Black History Month is a time to honor the profound contributions of Black individuals to our society. Throughout history Black entrepreneurs have demonstrated remarkable resilience and innovation, driving economic growth and fostering community development. However, disparities persist. In 2022, Black-owned businesses constituted about 3% of U.S. firms, with over 194,000 enterprises employing 1.6 million people (source: Africans in America. Yet, Black entrepreneurs were almost half as likely to be fully approved for financing compared to white entrepreneurs (32% vs. 56%)
(source: Africans in America).
The Importance of Diversity in Business
Diversity in business is not merely a moral imperative; it’s an economic necessity. Inclusive business practices lead to diverse perspectives, fostering innovation and better decision-making. Moreover, supporting Black-owned businesses helps bridge the racial wealth gap, promotes job creation, and stimulates economic growth in underserved communities.
Celebrating Black Entrepreneurs
Here are some inspiring stories of Black entrepreneurs who CNote has had the privilege to work with:
1. Hope Credit Union: Financing Green Opportunities in the Deep South
Hope Credit Union, serving under-resourced communities in the Deep South, has been instrumental in providing financial services that promote wealth-building. Recognizing the impact of climate change, they have directed financial products towards green technologies. In 2024, Hope Enterprise Corporation was awarded significant funds through the EPA’s Solar for All program to expand low-income solar programs in Arkansas and Mississippi. This initiative aims to reduce greenhouse gas emissions and lower electric bills for overburdened households, creating wealth-building opportunities in the process.
Read Hope Credit Union’s full story here.
2. The Akinniyi Group: Transforming Baltimore Through Inclusive Development
Founded by David Akinniyi in 2020, The Akinniyi Group is a real estate development company committed to enhancing Baltimore’s communities. With a focus on creating affordable, inclusive housing, David aims to provide spaces that foster personal growth and wellness. Partnering with Baltimore Community Lending, a CDFI, he has been able to navigate the complexities of real estate development, ensuring projects are completed on time and within budget.
Read David’s full story here.
3. DREAM: Building Community and Educational Excellence in East Harlem
DREAM, originally founded as Harlem RBI in 1991, has evolved into a network of public charter schools and youth development programs in East Harlem. Committed to leveling the playing field for all children, DREAM emphasizes rigorous academics and a supportive community environment. During the COVID-19 pandemic, with the support of Carver Federal Savings Bank, a CNote partner, DREAM secured essential funding to continue operations, distribute technology for remote learning, and provide financial aid to families in need.
Read DREAM’s full story here.
4. Brown Toy Box: Championing Representation in STEAM Education
Terri-Nichelle Bradley founded Brown Toy Box to address the lack of representation in STEAM (Science, Technology, Engineering, Arts, and Mathematics) education. The company creates educational toys and experiences that reflect and celebrate children of color, aiming to inspire interest and confidence in STEAM fields. Through perseverance and participation in multiple incubator programs, Terri-Nichelle has successfully expanded her product line, making impactful strides in diversifying educational content.
Read Terri’s full story here.
5. Project Fighting Chance: Empowering Youth Beyond the Boxing Ring
Located in San Bernardino, California, Project Fighting Chance was established to provide a safe haven for youth during critical after-school hours. While boxing is at its core, the organization offers a range of programs including tutoring, art classes, and mental health support. Under the leadership of Executive Director Terry Boykins, and with support from partners like CNote, the organization addresses trauma and fosters resilience, steering young individuals towards positive life paths.
Read Project Fighting Chance’s story here.
6. Good Shepherd Preschool: Nurturing Early Childhood Education in St. Louis
Driven by a personal quest for quality childcare, Cortaiga Collins founded Good Shepherd Preschool and Infant/Toddler Center in St. Louis, Missouri. With support from Justine PETERSEN, a CDFI, Cortaiga transformed her vision into reality, providing a nurturing educational environment for children. Her dedication has led to the expansion of facilities, enabling the center to serve more families and employ a growing team of educators.
Read Good Shepherd Preschool’s story here.
These narratives exemplify the resilience, innovation, and community spirit of Black entrepreneurs. At CNote, we are honored to support and amplify their efforts, recognizing that investing in Black-owned businesses is a pivotal step towards achieving economic equity and fostering inclusive, thriving communities.
