March 6th 2023.
UBS Bank is staying true to its commitment of bridging the racial divide by investing $3 million into the Black Innovation Alliance (BIA). This organization has 90 members and aims to provide equitable access to resources, knowledge and opportunities to 375,000 entrepreneurs of color. Over the span of three years, UBS’s initiative will help funnel $1 billion into the Black entrepreneurial ecosystem. Naureen Hassan, President of UBS Americas, believes that this move is a step towards a more inclusive world. “
We understand that equitable access to capital, resources and knowledge is essential in order to create a more equitable world,” she said. “We are proud to be working with BIA to support the Black entrepreneurial ecosystem and help Black entrepreneurs develop and expand their businesses.”
Unfortunately, many of the DEI roles that were set up by major corporations in the wake of George Floyd's death, have been eliminated due to lack of follow-through on their promise of investing millions of dollars. UBS is doing their best to ensure that they don't fall into this same pattern.
This investment is a huge step forward for Black entrepreneurs, as well as other people of color. According to Forbes, in 2020, Black women-led startups only raised 0.6% of the total $150 billion venture capital funding, and by the end of 2022, Black entrepreneurs have seen a 45% decrease in financing. Kelly Burton, co-founder and CEO of BIA, believes that this investment can help with the deep-rooted issues associated with funding for Black business owners. “
Black founders and innovators require safe spaces to create, develop, and even fail, however this cannot be done without support,” Burton said. “The more Black ISOs we back, the more Black entrepreneurs will succeed.”
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