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From Rihanna to Reese, women entertainers are transforming into business owners

BusinessEntertainment

By Liat Weinstein, NBC News

From pop singer Rihanna’s billion-dollar clothing and cosmetic lines to actress Reese Witherspoon’s media company, which just sold for $900 million, female celebrities who branch out and reinvent their brand are boosting their public image — and their fortune.

While dozens of female celebrities have started their own companies, with many expanding into the beauty and fashion industries, some brands — like Rihanna’s Fenty Beauty and Jessica Alba’s The Honest Company — have amassed hundreds of millions of dollars in revenue, turning their entertainer founders into fully fledged business owners.

Female entertainers face unique pressure to reinvent themselves as their career progresses, said Sharon Marcus, a professor at Columbia University whose research focuses on celebrity culture. When these celebrities reach their peak fame, Marcus said, they often feel as though they must extend themselves into other industries in order to stay relevant in the public eye — a phenomenon that Marcus said is not as common with male entertainers.

“When it comes to men, people associate age with experience and genius, even,” Marcus said. “But as women get older, people are just less interested in seeing them or hearing about them. Male standards of attractiveness are less dependent on freshness.”

Rihanna, who took a step back from music after the release of “Anti” in 2016 to focus on her beauty and fashion businesses, was recently named a billionaire and the world’s wealthiest female musician by Forbes. The majority of her wealth comes from her three businesses — Fenty Beauty, Fenty Skin and Savage x Fenty — rather than her music.

Marcus said Rihanna’s focus on developing her businesses mirrors a larger trend of celebrities expanding into other areas in order to curate their image as well-rounded and multifaceted entertainers.

“The very biggest stars understand how celebrity works,” Marcus said. “And so they don’t just develop their talent — they develop their stardom. And a big part of that is ‘how can I build on this?’”

Witherspoon’s portfolio includes the Draper James clothing line, named after her grandparents; and the female-centered media business Hello Sunshine, which last week was sold to a group that includes former Disney executives and private equity giant Blackstone.

Founded in 2016 with the goal of promoting female-centered stories and media, Witherspoon said the sale of her media company would enable Hello Sunshine to increase the number of female-led shows it produces.

“It’s fascinating to see how a company like this, that started just four years ago, can really resonate with audiences,” Witherspoon said in an interview with CNBC last week. “I think when you do things authentically and the mission is so clear to people, that you’re there for intersectional storytelling that puts women at the center.”

Click here to read the full article on NBC News.

Latina-Owned Candle Business Captures the Scents of Childhood

BusinessCareersLifestyle

By Génesis Miranda Miramontes, NBC Los Angeles

Who can forget the smell of a Saturday spent cleaning, as the sound of music blasted in the background: the smell that filled the air and made you get up knowing you would have to grab a broom and help out?

Or perhaps you recall the smell of hot chocolate and pan dulce as you sat around the table hearing your comadre’s latest chisme.

What if you can relive those memories by lighting a candle in your room? While you fold that pile of laundry you’ve been putting off.

Marcella Gomez, a mother, nurse and cancer survivor from Downey is the founder of Oh Comadre Candles, a Latina-owned business that quite literally captures those memories in a candle.

“Oh Comadre Candles celebrate life through a Latina’s eye. The candles are intended to evoke emotion, comfort, memory, or even a laugh,” Gomez said.

Gomez started her business online in 2014 as a form of therapy, and time away from the nursing job she had at the time. It was a way for her to disconnect from the stress of a work day and help distract her, she explains.

In October of 2020, Gomez was diagnosed with breast cancer. She has since received treatment and has been in remission.

She says she would like her story to be an example of the importance of taking care of your health and seeing your doctor.

“Take care of yourself like we take care of others,” Gomez said. “If your best friend told you they found a lump, you would drop everything and help your good friend seek medical attention. Why not do the same for yourself?”

Since starting her business, Gomez has gained over 76,000 followers on Instagram and has recently opened her first storefront in Downey a couple of months ago.

“I have nothing but gratitude for anyone taking the time to walk through our door. It’s an awesome feeling that any small business can relate,” Gomez said. “I couldn’t believe the amount of support the shop recieved. I still can’t believe it. Someone please pinch me.”

Gomez says it was a long process to find the right formula for her candles. Then in 2016 she received her first online order.

“I could not believe someone purchased it from me. I thought it was a joke because the order came on my birthday. Fortunately, it was the first of many orders to come,” Gomez said.

