Dr. Ragland Shares Tips for Black Entrepreneurs via OZY Media
"Cash is important to the success of any business, and access to it is more crucial now than ever before," reads OZY's recent newsletter by Joshua Eferighe. "How are firms, especially minority-owned businesses that face greater challenges, finding capital right now? OZY and Ally team up to bring you tips on financing for Black entrepreneurs. Just as OZY breaks the media mold in bringing our readers diverse and surprising perspectives, Ally was built to serve customers digitally since day one — a relentless financial ally for all things money. Read on for more about how to find your path."
Here is an excerpt from OZY, also on Ally.com, quoting Dr. Ragland:
1. Start Early
Generational wealth — including access to capital for businesses — can be traced in many ways to basic financial education. “Money is one of those topics where if you’ve got a lot of money, you don’t want to talk about it. And if you don’t have a lot of money, you don’t want to talk about it. So people just don’t talk about it,” says Jacqueline Howard, Senior Director of Corporate Citizenship at Ally. “And it’s when we have this lack of conversation that people don’t learn.” To that end, Ally has published an educational book called Planet Zeee and the Money Tree to help teachers and parents provide fun financial instruction to kids.
2. Get a Lawyer
You might think of banking and law as separate silos, but a skilled attorney could be the perfect fix for any financing woes, says Dr. Yolanda Ragland, a foot surgeon and owner of Fix Your Feet. “Hiring a corporate lawyer who knows how to navigate these systems precisely is a powerful source to get ahead of the game and save time and money in the long run regarding banking, financing and upward mobility,” Ragland says.
3. Sign of the Times
A national spotlight on racial justice in recent months has brought a renewed focus on the challenges for entrepreneurs of color — along with expanded opportunities. Banks are increasingly “sharing profits with what communities decide they will go to,” says Candice Matthews Brackeen, founder of Lightship Capital. “There is kind of a big push to buy at Black-owned businesses and restaurants, and sharing and distributing the wealth.” Check out banks in your area to see if they’re offering specialized programs...
Want more tips? Read the full story. Thank you OZY, Ally and Joshua Eferighe for including Dr. Ragland's perspective.