The foundation reported that the loans are a part of the foundation’s approach to address inequities in business. To fulfill its mission, the foundation partnered with the national organization Next Street, which has worked with the city of Columbus on a small business lending program.
“The solution that is needed is a holistic solution that involves stakeholders across the spectrum,” said one of Next Street’s co-CEOs, Charisse Conanan Johnson.
White entrepreneurs attract 17 times more equity capital than Black and Hispanic entrepreneurs, according to the foundation and Next Street, a national organization that partnered with the foundation on the project and also has worked with the city of Columbus on a small business lending program. Black business owners are also approved for financing at one-third the rate of white business owners.