Most Latinos can relate to the scents of Fabuloso, Vaporub, Pan Dulce, Abuelita Hot Chocolate, Horchata, and even Jabon Zote.

These are the scents of childhood and the day to day that bring happiness and can now be enjoyed in your sala.

Click here to read the full article on NBC Los Angeles.

11 Gorgeous Afro-Latinx-Owned Online Shops To Support During National Black Business Month

BusinessCareers

By Andrea Reindl, Mitu

August is National Black Business Month and this year, there’s no better time to support Black businesses. After the racial reckoning of 2020, many of us are still educating ourselves on structural racism and the impact it’s had on Black business owners and generational wealth. And part of that education includes shopping at Black-owned businesses.

Luckily, there are Black entrepreneurs out there who are following their dreams and making money moves. Here is a list of Afro-Latinx-owned businesses you can shop at online.

Azteca Negra

Azteca Negra was founded by Jefa Marisol Catchings, who identifies as Chicana and Black. Her online store started off selling colorful hand-crafted headwraps, but since the pandemic, she has also expanded into selling face masks as well. Buy the Mami & Me Princesa Headwrap Set (pictured) for $38.00.

La Boticá Studios

Founded by Afro-Dominicana Dawn Marie West, La Boticá Studios is what she describes as a “luxury fragrance brand” that is “rooted in culture.” With scents like “Flor de Selva” and “República,” her candles are sure to transport you to the Caribbean. Candles start at $78.00.

Coffee Del Mundo

Belizean coffee connoisseur Jonathan Kinnard founded Coffee Del Mundo’s to “help people rediscover coffee the way it was meant to be enjoyed.” So unnatural additives are a no-no. You can get pods or whole beans via delivery. Buy a bag of El Salvador Whole Bean (pictured) for $13.50.

The Cozy Cup Tea

The Cozy Cup Tea was founded by a New York Dominicana who loves tea. While she throws tea party events for the tea-lovers out there, she also sells Caribbean-inspired tea on her website. Buy all teas starting at $10.00.

Breukelen Rub Spice Co.

Breukelen Rub Spice Co. is a Flatbush-located spice brand that produces hyperlocal artisanal spice blends and dry-rubs. Founded by Afro-Puerto Rican chef, Chef JD, Breukelen Rub Spice Co.’s most popular spice blend is the all-purpose, nostalgic spice blend Abuela’s Adobo. Buy for $15.00.

Reina Skincare

Inspired by her own skin troubles, Panamanian Jefa Adriana Isabel Robinson Rivera created a skincare brand fit for a queen. She sells everything from cleansers to toners to serums to oil. Browse their catalog.

Coco and Breezy Eyewear

Famous Afro-Puerto Rican twin DJs Corianna and Brianna Dotson created this luxury eyewear line as a creative experiment. Their brand has since achieved wild success. These are luxury eyewear, so the price point starts at $285.00.

Peralta Project

First-generation Dominican, M. Tony Peralta founded the Peralta Project. According to his website, his designs explore blackness in Dominican identity and pay homage to old-school hip-hop. This shirt is available for $35.00.

Valerie Madison Fine Jewelry

Valerie Madison is a fine jewelry business that describes itself as sells Black-Latina owned. The luxury retailer sells engagement rings, wedding bands, and other fine jewelry. These indulgences are a once-in-a-lifetime type of splurge, so prices vary.

Pisqueya Hot Sauce

Pisqueya hot sauce was created by Maritza Abreu from a recipe handed down “through a family of Dominican cooks.” With three delicious flavors (Smoky Hot, Medium Buzz, and Spicy Sweet), you’ll find a sauce for every occasion. Sauces sell for $6.99 each.

Click here to read the full article on Mitu.

All-Black women crew operates American Airlines flight from Dallas in honor of trailblazer Bessie Coleman

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In honor of the 100th anniversary of Bessie Coleman becoming the first Black woman to earn a pilot's license, American Airlines operated a flight from Dallas to Phoenix with an all-Black female crew.

By Emma Tucker, CNN

An all-Black female crew operated an American Airlines flight from Dallas to Phoenix in honor of Bessie Coleman, the first Black woman to earn a pilot’s license in 1921.

