NORFOLK, VA. (WAVY) – A Midwest-based non-profit is supporting BIPOC business owners in Norfolk.
Urban Strategies Inc. received a $1.5 million grant from the Truist Foundation to launch a small business loan fund. The fund is dedicated to helping minority businesses, in Norfolk, Baltimore, and Fort Myers.
“It’s not purely just capital and cash right. It’s also some organizations might need back office support. Some businesses may be challenged with getting the accounting books done or figuring out HR so, you know, we’re help. We’re here to assist in connecting to those resources as well because making a business successful is much larger than purely a cash contribution,” Shin said Urban Strategies President, Esther Shin.
The non-profit focuses on community development and they want to help BIPOC businesses in undercapitalized areas. Shin said the racial wealth gap and inequity in America is a massive problem.
According to the American Bar Association, white households make $160,000 more than Black and Hispanic households in 2019.
Shin said Urban Strategies is challenging systemic racism to help communities become financially secure.
“For us, it’s the importance of these resources is not simply about creating new business opportunities. It’s about creating generational wealth. It is about bringing wealth and assets into a family and into a community,” Shin said.
Norfolk BIPOC businesses interested in the loan, can click here to learn more.
