Landmark Summit will bridge community development financial institutions with small businesses that need capital resources to grow

New York, NY – In honor of National Black Business Month, New York City Council Speaker Adrienne Adams, in collaboration with The Black Institute (TBI) and Department of Small Business Services’ Black Entrepreneurs NYC (BE NYC), will host a landmark summit designed to empower minority and women-owned businesses (MWBEs). The event will be held on Tuesday, August 8, 2023, from 9:30 AM to 12 PM at the NYC Department of Small Business Services at One Liberty Plaza, 11th Floor, New York, NY 10004.

The summit’s theme, “The Melanin Summit: Changing the Color of Capital,” underscores the vital importance of financial resources for the success and competitiveness of all businesses. This event seeks to highlight and address the well-documented challenges many minority entrepreneurs and MWBEs face in accessing traditional financial resources.

A vital component of the summit’s objective is to raise awareness and utilization of Community Development Financial Institutions (CDFIs) among MWBEs. CDFIs are critical in providing capital to businesses in economically disadvantaged communities. These institutions can offer the much-needed financial backing for MWBEs to thrive, grow, and contribute significantly to New York City’s vibrant economy.

“The Melanin Summit: Changing the Color of Capital” resulted from Speaker Adams’ proposal to support M/WBEs and underrepresented entrepreneurs in her 2023 State of the City address. In her address, the Speaker pledged legislative, budgetary, and community action for CDFIs to convene and support business leaders. Next week’s summit marks the initial convening of the Council, The Black Institute, and SBS. 

Participants can interact with various CDFIs, explore funding options, and engage in dialogue with other MWBEs. We’re transforming the traditional summit paradigm with this event. Instead of simply talking at MWBEs, we’re engaging in dynamic, focused conversations that all lead to one fundamental goal: “Show me the money!”

“Our landmark summit to connect MWBEs and other small businesses with Community Development Financial Institutions (CDFIs) follows through on proposals in my State of the City address to expand equitable economic opportunities for all,”said Speaker Adrienne Adams. “As institutions that advance equitable lending, CDFIs are incredibly valuable to the development and success of MWBEs that may not have access to capital from traditional banks. It is critical that we work together to support MWBEs that face unique challenges and provide them with the resources to thrive. I’m proud to host next week’s summit with The Black Institute, Black Entrepreneurs NYC, and the Department of Small Business Services to help close the gap between talent and opportunity and ensure that New Yorkers are fully supported in their dreams.”

“This event is more than just a meet-and-greet,” said Bertha Lewis, Founder and President of The Black Institute. “It’s an opportunity for MWBEs to make meaningful connections, gain insights into available capital sources, and ultimately drive their businesses to new heights. We will follow up post-summit to ensure that the MWBEs that attend ‘Get Paid.’”

“We are thrilled to partner with The Black Institute and Speaker Adams to host the Melanin Summit, which will connect M/WBEs directly with our community funding partners, providing these small business owners with the financial resources they need to thrive,” said SBS Commissioner Kevin D. Kim. “Affordable financing can be the springboard to a government contract, and SBS is committed to taking down barriers so M/WBEs can access the funding they need. Thanks to the work of this Administration, we are seeing more contracts than ever before go to M/WBEs — the vast majority after receiving support from SBS —and we are dedicated to keeping the momentum going with our partners in and out of government.”

Members of the media are invited to attend and cover the summit’s crucial conversations, financial breakthroughs and outcomes. For further details about the summit and to RSVP, visit https://bit.ly/3Om5bJX. The event promises to be an empowering, enriching experience for all minority and women-owned businesses in New York City.

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