The airline hosted the Bessie Coleman Aviation All-Stars tour this week to celebrate the 100th anniversary of Coleman performing the first public flight by an African American woman in 1922. “She bravely broke down barriers within the world of aviation and paved the path for many to follow,” American Airlines said in a statement. Coleman’s great-niece, Gigi Coleman, was hosted on the flight operated by the all-Black female crew of pilots, flight attendants, customer service coordinators, cargo team members and the aviation maintenance technician, the airline said. “I’m grateful for American Airlines to give us this opportunity to highlight my great aunt’s accomplishments in the field of aviation,” Gigi said in a video posted by American Airlines titled “Empowering Women in the Skies.”

Very few American women of any race had pilot’s licenses by 1918, but those who did were often White and rich. Undeterred, Coleman learned French and moved to Paris and was accepted by the Caudron Brothers School of Aviation. In 1921, Coleman became the first female pilot of African American and Native American descent.

Coleman died at 34 in 1926 during a practice run with another pilot. While she never fulfilled her dream to open a flight school for future Black pilots, Coleman’s imprint on aviation history lives on, CNN previously reported.

Black women have been “notably underrepresented in the aviation industry, especially as pilots, representing less than 1% in the commercial airline industry,” American Airlines said.

“Today, I’m beyond thrilled to be a part of the crew where we are inspiring young girls, young girls of color, to see the various roles that these women play in every aspect to make this flight possible,” Captain Beth Powell, the flight’s pilot, said in the video.

American Airlines said it is committed to diversifying the flight deck, which includes “expanding awareness of and increasing accessibility to the pilot career within diverse communities” through its cadet academy.

The day after the historic flight, representatives from the Bessie Coleman Foundation and American Airlines pilots and cadets met with students at the Academies at South Mountain in Phoenix, where the flight landed, to expose young people to careers in the aviation industry.

Click here to read the full article on CNN.

Jennifer Lopez & Partners Pledge $14 Billion in Capital to Latina Entrepreneurs

ActivistsBusiness

Global icon Jennifer Lopez and Grameen America, the nation’s fastest-growing microfinance organization, announce they are partnering to advance financial empowerment for Latina businesswomen historically excluded from the financial mainstream.

Grameen America provides access to business capital, credit- and asset-building, financial education and peer support to enable women living below the federal poverty level to boost their income and create jobs in their communities. The new partnership seeks to advance both Lopez’s latest philanthropic project, Limitless Labs, which aims to support Latina-owned small businesses, as well as Grameen America’s goal to empower 600,000 Latina entrepreneurs across 50 U.S. cities with $14 billion in life-changing business capital and 6 million hours of financial education and training by 2030.

Lopez joins as Grameen America’s National Ambassador to advocate for and mentor the organization’s network of over 150,000 small businesses run by women in predominantly Latinx communities across the United States. Limitless Labs, the home for all of Lopez’s philanthropic and values-driven work, aims to uplift, educate and provide essential resources to underserved communities like the one in The Bronx where Lopez grew up. Additional areas of focus include youth empowerment, civic engagement and empowering women with the confidence to live limitlessly.

Grameen America envisions an inclusive society in which all entrepreneurs, regardless of gender, race or income, have access to fair and affordable financial services to support upward economic mobility. The organization provides ongoing financial education to members and reports microloan repayments to credit bureaus to enable participants to build their financial identities. Since its founding in 2008, Grameen America has served over 150,000 women in 23 U.S. cities, distributed $2.6 billion in loans and helped create and maintain 157,000 jobs. The organization’s repayment rate is over 99 percent, and its members have achieved an average credit score of 644 through participation in the program.

To kick off her role as National Ambassador, Lopez will motivate, promote and inspire Latina businesswomen, helping them understand the pathway to financial independence and literacy through joining the Grameen America microloan program. Lopez will mentor the organization’s existing Latina business owners, educating them on the importance of credit and asset-building and developing a savings program to promote financial resilience. The partnership will also enhance Grameen America’s financial education and training platform, prioritizing digital and multimedia resources to promote financial literacy.

“Being Latino in this country has always been a matter of pride for me. I am humbled and beyond grateful to partner with Grameen America,” said Jennifer Lopez. “We’re building pathways to employment and leadership opportunities. There’s so much strength in this community and we’re harnessing that. This partnership will create equality, inclusivity and opportunity for Latina women in business. This will change the fabric of America!”

