Detroit Free Press
Oct. 11, 2023
A new program will offer as many as 200 metro Detroit small business owners, their employees, and entrepreneurs a $2,500 grant aimed at boosting investment confidence and participation among the region’s Black small business community, the Metro Detroit Black Business Alliance announced Tuesday.
The Small Business Investment program, supported through a $1 million grant from Prudential Financial, will give selected members of the Region’s small business community a Stackwell Capital Inc. investment account through which grant money will be distributed in monthly installments.
“Black-Owned businesses are a growth engine for the economy and community, yet they continue to face challenges in accessing funding and opportunities to grow,” Trevor Rozier-Byrd, Chief Executive Officer of Stackwell Capital, said in a news release. Stackwell is a fintech company that has created a digital investment platform for the Black community with a mission to eliminate the racial wealth gap.
The program is meant to serve as a key catalyst for inclusive economic growth in the region, the Metro Detroit Black Business Alliance said.
Black-owned businesses continue to face challenges in accessing funding and opportunities to grow, Rozier-Byrd said. That often leads to a greater reliance on credit cards and personal funds, he said, impacting their credit and the ability to access business capital.
“Through this program, we hope to end this cycle and enable more members of the metro Detroit Black small business community to achieve greater personal and business financial stability so that they can sustainably grow their businesses and their wealth over time,” he said.
“Systemic and structural racism have created an unequal racial wealth gap in our country,” Charity Dean, President and Chief Executive Officer of the Metro Detroit Black Business Alliance, said in the release. “Our mission is to address the specific challenges that Black business owners face. We are committed to providing them with the tools, resources and advocacy needed to not only survive but thrive.”
How to apply
New and existing Metro Detroit Black Business Alliance members are eligible to apply. Program applications are available here. To be awarded a grant, members must participate in at least two of six Prudential Pathways Seminars in the Black Wealth Workshop Series, which run from Oct. 25-Nov. 9. The application deadline is Nov. 17.