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How To Close The ‘friends And Family’ Capital Gap For Entrepreneurs Of Color

Hosted by Next City

If you want to start a small business in the U.S., you’ll need about $30,000. Many entrepreneurs looking for initial capital turn to friends and family for help. Depending on your race, however, this pool of cash can look different. The median net worth of white households in the U.S. is $171,000, while black households have a median net worth of $17,600. This disparity creates what our guest presenter, Jessica Norwood, founder of The Runway Project, calls the “friends and family” capital gap.

The Runway Project aims to close this capital gap by providing early-stage funding options and holistic business support as a wealth-building strategy. In her Next City presentation on May 29 at 1 p.m. eastern time, Norwood will discuss the Runway Project and this strategy. The Runway Project has made 13 loans over the past year, and so far has a 100 percent repayment rate.

Learn how to go beyond attracting diverse candidates — to retaining and developing them in your organization. Join us for a conversation to discuss how to create and adjust policies that mitigate inequities and provide tangible solutions that keep diverse talent engaged.