NEW YORK, NY / ACCESSWIRE / October 23, 2020 / Terrel "T-Time" Davis has a complementary solution for billionaire Robert F. Smith's 2% Solution. Smith challenges big banks and corporations to spend the next decade giving 2 percent of their annual net income to financial, telecom, tech, healthcare, and educational institutions that serve the Black community and minority-run enterprises. Smith asserts that this movement will reverse the structural racism prevalent in corporate America today.
Davis supports this idea by introducing an alternative funding vehicle that will still allow a portion of the banks' and corporations' allocated funds to go toward Black-owned and minority-run enterprises.
Davis' solution is found in the form of financial organizations like HBCU Seed, a venture capital and private equity firm that provides funding for businesses owned by HBCU students, alumni, staff, and faculty.
HBCU Seed, founded by Davis, was established to tackle the inadequate resources available to aspiring entrepreneurs in the African-American communities that attend and support Historically Black Colleges and Universities. During Davis' first year in college, he realized the hurdles that business owners, especially African-Americans, go through to secure funding.
"Inaccessible funds, inadequate workstations, and limited marketing options are some of the predominant issues that black business owners face," Davis said. "I decided to do something to change that."
Since its inception, HBCU Seed has been at the forefront of turning around the economic ecosystem of the black business community.
"Compared to Caucasians, the average African-American will be slammed with massive interest rates when seeking capital to start a business venture. In some cases, they don't receive any start up capital at all," Davis said. These obstacles motivated Davis to launch the firm's charitable arm, as well.
HBCU Seed Foundation is a nonprofit, run by Executive Director Janna Peterson, which seeks to launch physical and virtual entrepreneurship centers for all 107 HBCU campuses. Qualified business owners from HBCUs undergo a preliminary vetting process through the centers in order to receive the necessary funds to scale their businesses, hire employees, market effectively, and grow the economy.
"The purpose is to provide entrepreneurship services, mentorship, resources, and opportunities to business owners who are also HBCU students, alumni, faculty, and staff," Davis explained.
Davis also extends a special invitation to the billionaire responsible for issuing the 2% Challenge.
"I invite Robert F. Smith to become a part of HBCU Seed's board of advisors. Both the firm and foundation would benefit immensely from the wealth of knowledge that he can bring to the advisory board," Davis said.
SOURCE: HBCU Seed
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