For more than 50 years, the U.S. Small Business Administration has celebrated National Small Business Week (NSBW), which recognizes the critical contributions of America’s entrepreneurs and small business owners. This year is one unlike the half-century that has come before.
Attend this free, online conference to learn new business strategies, meet other black business owners, and chat with industry experts! This 3-day, action-packed event will include educational webinars, updates on resources for small businesses, and a networking chat room for business owners and aspiring entrepreneurs.
We are facing unique challenges together. However, American small businesses continue to play a central role in building a strong country, prepared for any obstacles in the future.
More than half of Americans either own or work for a small business, and they create nearly two out of every three new jobs in the U.S. each year. As part of NSBW, the SBA takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others who support entrepreneurship from all 50 states, Washington, D.C. and U.S. territories.
Several new companies are providing capital investments, retooling and innovative practices for entrepreneurs as our nation’s small businesses look to pivot and recover towards a stronger economy. Recently the Famous Amos Ingredients for Success Entrepreneurs Initiative is a grant and mentorship program that aims to provide the tools and resources to support black small businesses. Through it, participants will engage in a pitch contest that will help provide an overview of their business, why it will become a successful enterprise, and how awarded funds will be used for long-term stability.
Every day, they’re working to grow small businesses, create 21st-century jobs, drive innovation, and increase America’s global competitiveness.
“The SBA is committed to creating inclusive entrepreneurial support ecosystems so that any of our new—as well as our established—women entrepreneurs can successfully pursue their American dreams of starting, growing and building resilient businesses,” said Isabella Casillas Guzman, SBA administrator. “With SBA’s opening of five new Women’s Business Centers at MSIs across our country, we can help improve outcomes so they can do what they do best—create jobs, power our economy and build a better America through entrepreneurship.”
Read more about how Black women in tech are advancing opportunity zones impact in underserved communities.
The most significant challenge Sephus has faced along the way was raising capital. Altogether, Sephus was turned down by three area banks before eventually getting seller financing. Without SBA or government funding, she put up $500,000 of her own savings to get the deal done and raised $150,000 in a friends-and-family round. Amazon also offered help by way of its Amazon Future Engineer program, which provides scholarships and instruction for teachers interested in improving their tech skills.
We Power Tech, an Amazon program focused on helping underrepresented communities gain access to tech, is also ready to do workshops once the hub opens. She plans to further fund her project with private investments, crowdfunding rounds, grants on the nonprofit side, tax credits, and opportunity zone funding. Sephus says the project will earn money with rental payments and membership fees.