“Jennifer Lopez is a trailblazer, having given visibility and advocacy to ensure Latina women are educated, financially empowered and healthy,” said Andrea Jung, president and CEO of Grameen America. “Grameen America is the only organization with the national scale, reach and proven model required to deploy $14 billion in loan capital to emerging businesswomen in Latinx communities. Together we will shape entrepreneurship as a viable pathway to success for Latina women who have historically lacked access to the formal financial markets and are often marginalized from economic opportunity.”

Despite gaps in opportunity, Latina entrepreneurs represent the fastest-growing, yet untapped, segment of U.S. small business owners. In the past 10 years, the number of Latino-owned small businesses has grown 44 percent compared to just four percent for non-Latinos, according to a recent report by the Stanford Latino Entrepreneurship Initiative. The same report notes Latino-owned businesses are significantly less likely than white-owned businesses to receive loans from national banks, despite demonstrating strong lending criteria. For women, financial exclusion is disproportionately higher as only four percent of all small business loans from mainstream financial institutions go to women, according to a report by the National Women’s Business Council.

“Asking for a loan from a bank is not as easy as people think, and even more challenging for businesswomen in my community,” said Maria Lugo, Grameen America member and owner of Who’s Papi? Tires by Papi, an auto-repair and tire shop located in Woodside, Queens. Lugo joined Grameen America in 2011 to revitalize her family’s struggling business. Today, Lugo’s thriving business has expanded in its size, services and staff to meet growing demand. Most importantly, Lugo’s savings allowed her to send her three children to college. “The road to business success is not always easy to navigate, but with hard work and access to financial services, education and mentorship, it’s possible to achieve your vision,” said Lugo. “Surround yourself with people who are going to lift you higher.”

Source: Grameen America

Serena Williams says she will retire from tennis sometime after the U.S. Open.

BusinessSports

Serena Williams at the French Open last year. She said she would play in the U.S. Open, which begins in late August.Credit...Pete Kiehart for The New York Times

By Oskar Garcia, NY Times

Serena Williams, the 23-time Grand Slam champion who has been the face of tennis since winning her first U.S. Open in 1999, said in a magazine article published online on Tuesday that she planned to retire from the sport after playing again in the tournament, which begins later this month.

Williams, who long ago transcended her sport as a dominant cultural figure, said in an as-told-to cover story for Vogue that she has “never liked the word retirement,” and preferred the word “evolution” to describe her next steps. “I’m evolving away from tennis, toward other things that are important to me,” including working with her venture capital firm and growing her family.

She was not explicit about when she might stop playing, but hinted on Instagram that the U.S. Open could be her last tournament. “The countdown has begun,” she said, adding, “I’m gonna relish these next few weeks.”

Williams said that she and her husband, Alexis Ohanian, planned to have another child.

“In the last year, Alexis and I have been trying to have another child, and we recently got some information from my doctor that put my mind at ease and made me feel that whenever we’re ready, we can add to our family. I definitely don’t want to be pregnant again as an athlete. I need to be two feet into tennis or two feet out.”

Williams, whose last Grand Slam tournament victory came while she was pregnant during the Australian Open in 2017, was eliminated from Wimbledon in June in the first round.

“Unfortunately I wasn’t ready to win Wimbledon this year,” Williams said. “And I don’t know if I will be ready to win New York. But I’m going to try. And the lead-up tournaments will be fun.”

Williams has won nearly $100 million in prize money.

With the caveat that there still may be more to come from her this fall, Serena Williams has put a dazzling array of achievements into her sport’s record books.

She has won 23 Grand Slam singles events, ranging from 1999 when she was 17, to 2017. They included seven Australian Opens, three French Opens, seven Wimbledons, and six U.S. Opens. She also has 10 further appearances in Grand Slam singles finals.

Click here to read the full article on the NY Times.

Beverly Malbranche of Caribbrew Honors Her Homeland of Haiti Through Her Coffee Brand

BusinessLifestyle

Beverly Malbranche wearing a yellow shirt and smiling at the camera

By Nashia Baker, Martha Stewart

Both personally and professionally, Beverly Malbranche has always wanted to make an impact in the world and honor her homeland along the way. To meld the two, she decided to open Caribbrew, her Black-owned and woman-founded Haitian coffee brand. “Once I realized that we used to be a major coffee producer, I felt challenged to revive this lost history and create opportunities through it,” she recalls, noting that she launched the business, based in Passaic, New Jersey, in November 2018.

