Why strong collaboration will be key to success for Memphis' entrepreneurs | Opinion

During Women’s History Month, we celebrate the women now and in the past who have worked together to positively impact the issues affecting the women of Memphis.

We are the presidents of two distinctly different institutions, but we share a common goal. We both want to improve the lives of Memphians by increasing economic mobility and racial equality, and we believe collaboration is the key.

We each come to the table with a set of skills and resources that together can fill the gaps to help enable individuals to achieve their goals and contribute to economic growth for themselves and the broader community.

Dr. Vernell Bennett-Fairs: helping female leaders reach next level

When I arrived at LeMoyne-Owen College in spring 2021, I met a number of students who had started their own businesses. Many businesses were online and some were doing well, but they needed help getting to the next level.

So, I launched a program called Lady Boss for female students who are budding entrepreneurs. LOC's Office of Career Services brings in female leaders from across the city to offer onsite mentorship through workshops hosted on campus. At the end of each semester, we choose a winning business to receive startup funds and a business license. To date, we have had eight businesses produced from the program, all led by female entrepreneurs.

When Trevia and I met, we shared a common interest in supporting educational and business opportunities that lead to better outcomes for Memphis. We are actively discussing how we can help support and guide entrepreneurs both at the college and in the community. We agree that education is the great equalizer.

Trevia Chatman: creating network of success for HBCUs

At Bank of America, we believe that small businesses drive economic mobility and play an important role in the overall health of our communities and our nation.

Part of our work through the Bank of America Charitable Foundation is to support Historically Black Colleges and Universities (HBCUs) like LeMoyne-Owen that can provide technical assistance to students as they begin, grow, and expand their careers.

Nationwide, we recognize the importance of and the work they do to prepare black professionals. Supporting the programming of these schools is part of our commitment to advancing racial equality and economic opportunities.

Memphis is a community of color, and we have economic needs across our city. It is statistically shown that when you have ownership – whether you own a home or business – it gives you the leverage to create generational wealth.

Bank of America and LeMoyne Owen College are joining forces to help entrepreneurs and business owners at the college and across the city.

We want more Memphians to find prosperity. By working together, we can strengthen the opportunities for long-term success in Memphis.

Trevia Chatman is the president of Bank of America Memphis.

Vernell Bennett-Fairs, EdD, is the president of LeMoyne-Owen College, the city’s only HBCU.

This article originally appeared on Memphis Commercial Appeal: Strong collaboration will be key to success for Memphis' entrepreneurs