PowerMoves NOLA To Provide Over $100K In Funding To Minority Business Owners
When it comes to finding funding for startups, race matters. According to a study conducted by the Center for Venture Research at the University of New Hampshire, minorities made up only 8.5 percent of entrepreneurs pitching potential investors last year. Of that group, only 15 percent were able to secure funding. The number of minority investors seeking and being approved for business loans are equally low.
Over the last few years, there’s been a lot of discussion around finding a remedy for this problem; but few solutions have come of it. PowerMoves NOLA, a new organization based in New Orleans is hoping to change that with the introduction of their inaugural pitch competition which will take place at the Essence Festival this July. Designed to increase access to capital and resources for rising entrepreneurs, the organization will provide more than $100,000 in funding to minority business owners and create additional opportunities for mentorship and coaching.
I spoke with the September Hargrove, the executive director of PowerMoves NOLA who gave me some insight into the initiative and how eligible business owners can get involved in the competition and potentially win funding for their company.
Madame Noire (MN): How would you describe the PowerMoves NOLA Initiative for people who are hearing about it for the first time?
September Hargrove (SH): PowerMoves NOLA is a concerted effort to showcase talented minority entrepreneurs. Our goal is to increase the number of venture-backed minority entrepreneurs and to help change the national narrative by promoting the power of opportunity for minority entrepreneurs. As a result, we hope more individuals become entrepreneurs and have access to a national network capital, advisors and support.
MN: What is the process for companies/entrepreneurs to be considered as candidates for each of the pitch rounds?
SH: We are accepting nominations now on our website. Nominations will be accepted through the end of February 2014. Entrepreneurs will then be invited to apply in March. Up to 20 businesses will be selected to pitch over July 4th weekend.