Morehouse's Retail Business Program Still Struggles To Find Funding As It Hopes To Expand
Morehouse College's retail business program was established to empower Black entrepreneurs, but those dreams may be deferred if funding cannot support next year's class.
The program's latest cohort of graduates included 20 businesses. During their year-and-a-half matriculation, the entrepreneurs learned essential business tactics, including scaling up and generating profits.
'You need to be here for one main reason, along with information,' new graduate Demond Crump told WABE. 'You need to come network, because once again, there's nothing like being in a room with like-minded individuals, people that are going in the same direction that you are.'
Crump, the founder of a premium sanitary napkins company called Reign, has already scored millions of customers. However, that same type of success for future entrepreneurs remains in limbo: The program cannot take on new students without significant financial backing.
'This comes from philanthropic dollars, and with that, a lot of the philanthropy has really been quiet, if you will. I'm hoping that the dust will clear and that we can indeed continue this work,' explained Tiffany Bussey, executive director of the college's Innovation & Entrepreneurship Center.
The program came to fruition after research determined that funding was the primary access barrier for Black businesses. Historically, Black businesses have faced systemic discrimination regarding loan approval. According to the 2024 State of Black Business report, only 32% of Black entrepreneurs received full approval for financing and 40% of Black business owners were denied loans entirely.
This issue has escalated as the federal government pushes for anti-DEI policies. Venture capitalist firms dedicated to uplifting diverse entrepreneurs have been forced to scale back these efforts. With only 6% of Black businesses in retail, initiatives to promote such endeavors are even more critical.
Bussey added, 'We know that this program works. We know we have to continue this type of work to push the needle forward.'
Thankfully for these entrepreneurs, Morehouse remains committed to sourcing new funding with its already established partners. The past year's cohort received its support through the Access to Capital for Entrepreneurs, a non-profit business loan service.
'We're just going to go find new friends that aren't sitting on the sidelines and that want to continue to fund this work, because it does make an impact and we will close the racial wealth gap over time,' said Ray Pennie, chief of business advisory services at Access to Capital for Entrepreneurs.
RELATED CONTENT: Elevating Your Excellence: The Unyielding Vision Of Pastor Jamal Bryant In The Fight For Economic And Civic Justice
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
36 minutes ago
- Forbes
Career Advice For Unemployed Social Impact Workers Hit By Federal Cuts
Many people take jobs in the federal government – or with organizations that receive government funding – because want their work to create positive social impact. Many such workers have been laid off from government, nonprofit, academic and private sector positions this year due to federal firings, frozen budgets and contract terminations. This has created an army of unemployed professionals with experience in DEI, foreign aid and public health, for example, competing for scarce jobs in those fields. 'The job market is brutal,' said Wayan Vota, who launched CareerPivot on February 1, the day after he lost his USAID-related job. He reports that 13,000 people have subscribed to this 'community of action' designed to help anyone who has lost a job due to USAID defunding. Vota said he has heard from recruiters that international development openings now attract 300 to 500 applicants from ex-USAID ecosystem job seekers, in addition to the usual 200+ applications from those without such experience. And those that are hired often take substantial pay cuts 'just to have a job,' according to Vota. How tough is it out there? A Chronicle of Philanthropy tracker of nonprofit jobs tallied nearly 20,000 layoffs nationwide from January 20 through May led by cuts in 'education (916 positions), health care (1,617 positions), and organizations providing food, housing, and shelter (414).' And more are on the horizon. It's particularly acute in 'the DMV', the Washington DC/Maryland/Virginia corridor, which is home to so many federal and government-funded workers. Job postings on the hiring platform Indeed in the city of Washington, D.C. fell by 17% from January 20 to late May and applications from federal workers have surged. – the top website for listings of social impact jobs – estimates that its online traffic was up a whopping 39% between January and May in the DMV compared to 2024. A growing number of individuals and institutions are investing ways to help newly unemployed workers unearth opportunities. This year, for example, Michael McCabe, a 30-year veteran of international development work, created Collective Leadership LLC to provide free online resources and to coach clients (especially in the social impact space) who hire him for help tackling career challenges. For many such people, their next move may not be doing the type of work they have done before. McCabe advises job seekers to 'reflect on what you really love doing (not just job names but daily skills) and broaden and then narrow your search for possible jobs that align.' Even the most flexible of applicants should be prepared for the job search to be a long, emotionally-challenging slog. 'Competition is fierce and you will be unemployed for 3-6 months,' Vota said he tells job seekers. 