To progress the economic health of the African American community by developing successful entrepreneurs through education, advocacy and business development.
Redevelop a successful black business district and hubs.
Provide solutions to the three greatest barriers for African American business owners and entrepreneurs; resources, marketing, and education.
An April 6th report from the Center for Responsible Lending (CRL) found that roughly 95% of Black-owned businesses “stand close to no chance of receiving a PPP loan through a mainstream bank or credit union.”
According to data recently made available from the US Federal Reserve, more than half of companies that have black owners were turned down for loans, a rate twice as high as white business owners. The report found that while black-owned firms were the most likely to have applied for bank financing, less than 47% of these applications were fully funded. Even when black business owners get approved, their rate of failure to receive full financing is the highest among all categories by more than 10%.
Historically, there has been philanthropic neglect and under investment in black businesses and communities. Black businesses are often given less but expected to do more. Many corporations who do give, tend to give to the same organizations, year after year. It is a very difficult space for new black creatives, leaders and entrepreneurs. The BBA is a 501(c)(3) non-profit organization whose main purpose is to support in advocating, developing, and promoting black-owned businesses and entrepreneurs.
A case study we conducted with 100 local black business owners concluded that their three biggest challenges are a lack of capital or cash flow; marketing and advertising; and lack of knowledge. Our goal is to remove the barrier for each through free education, micro grants and forgivable loans, and ad grants for Buy Black Lou, Louisville's black business directory.