At BakerRipley, we’re working to provide all Houston entrepreneurs with equal opportunities.
In a normal year, minority entrepreneurs usually face a number of challenges others might not. Including a huge gap in access to funding, higher interest rates, and more loan denials.
At BakerRipley, we’re working to close this gap and provide all Houston entrepreneurs with equal opportunities. Even more so during an event like Covid-19.
As this recent article illustrates, minority business owners are disproportionally impacted by the pandemic as well:
“From February to April of this year, there was a 41% decline in Black-owned businesses and a 32% drop in Latinx business owners. White entrepreneurs experienced only a 17% decline. Among those who applied for Paycheck Protection Program support, a report from Color of Change and Unidosus found that only 12% received the assistance they had requested and forty-one percent received none.”
Our Entrepreneur Connection team has been working alongside our neighbors to ensure they receive much-needed capital. So far, we’ve seen a huge increase with local entrepreneurs. As of June 30th, our neighbors have accessed $554,600 in funding – 16 times more than in all of 2019.
Read about some of the entrepreneurs BakerRipley is working with. Most funds came from the SBA’s Payment Protection Program (PPP) and an Economic Disaster Injury Loan (EDIL).
Mari Briz, Vice Versa Group
Carlos Valmory & Omar Aguilar, Made Men Barbershop
Juan Pablo, Lourdes & Roberto, L&R Flooring
Lorena Lock, Million Cakes
Shronica Randle-Holmes, The Rose Residential Care Home