CEO Commits Millions of Dollars to Start 3,000 New Businesses Through the Wisconsin Black Chamber of Commerce

People dream everyday of being their own boss! The Wisconsin Black Chamber of Commerce is looking for new Black Entrepreneurs, committed to starting and growing a business in the state […]

CEO Commits Millions of Dollars to Start 3,000 New Businesses Through the Wisconsin Black Chamber of Commerce

People dream everyday of being their own boss! The Wisconsin Black Chamber of Commerce is looking for new Black Entrepreneurs, committed to starting and growing a business in the state to join “The 3,000 Black Business Challenge” created by Ruben Hopkins, Chamber CEO.

Facts show, Black Americans spending power reached a record 1.6 Trillion in 2021 according to CNBC News. The “3,000 Black Business Challenge” will increase employment. The Chamber has a team committed to providing tools and resources, and wants to inform people of this much need opportunity.

Ruben Hopkins said: “I started the Chamber 16 years ago, due to the need for economic development in the Black Community. This past week, we committed to deposit $1 Million Dollars into the states 99- year old, only black owned bank, Columbia Savings and Loan. New business owners need support. We aim to help create a lot more businesses statewide.”

Strategic Networking, Workshops, Financial Education, Grants, Bank Partnerships and more, are offered to close to 1,000 members of the Wisconsin Black Chamber of Commerce. “Regular community events build confidence, collaboration and cohesion. Every week is Black Entrepreneur Week, right here! All entrepreneurs need resources to compete, but black business owners face even more challenges when starting a business”. The Chamber CEO, Ruben Hopkins, stated.

Accessing funds is often challenging. According to The Intuit Quick Books report, it shows that 57% of Black business owners compared to 37% of non-blacks were denied a bank loan at least once. The Wisconsin Black Chamber connects entrepreneurs with banks that want to help walk them through the process. Chamber mentors teach business owners how to hire and train employees and to plan their growth. The US Census data states, only 124,000 of the 2 million Black-Owned Businesses in America have hired employees.

Woman owned small businesses help single mothers off-set household expenses. Bank of America’s Women & Minority spotlight stated almost half of Black Woman Owned Business challenges include:

  • 46% face access to capital challenges
  • 39% lack relationships with lenders
  • 21% Don’t know where to apply for capital

    With challenges and other factual obstacles faced, Black Entrepreneurs are still optimistic, creative and focused on uplifting their families.

    The Wisconsin Black Chamber of Commerce’s 3,000 Black Business Challenge will generate more needed employment opportunities and impact the state and local communities for decades to come.