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Starting and running a successful business is no easy feat. EnrichHER founder and CEO Dr. Roshawnna Novellus is on a mission to make the path a little smoother by helping women and minority-owned businesses get and stay on the right path.
As a Black female entrepreneur, Novellus noticed inequities during the pandemic. Black-owned businesses were still left behind as just 9% received funding from the government’s Paycheck Protection Program (PPP) to keep small businesses afloat. In addition, even with the Black Lives Matter movement serving as a springboard to level the playing field for new business owners, Novellus saw that Black women still struggle to secure seed funding, loans, and access to credit.
“I believe that all women need to have access to their own economic power,” Novellus told Atlanta’s 11 Alive news. “I have a huge track record of financial knowledge, but oftentimes when I go to make a financial transaction myself, people just assume that I don’t know what I’m doing, even though I have a doctorate in finance.”
Novellus is using her financial expertise to help others. EnrichHER receives about $15 million in loan requests per month from companies seeking to stabilize their business. To date, EnrichHER has given out $14 million in capital to diverse-owned businesses in 47 states.
One of those recipients is Barbara Jones, founder of Lillii RNB Inc. Like many entrepreneurs, Jones said there were times when she couldn’t pay herself and keep her business going at the same time. Funding from EnrichHER not only saved her business but allowed her to receive additional investment from tennis icons Venus and Serena Williams.
“They gave me the funding, and I was able to hire two people, get them trained, get them on projects,” Jones said. “That saved our business because we were able to meet our demand.”
Go to EnrichHER.com for more information on securing capital and business coaching.
(SOURCE: EnrichHER)
