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7 Things These Black Women Entrepreneurs Learned About Exploring Alternate Sources Of Funding

Entrepreneurs Renae Bluitt, Jasmine Luv & Rhonesha Byng talk funding their businesses without depending on solely on bank loans or VC funding.

When you’re a new, aspiring or rising entrepreneur, it’s not uncommon to find that applying for a bank loan to help cover your initial start up costs may not yield the results you need. And when it comes to venture capitalist funds, recent reports have noted that women entrepreneurs specifically only receive just over 2% of allocated VC funds as of 2019, with the percentage being even lower for Black women entrepreneurs.

Luckily for today’s fearless Black women business owners, there are a handful of other lucrative ways to go about generating funding for your business in its’ early stages.

During the first-ever ESSENCE Girls United Summit, successful entrepreneurs Renae Bluitt, Jazmine Luv and Rhonesha Byng joined host Khadeen Ellis for an insightful conversation presented by McDonald’s Black & Positively Golden about how they’ve been able to monetarily fuel their brands outside of depending on bank loans or venture capitalist funding.

Seven key takeaways & lessons from the conversation included:

*Learn To Partner With Brands Who Align With What You Represent Is Crucial

*Learn To Leverage Your Community & Genuine Supporters To Help Grown Your Brand

*Ask For Help When You Know You Need It

*Get Comfortable With Outsourcing Responsibilities That Aren’t Your Strengths

*Secure Your Financial Safety Net Before Making The Transition From Careerwoman To Entrepreneur

*Chasing Perfection Can Be The Catalyst For A Missed Opportunity

*The Financial Freedom Gained From Exploring Non-Traditional Funding Sources Can Also Positively Impact Your Creativity

To hear the conversation in full, check out the video above.


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