Resources to help black, Asian-American, and Latina women business owners grow
Black women, Asian-American women and Latina entrepreneurs can use this list of resources to reach their business goals.
Women-led businesses are on the rise, and more specifically those led by women of color in the black and Latinx communities.
Between 2007 and 2018, women-owned businesses grew by 58 percent. Within that, Latina-owned businesses grew 172 percent and black women-owned businesses grew 164 percent.1 Asian-American women-owned businesses grew faster than women-owned businesses overall.1
However, a lack of mentorship and business education can often result in less growth for these businesses, and financial challenges are common for them. According to a study by the Federal Reserve Bank of New York on non-employer firms, more than half of black-owned and just under half of Latinx-owned businesses do not receive the financing they apply for despite applying at a higher rate.2
To support black, Asian-American and Latina women business owners, here’s a compilation of resources and organizations that understand your unique experience, challenges, and potential.
Grow your financials
For business owners of color, financial stability and consistent access to capital may be harder to achieve. Consider these lenders and funding options that may work for you:
- The Growth Initiative allows certified minority-owned business enterprise (MBEs) to access equity capital from institutional investors as minority-controlled firms. The steps are similar to the MBE certification process. Certification as an MBE may also help connect you with opportunities to work with larger corporations.
- The Minority Growth Equity Funds Initiative aims to provide $1 billion in growth capital to minority-owned businesses to offset the lack of access to capital minority owners face when trying to grow.
- Accion, a nonprofit lending network, provides microfinancing to women and others based on stage of growth and industry. Its approach is to “work hand-in-hand with entrepreneurs to overcome every obstacle standing between them and their dream of owning a thriving business.”
- Opportunity Fund provides loans to low- and moderate-income immigrants, women, and underserved small business owners. Its mission is “to drive economic mobility by delivering affordable capital and responsible financial solutions to determined entrepreneurs and communities.”
Grow your network and education
For many industries, in addition to what you know, who you know is paramount. Before seeking guidance and support, reflect on what you need from a mentor and consider where to connect with them.
To find a network of entrepreneurs to grow with and learn from, here are some ideas on where to start:
- The National Association of Negro Business and Professional Women’s Clubs, Inc. offers education, entrepreneurship support, and leadership skills development for black women.
- Black & Brown Founders offers a 10-week bootcamp that takes black and Latina women entrepreneurs through the process from ideation to launch through coaching, workbooks, and concentrated education.
- #WeAllGrow is a digital network that culminates in an annual summit for Latinas and covers a range of topics including entrepreneurship, leadership, and personal development.
- SERMujer is an organization that collaborates with the U.S. Small Business Administration and offers financial literacy, entrepreneurship, and business development training.
- Side Hustle Pro podcast highlights black women entrepreneurs who turned their side hustles into profitable, successful businesses. In addition to the podcast, you can sign up for coaching and training.
- Women in NAAAP (WIN) offers support and resources to Asian American women professionals and is part of the National Association of Asian American Professionals.
- The Minority Business Development Agency offers strategic business consulting to help with strategic planning, business planning, staffing, and organization and structure. Find your local MBDA location here.
Lastly, consider the national chamber of commerce resources available to you. The U.S Black Chambers, Inc. holds the annual Women’s Business Leadership Conference. The United States Hispanic Chamber of Commerce also offers women-specific resources such as the In Her Footsteps podcast. The US Pan Asian American Chamber of Commerce hosts the annual CelebrAsian conference to foment business partnerships for small businesses.
The path to leading a successful, sustainable business cannot be carved out alone. Reach out to these groups for resources that may help you reach your unique business goals.
Looking for additional ways to fund your business? Consider grants as an option. Learn more.
1 “The Number of Firms Owned by Minority Women has Grown 163% since 2007,” Minority Business Development Agency, 2018.
2 “Small Business Credit Survey, Report on Nonemployer Firms,” Federal Reserve Bank of New York, 2019.