LEVELING UP BLACK AND LATINX BUSINESSES |
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Dear fellow entrepreneurs and allies,
I recommend regularly looking back and learning from past actions as you consider the best ways to move forward. It is in the spirit of reflecting on the past that the Foundation of Business Equity is excited to announce that we have published our very first annual report.
The preparation of this report was a forced reflection that confirmed our initial instincts about the architecture of our programming. Our formula of providing support focused on strategic priorities, matched with critical growth tools like capital and contracts, has an extraordinary impact during the pandemic.
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While we saw a disproportionate rise in Black and Latinx business closures nationally, 99% of businesses supported by FBE have remained open during the pandemic. Our business solutions and programs provide businesses with what they need not just to survive a period of crisis but to come out of it growing and poised for success.
Small businesses supported by FBE have been able to thrive through countless hours of strategic and high-quality advisory support, $7M of direct investments, $20M in government pandemic relief support, and an overall stronger small business ecosystem in the Commonwealth of Massachusetts that FBE has been striving for since launching in 2017.
We are only just scratching the surface in terms of leveling the playing field for our Black and Latinx businesses – so let's dig deeper and keep moving.
In struggle,
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Glynn Lloyd
Executive Director
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2020 was a time of firsts, but we continued to lean on our core FBE strengths: deep trusting relationships, strategic planning, business tools to thrive, and a staff built by entrepreneurs of color. During the pandemic, we have also partnered with others to identify and fill gaps in the ecosystem of support for Black and Latinx businesses.
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FBE results as of 2020:
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60 businesses supported since inception
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45 businesses supported in 2020
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8,675 advisory hours provided in 2020
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5) Fairlie, R., 2020. The Impact of COVID-19 on Small Business Owners. National Bureau of Economic Research
6) 2021. Small Business Credit Survey: 2021 Report on Firms Owned by People of Color. Federal Reserve Banks
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THANK YOU TO OUR NEW FUNDER |
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New BEI Food Business Grant Program |
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We are incredibly grateful for funding from the Henry P. Kendall Foundation. Kendall's backing supports the roll-out of a unique program for our Business Equity Initiative (BEI) graduate food businesses that includes advisory services and direct grants for immediate capital needs. Our food business owners continue to be heavily impacted by the pandemic, and we can't take our foot off the gas in terms of providing them with high-touch support and flexible capital to continue to thrive beyond the pandemic.
The first recipient of the BEI graduate food grant is Fresh Food Generation. Co-founded by Cassandria Campbell and Jackson Renshaw in 2013, Fresh Food Generation (BEI Cohort 5 Graduate) is a farm-to-plate Caribbean American food truck and catering business that provides affordable food options to underserved communities.
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Photo via Fresh Food Generation |
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"We are excited to open our first restaurant in Dorchester, MA. This grant allows us to work with a talent management firm through BEI to improve our hiring practices and expand our culinary leadership team for the new restaurant."
-Cassandria Campbell, Co-founder of Fresh Food Generation
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Coalition for an Equitable Economy: Increasing Capital Access for Entrepreneurs of Color in Massachusetts |
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FBE is a founding member of the Coalition for an Equitable Economy (CEE). The Coalition released in partnership with the Boston Foundation and Boston Indicators a report in May, "The Color of the Capital Gap," highlighting a $500 million annual capital gap for entrepreneurs of color. The CEE is now urging the Massachusetts Legislature for $1.1 billion in federal stimulus funds to help small business owners of color.
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National Opportunity Finance Network (OFN) Conference: Finance Justice, Finance Change |
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Glynn Lloyd, Executive Director of FBE, is leading a panel on October 20th with Orlando Watkins, Vice President of the Boston Foundation, and Saron Tesfalul, Principal of Bain Capital, titled “Intensive Advisory and Integrated Capital: Scaling Black and Latinx Businesses" at the OFN Conference. This national three-day virtual conference will take place from Oct 19 - 21 and engage public and private sector thought leaders with CDFIs about today's most pressing issues. |
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Business Equity Initiative Cohort V Graduates |
Congratulations to our Business Equity Initiative (BEI) Cohort V business graduates recognized at our summer celebration event for their successful completion of the program. |
From left to right: Ramón L. Quezada (Labor on Site), Amiel Vargas (Labor on Site), Evan Silverio (Silverio Insurance Agency), Jose A. Estrella (Estrella Enterprises), Wendy Estrella (Estrella Enterprises), Tobit Garcia (Jacqueline Business Services Corp), and Alan Gomez (Jacqueline Business Services Corp). Not pictured: City Sealcoating, Fresh Food Generation, and Darryl's Corner Bar & Kitchen |
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Business Profile: Labor On Site
Amiel Vargas, CEO & President at Labor on Site and BEI Cohort V graduate, has endured the pandemic with assistance and guidance from BEI. Labor on Site is a family-run business that provides fully insured temporary labor. Working with his BEI Strategic Advisor, Amiel not only weathered the storm but also updated his business model by developing a plan for long-term growth.
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Amiel Vargas (left) and Wascar Vargas (right) with Labor On Site, a BEI Cohort V Participating Enterprise, with their Strategic Advisor Joel Sowalsky (center) at the kickoff event in January 2020 |
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"Labor On Site, with the help of BEI
took advantage of the business interruption and upgraded our entire business model by developing a strategy for long term growth and expansion."- Amiel Vargas, CEO & President of Labor On Site
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Highlights of our efforts covered this summer nationally and locally.
How an Ecosystem of Support Changes the Playing Field for Businesses of Color
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Ope-Ed: A healthy economy includes everyone |
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Boston Business Journal Largest Minority-Owned Businesses in MA |
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One of the ways that The Foundation for Business Equity supports our entrepreneurs is by raising their profiles and attracting opportunities to highlight their great companies. As a result, we are gratified to announce that the Boston Business Journal has highlighted many of our BEI businesses in their Largest Minority-Owned Business in MA list for the second year in the row. |
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RECRUITMENT
Advisor Recruitment for BEI Advisory Teams
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Do you want to help grow revenues, create jobs, and revitalize communities for Black and Latinx businesses? If you answered yes, then FBE wants you to join our BEI advisory team. Advisors develop and implement customized growth plans for BEI businesses. Experience working with small to medium-sized companies and BIPOC leaders is a plus! Email resumes or referrals to support@fbequity.org
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Share the BEI program with others here: |
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Business Recruitment for Cristo Rey High School Work Study Program
Cristo Rey Boston is a tuition-free Catholic high school in Dorchester, MA. By offering a rigorous curriculum and a unique work-study experience, Cristo Rey prepares students to succeed in college and beyond. Business participation in Cristo Rey’s work study program fosters an equitable pipeline for Boston’s future workforce.
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Caitlyn Gomes-Rodrigues, Class of 2021, pictured at Graduation with President Rosemary J. Powers and Paul Bowen, Director of Corporate Work Study |
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If your business is interested in becoming a Cristo Rey’s Corporate Work Study Partner and hiring a paid high school intern, contact Marcin Kunicki, Director of Business Development, at mkunicki@cristoreyboston.org or 857-220-2471.
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