Entrepreneurship is challenging as it is. While women and minorities have made – and are continuing to make – tremendous strides in the business world, they are still trying to overcome major obstacles. There are over 1.5 million businesses owned by women of color in the United States, and 80 percent of women-owned businesses launched over the past decade were started by minorities.
While it is a very uncomfortable reality, women and minority business owners need to be aware of the challenges they face, and where to look for solutions to overcome and succeed.
Women and minority business owners can transform challenges into opportunities by addressing the lack of industry representation and limited access to funding sources in the industry.
An Opportunity: Lack of Industry Representation
Even though women and minority business owners are on the rise, there is still a lack of representation across all industries. Meetings, trade shows, marketing, and more are not representative of the increasing diversity in the marketplace. Women and minority business owners often feel they have to work harder to prove their qualifications just to be seen as peers. Mentorship and business support groups can provide outreach and resources to all members of the community, expanding membership representation in the industry as well as creating peer support for women and minority business owners.
Access to Funding and Capital Solutions
Women and minority entrepreneurs face major challenges when it comes to finding adequate funding solutions for their businesses. Traditional lending channels are more likely to offer smaller amounts to these business owners, and often with higher interest rates. Women and minority business owners are more likely to be denied credit than other entrepreneurs. These harsh realities leave women and minorities funding their operations out of their own savings instead of applying for loans and other programs. In short, there are very few reliable sources for women and minority entrepreneurs to get the funding they need to launch, run, and grow their businesses.
Nanaki Capital is a women minority owned and run organization committed to providing funding solutions for other women and minority business owners. From working capital to equipment, asset-based lines of credit, commercial real estate, and everything in between, our team will work with you to create a financing strategy tailored to your needs. Contact Nanaki Capital today, and get the financial support you need to achieve your business goals.
