Wells Fargo – Fund For Black Entrepreneurs
The Black Economic Alliance and Wells Fargo have launched the Black Economic Alliance Entrepreneurs Fund (BEA Fund), to accelerate the growth of Black entrepreneurs and business owners.
The $50 million BEA Fund will provide seed, startup, and early-stage capital funding to businesses founded or led by Black entrepreneurs. Wells Fargo will help support the effort with a $20 million commitment over five years to help boost the program’s operations and investments.
“Business ownership has been one of the best paths to multi-generational wealth creation for some Americans, but too few Black entrepreneurs have secured the financial resources necessary to launch and grow successful businesses. The Black Economic Alliance is proud to marshal resources to support more Black-owned businesses and founders, which will leverage hiring more Black workers and additional investment in Black businesses and communities,” David Clunie, executive director of the Black Economic Alliance said in a release. “We are thankful to Wells Fargo for providing $20 million in anchor funding to catalyze the launch of this important, long-term investment in Black entrepreneurs.”