“I decided to create my own business in order to have more impact and to use my creativity and determination to offer a positive image of Haiti,” she says. “I also wanted to share our gastronomy with the world in some form or shape.” Ahead, Malbranche shares how she took her desire for personal fulfillment and meaningful opportunity and channeled them into her work—and ultimately developed a thriving coffee business that is also a tribute to Haiti.

Increasing Brand Awareness

Malbranche opened her business with $1,000 and built it from the ground up. She turned to Facebook and Instagram to get her company up and running. Through these platforms, she discovered other small businesses and began to learn from them—and started networking offline to build her business, as well. She attended local pop-up shops to continue getting Caribbrew’s name out there, and gained business champions and her first customers as a result.

Producing the Coffee

Caribbrew offers an array of products, but is best known for shade-grown, chemical-free, premium coffee. Malbranche prioritized process when she first started production: Haitian farmers handpick the Arabica beans, which are then roasted in small batches. For those who can’t go without their morning cup of joe, you can shop options like the Caribbrew Dark Roast Premium Haitian Coffee ($15.50, caribbrew.com); it is characterized by its dark, aromatic, heavy-bodied flavor profile. Or, try Caribbrew Medium Roast Kcups ($22, caribbrew.com), made specifically with beans from Thiotte, a mountainous town in the south of Haiti (this roast has hints of chocolate).

“Haitian beans tend to be nutty and mellow in acidity,” Malbranche explains. “[The medium and dark roasts] are both smooth, and while you can taste the nuttiness more in our medium roast, the dark roast has notes of dark caramel and a bit of chocolate.”

Her company’s offerings go beyond coffee, too. Skin care enthusiasts can snag the Coconut Latte Body Butter ($25, caribbrew.com), a Haitian coffee-infused, full body treatment that can reduce stretch marks and cellulite; the Mango Mandarin Haitian Coffee Scrub ($15, caribbrew.com) which exfoliates and decreases facial inflammation, thanks to green coffee properties; and other beauty products, teas, and chocolates from the line.

Brewing with Inspiration

Malbranche’s mission is simple: “I want to create more transparency on the coffee supply chain and create a space for coffee originating from the Caribbean—starting with Haiti,” she says. “I also want to support the ongoing efforts to see more Black- and women-owned businesses in the industry.” As for her customers? She wants them to enjoy exploring her brand and “savor each cup—and also connect with the folks who grow the beans.”

While the entrepreneur has her sights on new goals (the team just launched Caribbrew nationwide via Sprouts Farmers Market and aims to get the brand in more retail locations soon), she has one crucial piece of advice for fellow business owners who are striving for something more. “Give yourself grace and take it one step a time,” she explains. “It’s good to create a roadmap for the vision that you have. That will help you eliminate some activities that do not align with your goals, so you can focus on what matters.”

Click here to read the full article on Martha Stewart.

US Black business ownership sees rise thanks to women, study finds

BusinessCareers

By Gloria Oladipo, The Guardian

Black business ownership is surging in the US despite the coronavirus pandemic, research shows, with a rise in businesses owned by Black women.

At the start of the pandemic, Black-owned businesses suffered. Between February and April 2020, Black business ownership dropped by more than 40%, the largest drop of any racial or ethnic group, according to a report from the House committee on small business.

When government aid became available, Black business owners received fewer small business grants than white business owners, with paycheck protection program funds only reaching 29% of Black applicants versus 60% of white ones.

But according to research from University of California Santa Cruz economist Robert W Fairlie, Black business ownership is now up by almost 30% on pre-pandemic levels.

The Biden administration has said a record number of people are starting their own businesses. Women of color are the fastest-growing group of female entrepreneurs.

“At a time when folks are rethinking their lives and choices, it is not surprising that more Black women are electing to become CEOs of their own companies rather than waiting for their intelligence and skills to be recognized at their current firms,” Melissa Bradley, founder of 1863 Ventures, an agency for Black and brown entrepreneurs, told Business Insider.

Pandemic layoffs could be another factor in the rise of Black business ownership. Job insecurity caused by Covid-related restrictions prompted many people to explore alternative options, including starting businesses.

Diamonte Walker, deputy executive director of the Urban Redevelopment Authority of Pittsburgh, told the Pittsburg Post-Gazette: “Being beholden to corporations and institutions just doesn’t feel like a safe bet in times of uncertainty, whereas the risk of starting a business now starts to feel a lot less than the risk of sitting on a job not knowing when your number is coming up.”

Experts say the emergence of female Black business owners could be explained by Black women wanting more control over their work life.

