Prominent Black Leaders Part of New $10 Million Fund to Make Loans to Black Businesses

Borrowers must seek financing through a U.S. based African American Chamber of Commerce office, a move to help ensure loans are made in black business communities.

World Business Lenders (WBL) has compiled an elite list of “Board of Managers” for the AACF. The list consists of high-profile individuals with political, business, spiritual, and athletic backgrounds who will reach out to local chambers to affiliate with.

Organizers report there are currently 2.6 million black-owned businesses in the United States, employing 975,000 workers across the nation and generating $150 billion in annual receipts.

“Clearly, African American entrepreneurs are a driving force in our nation’s economy but, like all minority groups, they have more difficulty getting access to capital,” Bishop Billings, Fund Vice Chairman stated publicly earlier this year. “Our goal is to ensure that the opportunity to thrive is available to every single one of these entrepreneurs who want to create more economic growth for our communities.”

An alternative lender, WBL allows borrowers to use real estate as collateral to get short-term business loans. Its AACF unit can make unsecured loans based on the guidance and insight borrowers receive from a local chamber. The bottom line is borrowers can pursue loans they might not from traditional lenders like banks.

The AACF is in talks with other black chambers nationally, including the Illinois Black Chamber of Commerce in Chicago and the Mississippi Black Chamber of Commerce in Jackson to affiliate with the fund, Chambers says. He added the AAFC will also determine whether to make loans to black businesses at a local chamber outside of their business location.