By Cedrell Mitchell
MIAMI, FL, MARCH – 2021 /PRNewswire/ — The Community Fund of North Miami Dade (CFNMD), a certified Community Development Financial Institution (CDFI), is launching their #SheWinsWeWin campaign in honor of Women’s History Month. Designed to elevate the visibility of Black female business owners throughout South Florida that are overcoming obstacles to maintain and grow their businesses, the campaign will include digital events, infographics, workshops and more throughout the month of March.
This campaign builds on the CFNMD’s previously announced partnership with the Florida Department of Economic Opportunity for the Black Business Loan Program, committing support for Black communities throughout 2021, in Miami-Dade, Broward and Palm Beach Counties. This commitment includes products, services, technology and financial support, as well as concentrated investments that will focus on providing Black-owned businesses and Black people access to affordable financial tools and capital.
In 2018, women started 1,821 net new businesses every day, with 64% of them started by women of color, according to Women’s Business Enterprise National Council. Black women-owned businesses are vital to the South Florida economy, yet they are among the hardest hit by the impacts of the COVID-19 pandemic. According to a 2018 survey from Guidant Financial, 80% of African American entrepreneurs said their biggest business challenge was lack of capital; this is 10% more than the average small business owner in the survey. The Washington Post also reports that fewer African American small businesses are approved for financing, and generally for lower amounts and higher interest rates.
“The Community Fund of North Miami Dade has a long history of helping entrepreneurs create positive change within their communities,” said Nikisha Williams, Chief Operating Officer, Community Fund of North Miami Dade. “Female entrepreneurs are often at a disadvantage to access capital to grow their businesses. That’s why it is important that we are able to bring financial and skills-based resources to women entrepreneurs in Miami-Dade, Broward and Palm Beach counties, enabling them to reach their full potential.”
Small businesses in Miami make up more than 50 percent of the workforce and, while several businesses in the community have struggled to stay open, organizations like the CFNMD generate opportunities and contribute to the needs of small businesses so that they may continue to operate and stay afloat in times of crisis. As a CDFI, the Community Fund of North Miami-Dade is 100% dedicated to delivering responsible and affordable lending to communities in need. As a non-traditional lender, financial coach and technical assistance provider, the CFNMD specializes in bridging the gap between small businesses, and the capital and education they need to capture their economic potential.
In celebration of Women’s History Month, the CFNMD will host a BBLP & Women Making History Webinar on March 18th, 5:30 p.m., and The Business Boost – Health Care Edition Webinar on March 24 at 6 p.m. For more information about the Community Fund of North Miami-Dade’s programs and services and to register for upcoming events, please contact smallbiz@cfnmd.org. CFNMD is also on Facebook and Instagram at @TheCFNMD. To apply for a loan, visit http://BlackBusinessLoanProgram.org.
