HOPE CEO Talks Strategies to Boost African-American Businesses
Bill Bynum, CEO of Hope Enterprise Corporation/Hope Credit Union, joined leaders from across the nation Wednesday to examine strategies for bolstering small business ownership among African-Americans.
Research from the Federal Reserve Bank of Atlanta indicates that two of the most common sources of capital for startup businesses include loans from friends and families and home equity.
Some African-Americans may not have wide access to those sources, Bynum said.
“Our region boasts the highest concentration of African-Americans in the nation” said Bynum. “We should build on this asset and work to close the capital and opportunity gaps that confront many existing and prospective African-American entrepreneurs.”