WS Chronicle

More than 100 business owners spent the day talking with banks, lenders and other potential investors last Friday during the third annual Black Business Access to Capital Summit. 

The summit hosted by S.G. Atkins Community Development Corporation, the Women’s Business Center, and the Winston-Salem Black Chamber of Commerce was designed to help entrepreneurs connect with funders, secure resources, gain insight, and connect with other businesses owners.  

According to Olajumoke Michael, organizer for the event and director of Women’s Business Center, funding is one of the biggest hurdles facing small business owners. Capital is the lifeblood of any business but especially small businesses. Without adequate financing through loans, commercial lending, or investment capital, most entrepreneurs cannot start new businesses or grow their existing companies. That’s why the summit was started to get local business owners in the room with those with the capital. 

“We’re ensuring that we stay true to our goal which is helping people get access to capital. This is one of the major concerns that we hear from the businesses we serve,” Michael said. 

Following breakfast and welcoming remarks from event host and sponsors, including Forsyth Tech Small Business Center, Center for Creative Economy, and Piedmont Federal Bank, the day started with a series of panel discussions. The first panel discussion was moderated by Hasani Mitchell and focused on alternative funding models.  

Panelists Charlie Gardner, program officer at the Winston-Salem Foundation; Courtney James, Support Systems for Forsyth County; Nike Roach, chief business development officer at Solutions Afoot; Casandra Brunson, principal designer at Design+ by CasandraMichelle; and Allan Younger, senior director of programs at N..C Idea, opened up about various non-traditional funding options including crowdfunding, peer-to-peer lending, bootstrapping, grants, and more.  

The second panel was led by Ja’Net Adams, owner of EMACK Consulting, titled ‘Tapping Into Public Funds: Winning Government Contracts and Grants.” Panelists Aregnaz Mooradian, N.C. deputy district director at U.S. Small Business Administration; Sharonetta McIntryre, business development and marketing specialist at N.C. Department of Administration; Tunya Smith, director of N.C. Department of Transportation Office of Civil Rights; and Brent Archie, CEO of Archie Supply, gave the steps for applying for government contracts and grants available across the state.  

After a short break, attendees participated in “speed consulting,” where they had the opportunity to talk directly to representatives from banks and other lenders.  

The keynote address during the summit was delivered by Wilson Lester, co-founder and managing partner of Partners In Equity (PIE), a private equity investment company that focuses on business purpose real estate. PIE focuses on underinvested communities offering an opportunity for businesses to own where they operate.  

As the instrumentals to Kendrick Lamar’s “Alright” played in the background, Lester gave a short list of things Black owned-businesses can do to combat Trump administration’s move to eliminate diversity, equity, and inclusion (DEI) programs and policies. Lester said just like the Black business owners throughout history, they must fight.  

“We have the solutions, we the knowledge, and we have the momentum – now we need the will,” Lester said.  

“The question isn’t can we create equitable access to capital; the question is will we? The time for incremental change has passed. The time for transformation is now.”