State Governments Need to Back Black and Brown Entrepreneurs

American companies did more than alright last year, even with the COVID-19 pandemic crippling the economy, the Black Enterprise reported.

Companies raised $150 billion in venture capital funding, the article reported — less than 1% of this funding went to Black-owned companies, according to Crunchbase. The numbers are more startling for Black and Latina women. According to digitalundivided’s ProjectDiane, Black and Latina women received only 0.64% of total venture capital investment between 2018 and 2019.

Across the country there is an obvious inequity in access to capital that needs to be addressed with intentional government action like New Jersey Gov. Phil Murphy’s proposed $10 million Black and Latino Seed Fund, the article stated. The New Jersey Seed Fund will be the first state-developd public investment specifically targeting Black and Latino entrepreneurs.

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