Detroit, MI - /PRNewswire/ -- Metro-Detroit Black Business Alliance (MDBBA) launched a new program to promote greater financial security and wellness for Metro Detroit's small business community.
The Small Business Investment program will seed $2,500 investment accounts on the Stackwell digital investment platform for up to 200 small business owners, their employees and entrepreneurs who are active members of MDBBA, which is supported through a $1 million grant from Prudential Financial.
Investing in stocks is an important means of building wealth over time and generating the returns necessary for retirement. While more than half of White Americans own some equities, that number falls to about a third for Black families, according to data from the Federal Reserve. This program aims to improve investment confidence and participation by small business owners, their employees, and entrepreneurs in Metro Detroit as a key catalyst for inclusive economic growth in the region.
"We are proud to deepen our investment in the Metro Detroit community through this innovative program," said Trevor Rozier-Byrd, CEO of Stackwell Capital. "Black-owned businesses are a growth engine for the economy and community, yet they continue to face challenges in accessing funding and opportunities to grow. For many, the unavailability of business capital leads to a greater reliance on credit cards and personal funds. This, in turn, impacts one's credit and the ability to access business capital in the future. Through this program we hope to end this cycle and enable more members of the Metro Detroit Black small business community to achieve greater personal and business financial stability so that they can sustainably grow their businesses and their wealth over time."
"The National Bureau of Economic Research found that the racial wealth gap is the largest of the economic disparities in America. And the Federal Reserve found that White households hold on average eight times more wealth than Black households, with that figure growing to 17-times for the Millennial and Gen Z population. At MDBBA, our mission is to address the specific challenges that Black business owners face. We are committed to providing them with the tools, resources, and advocacy needed to not only survive but thrive" said Charity Dean, president and CEO of the MDBBA.
"We are pleased to support this program and drive positive impact for Detroit's small business community," said Shané Harris, vice president and head of social responsibility, Prudential Financial, and president of The Prudential Foundation. "Small businesses are the heartbeat of our communities, and this program aligns with our commitment to expand access to wealth-building pathways for the Metro Detroit community and for all our stakeholders."
How to Apply
Program applications are available via MDBBA's application form. Participation in MDBBA is open to all races and ethnicities, and all existing and new members are eligible to apply for the new Small Business Investment Program. The application deadline is November 17, 2023.
About Metro-Detroit Black Business Alliance
The Metro-Detroit Black Business Alliance is a leading advocate for Black-owned businesses in the Detroit metropolitan area. The mission of the Metro-Detroit Black Business Alliance is to help close the racial wealth gap by developing programs and advocating for policies that result in profitable and sustainable Black owned businesses that are connected to public and private economic opportunities while building trusted relationships.
About Stackwell
Stackwell Capital, Inc., is a leading fintech company that has created a digital investment platform for the Black community. With a mission to eliminate the racial wealth gap in America, Stackwell provides the financial investment tools and guidance necessary to help build lasting wealth, equity, and equal opportunity. Stackwell has developed a unique ecosystem of strategic partners in financial services, higher education, professional sports, and created an ever-growing NIL student-athlete ambassador program. Stackwell was a member of the 2022 Financial Solutions Lab and MassChallenge U.S. Early-Stage accelerator programs. For more information, visit stackwellcapital.com.