The legacy of systemic racism means many companies still start from behind when competing for financing.
Securing capital is a big challenge for many Black- and other minority-owned businesses. Whether through outright discrimination or more subtle bias, many companies face a disadvantage in a financial world where personal relationships can make or break a deal.
It’s a particularly vexing problem when it comes to energy efficiency improvements, which can save money and in many cases more than pay for themselves. That dilemma becomes even more pressing as the pandemic continues.
“Capital has become an issue for almost every Black-owned business, small and midsize businesses especially,” said Carla Walker-Miller, founder and CEO of Walker-Miller Energy Services in Detroit.