Investing In Our Future
The Yva Jourdan Foundation, Inc. in partnership with Women on the Rise NY, Inc. dba HerSuiteSpot has provided micro-grants to women of color entrepreneurs since 2017 as a way to assist them in starting or growing a business.
According to the recent Goldman Sachs The Bigger Picture Black Womenomics Research Report “The fact that Black women entrepreneurs cite limited access to funds as the largest barrier to success and that Black entrepreneurs are 20% less likely to fund their startups with bank business loans suggest that capital access gaps contribute to the business ownership gap.”
First, data from the Annual Survey of Entrepreneurs show that Black entrepreneurs are 20% less likely to fund their startups with bank business loans but are instead more likely to rely on more expensive personal credit card debt and personal and family savings. This greater reliance on internal finance and expensive forms of external finance is consistent with greater credit constraints.
Second, more than three quarters of Black and Latinx women business founders cite limited access to funds or investment as a barrier to success.
Third, while the share of venture capital funds raised by Black women has edged up, it remains extremely low at just 0.27% in 2018-2019.
The HerRise Micro-Grant provides financial support to women of color that are often unable to secure funding for their small business. Each month a $500 micro-grant will be awarded to a small business owned by women of color.
Small business grants are useful for financing a particular small business need. Past recipients used their growth grants for computers, equipment, marketing materials, website creation and more.
Donations are Welcomed
The Yva Jourdan Foundation Inc.’s (TYJF) mission is to strengthen the leadership, power, and voices of women and children through our educational programs.
The Yva Jourdan Foundation, Inc. is a public non-profit charitable organization serving to women and children in the New York City and Long Island area. We educate young girls about entrepreneurship, provide women small business owners an opportunity to gain access to information to grow a small business and our reading program allows our volunteers to go into schools or learning facilities where inclusion classrooms are found to read storybooks on special needs acceptance. In collaboration with corporations and other organizations dedicated to empowering women and children, TYJF seeks to strengthen communities with our programs.
Our hope is that through this support, families will be connected to the resources in their communities to achieve and maintain a higher quality of life.