide and were among the fastest-growing demographics of entrepreneurs. Yet, their challenges, as noted in Forbes this year, are often two-fold when considering personal wealth, business experience, support networks and entrepreneurial motivations. Then when faced with the COVID-19 pandemic this spring, Black-women owned businesses have been some of the hardest-hit but continue to weather the storm.
As a seasoned entrepreneur, Makisha understands the challenges first-time minority business owners face. Since 2017, she has dedicated her time and shared her personal experiences to eliminate those roadblocks for other women.
“The work of Sistahbiz has been focused on empowering women to realize their entrepreneurial dreams, provide the tools and mentorship for success and to help create a sustainable pipeline of black entrepreneurs into the marketplace,” said Boothe. “Sistahbiz is about growing a global sisterhood network of business owners who are building thriving enterprises and long-term community wealth.”
Today, Sistahbiz Global Network has more than 150 members and continues to grow the interest of women in Colorado and nationally.
“Metro Denver is recognized as one of the top 10 best metropolitan cities to create and establish small businesses, as well as the top city for women to start a business,” explained Boothe. “To make sure this continues to remain true for black women, it’s critical to provide dedicated capital and technical training to support their growth. We’re excited to invest in businesses that will have a long-term impact well beyond the numbers.”
The Sistahbiz Loan Fund provides business loans from $500 to $50 thousand, with interest rates from seven to 11%. Currently, eligible applicants must live in Colorado and have gone through a Sistahbiz business coaching/training program. The fund is operated by CEDS Finance, a Denver-based nonprofit.
For more information about Sistahbiz Global Network, visit www.sistah.biz or www.sistah.biz/loan-fund to find out details about the fund.