Minority entrepreneurship

#CDFIsInvest: Revitalizing Chicago’s South Side One Small Business at a Time

A few years ago, Rachel Bernier-Green was looking for an outlet from the stress of her intense job at a multinational accounting firm and discovered a passion for baking. It didn’t take long before friends and family were encouraging her to sell her baked goods to the masses. Rachel founded ‘Laine’s Bake Shop, LLC in 2013 using a shared kitchen space, working on the side to get her business off the ground. After a few years of baking part-time, Rachel decided to finally quit her job and start a bake shop full-time with her husband Jaryd. 

Woman- and minority-led small businesses need cash to grow. How to get it.

No money, no growth. Without robust small businesses on the South and West sides, joblessness will continue to plague neighborhoods, experts say.

That's the message from a recent report by the U.S. Senate Committee on Small Business & Entrepreneurship, which found that access to capital remains the primary issue affecting growth of minority-owned businesses nationwide. Only 16 percent of small-business loans went to women in 2013, and less than 2 percent of black-owned businesses received loans that year, the report says.

This Entrepreneur Has Been Thinking About Business and Community Since He Was a Kid

Minority entrepreneurs represent some of the fastest-growing segments of business in the United States today, and make up about 17.5 percent of all employers in the country. Yet they often face a dilemma when it comes to marketing their product: How do they appeal to the widest possible audience while also banking on their background and directing services to the communities they came from?

When it comes to the number of minority-owned businesses, the Twin Cities are decidedly not above average

Business owner Abraham Dalu came to Minnesota for the work — not the weather.

The toxicologist was born and raised in Oromia, a region of Ethiopia in East Africa. In pursuit of religious freedom, he fled the former Soviet Union, where he was studying on a government scholarship, to the United States as a refugee in the 1980s. He earned a doctorate in toxicology and made a career for himself doing research in a federal lab and for private companies.

Black-owned banks help entrepreneurs

Black owned banks in the United States have been in existence for much longer than many of us might think. Founded on March 2, 1889 and opened on April 3, 1889, The Savings Banks of the Grand Fountain United Order of True Reformers was the first Black owned bank in the US. Although this was the first bank chartered in the US, the Capitol Savings Bank of Washington, D.C. Was the first to open its doors on October 17, 1888.

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