Closing Boston's Wealth Gap
I have been a strategic advisor as part of an incredible program called Business Equity Initiative (BEI).
The initiative started two years ago to address the enormous wealth disparity between whites and non-whites in Boston.
Eastern Bank provided $10MM in initial seed money, but the Foundation for Business Equity is a stand-alone entity currently looking for social impact partnerships from both the private and public sectors.
The Foundation has built a comprehensive ecosystem of support services to help small minority business accelerate their growth.
By focusing on providing the tools that these companies need, such as gaining access to capital, customers, and capacity, BEI is helping minority entrepreneurs succeed.
It is a very pragmatic approach to facilitate the “American Dream” for these business owners who in turn elevate the local community.
BEI selects ten minority companies every six months, and they are launching Cohort 4 in May 2019.
Early dividends show the flywheel is already spinning: over $11M in new revenue and 88 new hires in Cohort 1 alone.
The program offers many support services including:
80% of the cost for a strategic advisor to help develop and execute a comprehensive strategic growth plan
Access to patient capital for those that qualify
Access to fortune 500 local companies from the Chamber of Commerce
50% of the cost of specialty consultants
If you know of a minority business that has proven commercial viability (current sales > $1MM) but are stuck in their growth efforts, they should contact BEI.
It’s a pleasure to share that our work to close the wealth gap that was featured on CEO Corner on New England Cable News on Sunday, April 21st, but you can see the recorded video here http://bit.ly/2IEINev.
The brief segment describes our efforts in strengthening enterprises of color as one way to reduce the wealth gap.