Society is still hindering Black female entrepreneurs by Sara Reed

Black women continue to shatter barriers and rise to prominence as entrepreneurs. But this is despite, rather than because of, the business culture they’re operating in. While progress has been made in recent years, persistent disparities are holding Black women back. Unsurprisingly, Sage’s Underserved Entrepreneurs Research Project identified three key barriers to Black female entrepreneurs’ success: lack of access to capital, a lack of mentorship and networking opportunities, and limited access to skills and training.

These disadvantages are deeply rooted in historical and systemic inequalities that affect Black women’s ability to start, sustain, and scale their businesses. Addressing these disparities requires a multifaceted approach that involves dismantling biases, providing targeted financial and educational support, and amplifying the voices of Black women in the business world. By recognizing and addressing these challenges, we can work towards creating more equitable and thriving entrepreneurial ecosystems for all.

At Sage Foundation, we’re always striving to break down barriers, so partnering with the BOSS Network seemed like a perfect fit. The BOSS Network is an online community of professional and entrepreneurial women with a mission to promote and encourage the small business spirit and career development of women of color. They support each other through digital content, programs, and event-based networking. Designed to empower Black female entrepreneurs, this partnership helps create a positive impact through funding, training, and mentorship.

One initiative created in partnership with the Sage Foundation is the Invest in Progress Grant, which supports Black female entrepreneurs by providing grants and 1-year of access to mentoring, as well as training through the BOSS Business University. To date, the project has been a great success, with 60 women receiving Invest in Progress grants and the mentoring and training support that comes with it. Sage has provided $600,000 in funds dispersed directly to Black female entrepreneurs through the program.

Alicia Bowens, a recipient of the Impact Fund grant said, “This opportunity will allow me to grow my business so I can create more opportunities for homeownership for others and create career and entrepreneurship opportunities for young and single mothers.”

We cannot ignore the inequalities faced by black female entrepreneurs in our society. Sage Foundation will continue to advocate and support through our partnerships and funding – but even as individuals, we can take action to amplify diverse voices. Together, we must work towards a future where all entrepreneurs have equal opportunities to thrive.

Sara Reed – Director of Global Programs, Sage Foundation

Sara is the Director of Global Programs and Partnerships for Sage Foundation with a specific focus on supporting Sage’s ESG strategy. Sara is a passionate corporate philanthropy professional. She is driven to create sustainable relationships between corporations, nonprofits, and social enterprises and believes in the power of these relationships to transform companies and communities.

About Sage

Sage exists to knock down barriers so everyone can thrive, starting with the millions of small and mid-sized businesses served by us, our partners, and our accountants. Customers trust our finance, HR, and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks, and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology, and experience to tackle digital inequality, economic inequality, and the climate crisis.