Entrepreneurs Talk Obstacles, What Black Businesses Need To Level Up - Seite 2

This grant is part of PNC's $88 billion Community Benefits Plan focused on bolstering economic opportunity for low- and moderate-income (LMI) individuals, along with communities and people of color.

The U.S. Census Bureau's 2021 Annual Business Survey shows there are approximately 3.12 million Black-owned businesses, generating $206 billion in annual revenues and employing 3.56 million workers.¹

But a 2023 Intuit QuickBooks survey showed that these businesses are battling persisting economic and social inequities.²

"There are huge obstacles to entrepreneurs in the Black community," says Erin Horne McKinney, executive director, Howard University and PNC National Center for Entrepreneurship. "Whether you're talking about financial capital, access to resources, or the ability for businesses to grow and scale from their initial launch. That's what we're trying to do - to provide those frameworks to help them get to that next level and create generational wealth."

Backing Ideas with Business Savvy

In addition to the vibrant entrepreneur pop-ups, the launch events featured some star power with notable Black entrepreneur speakers such as John Hope Bryant of Operation HOPE and T.D. Jakes of T.D. Jakes Enterprises.

Another notable HBCU graduate who shared her story was Askale Davis, an entertainment mogul and entrepreneur who appeared on Real Housewives of Potomac. She's not only a proud Howard alumna who studied biology and chemistry, but now serves as community engagement manager for K-12 advocacy at the United Negro College Fund - where she helps guide students on a path to college primarily through HBCUs.

As Davis provides an example of what success looks like for today's young entrepreneurs via her visible social media and TV presence, she's conscious of what something like the center could have meant for business owners like her parents - Ethiopian refugees, who started the first Ethiopian restaurant in Seattle.

"Their business was successful at the start, but by the time I graduated high school, they'd lost everything," Davis recalls. "I attribute that to not being business savvy. That's why it's so important to have these centers to teach and guide our communities, providing resources, even teaching things like branding and marketing. We have the ideas and the skill sets to get these businesses off the ground, but the goal is to grow and to scale, and to leave something for the next generation."

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