Millions left their jobs during the pandemic due to inadequate pay, lack of childcare options and debates about remote work, all compounded by systematically low pay and workplace discrimination.

“If you start your own business, some of those obstacles may not be as acute as if you were relying on employment from someone else,” the Wells Fargo chief economist, Jay H Bryson, told Insider.

“There may be avenues that certainly benefit anybody, but proportionally they’d be more beneficial to the Black community than other parts of the population.”

Click here to read the full article on The Guardian.

3 Strategies Female Founders of Color Can Use to Secure Funding

BusinessCareers

two females looking at a laptop screen together

By Xintian Tina Wang, Inc.com

Black and Latina women founders received only 0.43 percent of the $166 billion in VC funding dished out to startups in 2020. That’s according to ProjectDiane, a biennial report on the state of Black women and Latina founders by the organization DigitalUndivided.

Two women who are beating the odds are Kelly Ifill, the founder and CEO of Guava, a neo-bank and community platform designed to serve Black entrepreneurs and small-business owners, and Evelyn Rusli, an angel investor and the co-founder and president of baby food brand Yumi. The two sat down with All the Hats editor Teneshia Carr to talk about the best strategies for overcoming the hurdles to getting funding as a female founder of color. Here are three that stand out.

1. Be prepared to hear ‘no’ and keep pitching.
Rusli says she receives probably hundreds of rejections when pitching to investors, but encourages founders to stay positive nevertheless. “I think you have to pitch a lot of investors in the beginning, where not everyone is going to say yes. In fact, you’re going to get many nos,” says Rusli. “For every no out there, there is a yes. If you believe so strongly in your vision and that’s why you took the leap, then you just have to continue to knock on those doors and try to find the angles.”

Ifill agrees and suggests that pitching is a numbers game — by pitching more, you’ll come to understand what resonates with investors best. “Some investors will give you feedback, so you can scrap from your pitch what’s not working and what you need to double click on,” she says.

2. Find a compelling story.
Practice telling your pitch story to get it right and tight. Investors are humans, and they respond to stories that have humane aspects.

“We don’t pay attention to the storytelling aspect of the pitches enough,” says Ifill. “Try to tell stories of the lived experience of people that you’re trying to change or an industry problem that you’re trying to solve. I find that’s [led to] the most successful moments that I have had with investors.”

3. Leverage your network to find the right investor
LinkedIn can be your go-to platform to get to know people in your industry. Rusli urges being unafraid to cold call people you don’t know. “People reach out less than you think they do in general. If an investor finds your subject line interesting, they might just respond.”

Click here to read the full article on Inc.com.

How 3 Black Women Entrepreneurs Achieved Industry Firsts

BusinessCareers

Black women entrepreneur Tiffany Mason, founder of Harlem Pilates.

By Rebecca Deczynski, INC.com

Someone always has to go first-but occupying that role isn’t necessarily easy.

While Black women are the fastest-growing demographic of entrepreneurs in the United States, they remain underrepresented in many industries. And especially when it comes to securing capital, a lack of previous representation in an industry can be a barrier.

“During the time I was building my business, I was generating tons of money, but I just couldn’t get funded,” says Robin Wilson, founder of home textile brand Clean Design Home (originally called Robin Wilson Home). “I remember going to a seed capital group and showing how successful my business was, and a woman said, ‘I don’t know any brands like yours-I’m not trying to be racist or anything.’ I said, ‘I can’t really unzip myself and become something I’m not.’ So I was out.” After years of bootstrapping, Wilson became the first Black American female founder of a global, licensed hypoallergenic textile brand, and now has several successful companies under her holding company, A Blue Egg Corporation.

Wilson is just one example of the Black women entrepreneurs succeeding in spite of systemic barriers. Inc. spoke with her and two others to find out their best takeaways for strategizing, connecting with investors who get you, and achieving “firsts” in their respective industries.

Make the connections you can
By day, Rada Griffin is a senior software engineer for NASA, working on a project that will send the first woman to the moon in 2024. But in her off hours, she’s the owner of Anissa Wakefield Wines and Alabama’s first certified Black female winemaker. In 2006, the Huntsville, Alabama-based entrepreneur started a catering business on the side and quickly developed an interest in wine. “Back then, you really had to know someone in the winemaking business to get some insight about it,” she says. After years of self-study, she launched her business in 2017, releasing her first vintage of wine the following year. She became a certified winemaker in 2021, after she completed an online program through Cornell’s School of Hotel Administration.