'This is a financially and emotionally traumatic marathon. Expect to experience many emotions, much stress, and very dark days. You will question if you have worth, if you will ever be employed, and if the unemployment pain will ever abate. It will, one day.' To deal with the challenges, McCabe tells clients to recognize they are not alone in this 'massive disruptive moment.' They should 'be very intentional in creating both personal and professional support networks or circles.' It is neither healthy nor feasible for job seekers to be applying for work 24/7 so they will inevitably have more empty space on their calendars than they are used to. They should make the most of that. 'Spend this time to skill up on emerging priority skills and certifications such as AI/technology or project/financial management,' said McCabe. 'You may be surprised by joy to try something outside of your traditional path, such as if you go for a teaching certification to help fill the current teacher gap, and then apply your previous experience to that work.' People impacted by the federal cuts should check out these valuable free online resources: – Tips and Resources for Young and Transitioning Professionals in a Changing Global and Career Environment by Michael McCabe – Career Pivot by Wayan Vota – Resources for Unemployed Federal Workers by The Job Hopper – Pivot With Purpose: News Paths In Development And Beyond by The Georgetown School of Foreign Service – How To Survive A Layoff by
Axios
2 hours ago
- Axios
Scoop: Tucker Carlson buys out investors in his media company
Tucker Carlson and his business partner, Neil Patel, recently bought out investors in their media company, Tucker Carlson Network (TCN), a source familiar with the deal tells Axios. Why it matters: The deal gives the pair complete independence and total control of the company they co-founded in 2023. "It's hard to claim you're independent when other people own your company, so we decided not to take investments or loans of any kind," Carlson told Axios in a statement, confirming the deal. "Our business is owned by the people who work there. You can disagree with our opinions but you can't say we're paid to have them, and we're proud of that." Catch up quick: Carlson and Patel raised roughly $15 million for TCN from a group of investors in late 2023 after Carlson parted ways with Fox News. The pair have a long history, having co-founded the Daily Caller together in 2010. Patel currently serves as co-founder and CEO of TCN. The bulk of the cash raised for TCN came from 1789 Capital, which was founded by banker Omeed Malik to invest in "anti-ESG" companies. State of play: 1789 Capital's investment is structured as a SAFE (simple agreement for future equity), Axios reported. The SAFE structure allowed Carlson to convert his investors' cash into equity if he later chose to raise more money at a set valuation. Yes, but: When TCN became profitable more quickly than expected, they became less inclined to raise another round. And with no plans to sell the company, a buyout offered liquidity for existing investors. Because of TCN's profitability, investors saw a positive return on their investment, according to one source familiar with the transaction. Between the lines: The success of product investments outside of TCN also gave Carlson and Patel the confidence to buy back their company. Carlson and Patel launched a nicotine pouch product called ALP last year as a joint venture with Turning Point Brands, a publicly traded smoking accessories company. TPB's share price has skyrocketed by nearly 30% since ALP's launch announcement in November, reaching an all-time high last month. Before launching ALP, Carlson was a supporter of ZYN nicotine pouches, produced by tobacco giant Philip Morris International. He created a rival product after criticizing PMI over political donations made by the company's employees. What they're saying:"We have had a great start at TCN. We have also started other ventures, including our ALP nicotine pouch brand which has really taken off," Patel said in a statement to Axios. "This strong start gave us no need for outside capital and gave us the ability to buy out all of our investors and achieve absolute independence. We are grateful to our investors for backing us at our start and happy to have provided them a strong return on their investments." What's next: TCN's business is primarily driven by consumer subscriptions, as well as some advertising.
Yahoo
11 hours ago
- Yahoo
Jay Peak's president talks tariffs at U.S. Senate
WASHINGTON, D.C. (ABC22/FOX44) – 'If I start escalating costs to Canadians at the same time we're continuing to whack them with this reckless narrative about their sovereignty, I'm going to lose half of my business.' Vermont Senator Peter Welch on Wednesday brought Steve Wright, president and general manager of the Jay Peak ski resort, to a forum on the impact of recent tariffs on tourism, farming, and manufacturing industries. The forum was hosted by senators Catherine Cortez Masto of Nevada and Ben Ray Luján of New Mexico, and attended by 11 senators, all members of the Democratic Party. Canadians call off Vermont vacations over Trump policies President Donald Trump has said that tariffs can be an effective way to negotiate. The official White House website says, 'tariffs would create new incentives for US consumers to buy US-made products.' However, Wright warned about a 'catastrophic amount of trouble' caused by Canadians' unwillingness to spend money in the U.S. Wright's remarks focused on the impact of statements like Trump's suggestion in February that Canada become the country's '51st state', but he also talked about the higher prices he has seen as a result, citing a purchase of a new chairlift that abruptly increased in price by up to 50 percent. Vermont and North Country leaders on Trump's 'trade war' with Canada 'We are curious as to when the upside of this anti-Canadian rhetoric starts to present itself,' said Wright, 'because… along the northern border, we are presently living right in the middle of its downside.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
