Prosperity Now Celebrates National Entrepreneur Day and Women’s Entrepreneurship Day

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• Inclusive Entrepreneurship

For Immediate Release:
November 19, 2024

Contact:
Brad Bauman (202) 520-2155
[email protected]

WASHINGTON, D.C. - Today, Prosperity Now celebrates National Entrepreneur Day and Women's Entrepreneurship Day, honoring the visionaries and innovators who fuel economic growth and drive transformative change.

Entrepreneurs are the backbone of America's economy, sparking innovation, creating jobs, and offering solutions to our nation's most pressing challenges. Among them, women-particularly Black and Latina women-are leading the charge, launching new businesses at unparalleled rates. Their contributions reflect not only resilience and creativity, but also the potential to transform industries and communities. Yet, women entrepreneurs face persistent barriers, from limited access to funding to systemic inequities that hinder their growth.

"Investing in women-owned businesses isn't just a financial decision - it's a commitment to strengthening the communities that form the fabric of our nation," said Marisa Calderon, President and CEO of Prosperity Now.

Access to capital remains one of the most significant challenges for marginalized entrepreneurs. According to the Federal Reserve, Black entrepreneurs are denied loans at nearly twice the rate of their White counterparts. Traditional financial systems often fail to meet the needs of Black small business owners, creating barriers to starting, sustaining, and scaling their enterprises.

"I experienced this firsthand, facing obstacles in funding despite my credentials and proven track record," said Bianca Jackson, founder of BrickRose Exchange and one of Prosperity Now's Rise Challenge winners. "This difficulty underlines the systemic barriers that exist-making it even more daunting for those without similar accolades."

Entrepreneurship is a critical driver of job creation and economic growth. In the U.S., 55% of adults have engaged in entrepreneurial ventures, with 26% having started multiple businesses. However, disparities remain. Latino entrepreneurs, for example, start businesses at the highest rates of any demographic, yet these businesses often remain small. Research shows that if Latino-owned businesses scaled at the same rate as White-owned businesses, an additional $3.3 trillion could be added to the U.S. economy by 2030.

"On this day, we honor the resilience and innovation of entrepreneurs," said Calderon. "Building an entrepreneurial ecosystem where all individuals-regardless of race, gender, or background-can thrive brings us closer to an economy that works for everyone, not just a privileged few."

At Prosperity Now, we understand the vital role small businesses and entrepreneurs play in shaping a thriving economy. Our efforts focus on addressing the systemic and structural barriers they continue to face. We partner with entrepreneur-serving organizations, such as Community Development Financial Institutions (CDFIs), to connect them with the resources they need-whether that's access to capital, technical assistance, or systems-oriented innovations.

"By empowering entrepreneur-serving organizations like CDFIs, we enable them to better support marginalized entrepreneurs," continued Calderon. "Through proven solutions, system-oriented innovations, and strategic collaborations, Prosperity Now remains committed to building a more inclusive economy that uplifts entrepreneurs and their communities alike."

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About Prosperity Now -- Since 1979, Prosperity Now has been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance economic equity by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact our entire financial ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Learn more at www.prosperitynow.org.