Empowering Black Entrepreneurs: The Importance of Investing for Wealth Building
In a groundbreaking move to enhance financial wellness among Black entrepreneurs, Stackwell and the Michigan Black Business Alliance have published a new report, "Building Personal Wealth: Empowering Black Small Business Owners Through Investing." This study, conducted by the Financial Health Network, underscores the critical role that access to investing tools, education, and behavioral support plays in improving financial outcomes for Black small business owners.
The report is rooted in findings from the 2024 Small Business Investing Program (SBIP), which ran from January to December 2024. Launched by the Michigan Black Business Alliance, this program aimed at elevating the financial security and wellness of small businesses in Metro-Detroit. Through valuable industry partnerships, particularly with Prudential Financial, eligible members received funded investment accounts on the Stackwell platform alongside tailored educational resources designed to enhance their foundational investing knowledge and encourage effective goal setting.
"At the Michigan Black Business Alliance, we believe building personal wealth is essential to closing the racial wealth gap," stated Charity Dean, President and CEO of MBBA. "This program allowed us to equip Black entrepreneurs with the tools and confidence to see investing not as a luxury, but as a necessity. The insights from this report affirm our belief that investing in the financial empowerment of Black business owners unlocks not just individual success, but generational opportunities."
The report's findings reveal a positive trend where participating Black business owners reported increased investing knowledge, confidence, and engagement. Many began to change their mindsets regarding investing, set long-term goals, and took concrete steps toward building their wealth. This transformative insight presents a potential model for practitioners looking to implement innovative strategies for supporting underserved small business owners.
Trevor Rozier-Byrd, Founder and CEO of Stackwell, emphasized the significance of their approach, stating, "This report affirms the impact of Stackwell's playbook. When we meet individuals where they are, with the right tools and support, we can enhance financial strength and result in intergenerational outcomes. We are not only investing in entrepreneurs and their businesses, but helping our communities thrive."
To delve deeper into the insights and recommendations of the report, interested readers can visit the Financial Health Network's website at financialhealthnetwork.org.
About the Michigan Black Business Alliance: The Michigan Black Business Alliance is a pivotal advocate for Black-owned businesses in Michigan. Their mission revolves around closing the racial wealth gap by developing programs and pushing for policies that foster profitable and sustainable Black-owned businesses while forging valuable connections with public and private economic opportunities.
About Stackwell: Stackwell represents a revolutionary fintech platform that aims to harness the investment potential for all, working tirelessly to break down barriers to financial wellness and instill confidence in the investing journey. Their easy-to-use app and community-driven initiatives empower individuals and ensure that when more people gain the opportunity to invest, entire communities flourish.
Through investments in education and access to financial tools, the report firmly positions investing as a crucial element in the fight against economic disparities, particularly for Black-owned businesses aiming for growth and sustainability.
The report is rooted in findings from the 2024 Small Business Investing Program (SBIP), which ran from January to December 2024. Launched by the Michigan Black Business Alliance, this program aimed at elevating the financial security and wellness of small businesses in Metro-Detroit. Through valuable industry partnerships, particularly with Prudential Financial, eligible members received funded investment accounts on the Stackwell platform alongside tailored educational resources designed to enhance their foundational investing knowledge and encourage effective goal setting.
"At the Michigan Black Business Alliance, we believe building personal wealth is essential to closing the racial wealth gap," stated Charity Dean, President and CEO of MBBA. "This program allowed us to equip Black entrepreneurs with the tools and confidence to see investing not as a luxury, but as a necessity. The insights from this report affirm our belief that investing in the financial empowerment of Black business owners unlocks not just individual success, but generational opportunities."
The report's findings reveal a positive trend where participating Black business owners reported increased investing knowledge, confidence, and engagement. Many began to change their mindsets regarding investing, set long-term goals, and took concrete steps toward building their wealth. This transformative insight presents a potential model for practitioners looking to implement innovative strategies for supporting underserved small business owners.
Trevor Rozier-Byrd, Founder and CEO of Stackwell, emphasized the significance of their approach, stating, "This report affirms the impact of Stackwell's playbook. When we meet individuals where they are, with the right tools and support, we can enhance financial strength and result in intergenerational outcomes. We are not only investing in entrepreneurs and their businesses, but helping our communities thrive."
To delve deeper into the insights and recommendations of the report, interested readers can visit the Financial Health Network's website at financialhealthnetwork.org.
About the Michigan Black Business Alliance: The Michigan Black Business Alliance is a pivotal advocate for Black-owned businesses in Michigan. Their mission revolves around closing the racial wealth gap by developing programs and pushing for policies that foster profitable and sustainable Black-owned businesses while forging valuable connections with public and private economic opportunities.
About Stackwell: Stackwell represents a revolutionary fintech platform that aims to harness the investment potential for all, working tirelessly to break down barriers to financial wellness and instill confidence in the investing journey. Their easy-to-use app and community-driven initiatives empower individuals and ensure that when more people gain the opportunity to invest, entire communities flourish.
Through investments in education and access to financial tools, the report firmly positions investing as a crucial element in the fight against economic disparities, particularly for Black-owned businesses aiming for growth and sustainability.
Topics Financial Services & Investing）
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