Of the more than 8,000 wineries in the United States, about one-10th of 1 percent are Black-owned, Phil Long, president of the Association of African American Vintners, told Bloomberg in 2020. Finding people who are open-minded to diversity and inclusion, Griffin says, has been key to her success. She connected with a few other Black women winemakers working in Napa, where she produces her wine. “I’ve come across some really, really great people who have kind of taken me under their wing,” she says. “If you don’t reach out to people, if you don’t go talk to people and understand what it is that you’re doing or what you need to do better, you’ll keep making the same mistakes.” Griffin says that the support she’s gained from her network has made all the difference-she turns to her fellow winemakers for advice and inspiration.

Turn “no” into a learning opportunity
Tiffany Mason, founder of Harlem Pilates-the first Pilates studio in Harlem-recently won a $30,000 grant from Squarespace to put toward her business. But fundraising previously wasn’t easy. For that reason, she bootstrapped her business, running lessons from her apartment for about two years before she started looking for a brick-and-mortar space in 2019. After approaching a few banks, she got approved for a small personal loan, which allowed her to take the next step in opening her business.

“I got a lot of noes,” she says. “Eventually, you understand that noes are feedback to help you get better. It’s important to take those responses and learn how to refine your messaging.” On her part, Mason says that early noes taught her to become more confident in her pitch, being “loud and proud” about owning the only Pilates studio in her neighborhood. While trying to secure her initial bank loan, Mason says that she took a more passive approach, and didn’t really emphasize how significant her business was for her neighborhood; when she applied for Squarespace’s grant, she went in the opposite direction-to great success.

Understand the power of branding
Wilson started her career in the corporate world at the executive search firm Heidrick & Struggles. When the company went public in 1999, she gained the financial opportunity to pursue her real passion-so, she went to NYU to get her master’s in real estate finance and launched her business, Robin Wilson Home. Over the years, she’s faced ups and downs, and particularly had a hard time garnering VC interest. “As a woman and a person of color, there’s real fiscal inequality,” she says.

But in the summer of 2020, she saw sales of her 2015 book Clean Design tick up, amid increased calls to support Black-owned businesses. Around that time, she had a conversation with an old business school professor, who advised her to change the name of her business to help expand her appeal.

Click here to read the full article on Inc. Com.

SkyPoint FCU Closes $7 Million Investment from the U.S. Treasury’s Emergency Capital Investment Program

BusinessFinance

SkyPoint Federal Credit Union (SkyPoint), a premier, member-owned financial institution, has recently closed on a $7 million investment as part of the U.S. Treasury’s new Emergency Capital Investment Program (ECIP). This investment increased SkyPoint’s net worth which will allow for growth and expansion of their lending portfolio.

The ECIP initiative is designed to provide access to capital for communities, businesses, and individuals traditionally excluded from the financial system, particularly those that have struggled during the COVID-19 pandemic. SkyPoint will use the funds to provide financial products for small and minority-owned businesses and consumers in low-income and underserved communities. The credit union already has a long history with members in this demographic.

“We’re very proud to be selected for this program that looks to address some of the long-standing inequities in our financial system,” said Jim Norris, CEO of SkyPoint. “SkyPoint has always been focused on helping underserved communities, and this investment will give us a solid foundation to expand our services and help more people.”

SkyPoint is evaluating ways to broaden its portfolio of lending programs to communities most impacted by the COVID pandemic. The credit union is also planning to add business accounts and lending programs this year that will complement its financial service offerings for consumers.

“We know with higher prices for almost everything, families can be worried about making big investments like a car or a home. And entrepreneurs may be nervous about starting or expanding their businesses,” explained Norris. “As part of the ECIP, we’re well-positioned to give families and companies access to the capital they need, especially groups that historically were not able to easily receive funding.”

Over the long term, the funds will also help SkyPoint grow and continue its role of helping foster financial opportunities and inclusion in low-income and traditionally underserved communities.

About SkyPoint Federal Credit Union (SkyPoint)

SkyPoint is one of the premier financial institutions serving Montgomery County, MD; Frederick County, MD; Arlington County, VA; Alexandria and Falls Church, VA; and the District of Columbia. SkyPoint is a Community Development Financial Institution and a designated Juntos Avanzamos credit union. To learn more, visit www.skypointfcu.com