## Breaking Barriers, Building Futures: NC Invest Pumps Millions into Women & Minority-Owned Businesses
For too long, access to capital has been a roadblock for women and minority entrepreneurs in North Carolina. But a new initiative is changing the game, injecting millions of dollars directly into the hands of those who have faced systemic barriers to success. ABC11 Raleigh-Durham is reporting on the “NC Invest” program, a groundbreaking effort to level the playing field and empower the next generation of business leaders.
A Year of Progress: The initiative has been operational for a year, with funding starting to arrive in the Triangle
Raleigh restaurateur Angela Salamanca is getting ready to open her fifth place. Mala Pata will join other spots in the Gateway Shopping Center once construction wraps up. Salamanca is crossing her fingers that doors will open by the end of April.
“(It’s a) Mexican restaurant / Latin-American restaurant. Our focus is masa-driven products,” she said. Salamanca said that even two decades after opening her first restaurant, gaining access to capital was trying as a woman and minority.
This is how we create jobs. By us being there and showing success, we hope to attract other entrepreneurs. – Gayle Jennings-Brynn. Wocstar Capital CEO
Success Stories and Opportunities
Case in Point: Raleigh restaurateur Angela Salamanca’s journey to securing funding for her fifth business venture
Salamanca is doing just that. She hopes the initiative offers the opportunity to other women and ethnic minorities to bring dreams to fruition.
“We really are working out of a passion for a project that we want to do. Funding is always really scarce, so we will take any terms that we can get and it is often to the demise of the business,” she said.
Creating Jobs and Opportunities: How the NC Invest initiative can help entrepreneurs like Salamanca create jobs and attract other entrepreneurs
This is how we create jobs. By us being there and showing success, we hope to attract other entrepreneurs. – Gayle Jennings-Brynn. Wocstar Capital CEO
Building Success: Wocstar Capital CEO Gayle Jennings-Brynn on why North Carolina is a good breeding ground for business, despite economic concerns
Jennings-Brynn said that despite concerns about the health of the economy, North Carolina is still a good breeding ground for business.
“The market and the economy love winners,” she said. “Everyone should just be working on success, growing really good companies, building really great technology.”
Practical Applications and Implications
Overcoming Funding Challenges: How the NC Invest initiative can help women and minority business owners overcome funding hurdles
Small businesses typically are denied loans, especially small dollar loans … loans less than $100,000,” said Loan Well co-founder Justin Straight.
“When you are able to provide small-dollar loans, this reaches more minority and female-led businesses.”
Leveling the Playing Field: The potential impact of the initiative on reducing disparities in accessing capital
The National Women’s Business Council finds on average, that women start their business with half as much capital as men.
The United States Business Development Agency said that while minorities own 29% of all businesses, they are three times more prone to be rejected for loans than non-minority owners.
What’s Next: The future of the NC Invest initiative and its potential to drive business growth and job creation in North Carolina
The venture capital group Wocstar Capital, the WOC stands for women of Color, is participating in the initiative and just wrote its first check in our state.
Unfortunately, over 40% of loan applications in North Carolina are being denied because they’re going towards traditional banks. That’s two times higher than a national average. We see this as an opportunity to really change the current, said Straight.
Conclusion
Conclusion: Investing in Women and Minority Business Owners
The NC Invest initiative is a game-changing effort that provides vital funding to women and minority business owners across North Carolina, driving economic growth and empowerment. By investing in these underrepresented groups, the state is creating a more inclusive and diverse economy. Through this initiative, we see a surge in entrepreneurship, job creation, and local economic development. The statistics are clear: women and minority business owners are key drivers of innovation, job growth, and community development.
At the heart of this initiative is a commitment to equity and opportunity, recognizing that diverse perspectives and experiences are essential to driving progress. By providing funding and resources, the NC Invest initiative is addressing the historical disparities that have hindered women and minority business owners from accessing capital, networks, and opportunities. This targeted support is having a ripple effect, empowering women and minorities to build businesses, create jobs, and drive economic growth. As we look to the future, it’s clear that this initiative will have long-lasting implications for the state’s economy, society, and communities.
As we celebrate the successes of this initiative, we must also acknowledge the challenges ahead. What’s next for the NC Invest initiative? How can we sustain and scale its impact? What additional supports do we need to ensure that these entrepreneurs continue to thrive? These are questions that we, as a community, must grapple with, but the potential rewards are too great to ignore. The NC Invest initiative is a beacon of hope for economic empowerment, and it’s up to us to ensure that its vision of a more inclusive, equitable, and prosperous future becomes a reality.