A new grant opportunity aimed at empowering Black founders in the Motor City is offering a $1 million, life-changing grant.
Metro-Detroit Black Business Alliance (MDBBA) launched a new program to promote greater financial security and wellness for Metro Detroit’s small business community, per a news release. Through a $1 million grant from Prudential Financial, qualified participants can receive a $2,500 investment accounts on the Stackwell digital investment platform for up to 200 small business owners.
“We are proud to deepen our investment in the Metro Detroit community through this innovative program,” said Trevor Rozier-Byrd, CEO of Stackwell Capital in a statement. “Black-owned businesses are a growth engine for the economy and community, yet they continue to face challenges in accessing funding and opportunities to grow. For many, the unavailability of business capital leads to a greater reliance on credit cards and personal funds. This, in turn, impacts one’s credit and the ability to access business capital in the future. Through this program we hope to end this cycle and enable more members of the Metro Detroit Black small business community to achieve greater personal and business financial stability so that they can sustainably grow their businesses and their wealth over time.”
“Systemic and structural racism have created an unequal racial wealth gap in our country,” said Charity Dean, president and CEO of the MDBBA said in a statement. “The National Bureau of Economic Research found that the racial wealth gap is the largest of the economic disparities in America. And the Federal Reserve found that White households hold on average eight times more wealth than Black households, with that figure growing to 17-times for the Millennial and Gen Z population. At MDBBA, our mission is to address the specific challenges that Black business owners face. We are committed to providing them with the tools, resources, and advocacy needed to not only survive but thrive.”
“We are pleased to support this program and drive positive impact for Detroit’s small business community,” said Shané Harris, vice president and head of social responsibility, Prudential Financial, and president of The Prudential Foundation in a statement. “Small businesses are the heartbeat of our communities, and this program aligns with our commitment to expand access to wealth-building pathways for the Metro Detroit community and for all our stakeholders.”
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