Small businesses have overcome some incredible challenges over the past two years, forcing many to change the way they run their business in the process.
Once the pandemic hit, countless small businesses had to close their physical doors and rush their operations online to survive. As the world started to re-open, entrepreneurs have had to think about shifts in consumer behavior, their go-to-market strategy, and moving from brick-and-mortar operations to one fueled largely by e-commerce.
The pandemic problem
While some businesses have fully embraced a digital-first approach to better engage their customers throughout the pandemic and during the reopening, others have struggled.
Some communities have even been hit harder than others; a study by McKinsey & Company found that while all small business owners faced challenges during the pandemic, those with limited financial assets were more at risk.
In fact, even before the pandemic, Black small business owners faced many financial inequities and roadblocks to building wealth and accessing capital to invest in their business. The racial wealth gap continues to plague the Black community in general, and small business owners in particular. Being unable to build that wealth over time meant Black small business owners were some of the most vulnerable and hard-hit during the pandemic.
To help bridge this funding gap, Sage is proud to be partnering with the BOSS Network to empower Black women entrepreneurs through the BOSS Impact Fund.
What is the BOSS Impact Fund?
Less than 1% of minority founders get investment funding to start their small business, and that needs to change. The BOSS Network is on a mission to tackle the issue by giving grants to Black women entrepreneurs and access to a one-year mentorship program, with the goal of helping their business grow and thrive.
The program will give access to capital and entrepreneurial mentorship, providing Black female founders a chance to level the playing field and grow successful companies. Through the BOSS Impact Fund, Sage aims to grant $10,000 in funding for 500+ entrepreneurs over the next three years. If this is something you’re interested in, or know somebody who’d be perfect for this kind of funding, apply today: BOSS Impact Fund
The Black-owned business shopping guide
For Black History Month at Sage, BUILD@Sage has curated a list of 18 Black-owned businesses to shop with in the US, Canada and UK. We hope you enjoy exploring their product offerings and actively support buying from these (and other) Black businesses all year long.
BUILD@Sage is a Colleague Success Network (CSN) at Sage that offers resources, support, encouragement, mentorship, and development opportunities for Black colleagues.
BUILD@Sage is colleague-led by Kay Dexter and Keshia Ellis, alongside Steering Committee members: Monique Daniel, Tasha Hayes, Shakiera Williams, Nicole Pryor, Jami Smith and Ronald Thomas who work in partnership with the wider community on issues that matter most. It is powered by Sage colleagues of all backgrounds and ethnicities who identify as Black, and their allies, offering support to make a difference in an engaged and meaningful way.
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