Empowering BIPOC Entrepreneurs to Buy Businesses

New Majority Capital (NMC) is on a mission to boost entrepreneurship through acquisition among people of color, focusing on helping them build intergenerational wealth by purchasing established businesses instead of starting from scratch. Their bETA (BIPOC Entrepreneurship through Acquisition) accelerator program provides essential resources and support to navigate the complex process of buying a business.

• The program emphasizes acquiring businesses that can pay a living wage, contributing to a more equitable economic landscape.
• NMC's impact investing approach aims to create a critical mass of BIPOC business owners, fostering economic empowerment and closing the wealth gap.

Overcoming Financial Hurdles: Access to Capital

One of the primary challenges BIPOC entrepreneurs face is securing the necessary capital to purchase a business. NMC is tackling this issue by providing both equity and debt financing through their $50 million fund.

• NMC's funding, combined with the program's comprehensive training, empowers entrepreneurs to confidently navigate the acquisition process.
• The organization is actively raising funds and has already seen success in facilitating deals with entrepreneurs in their program.

A Comprehensive Program: Training and Mentorship

NMC's bETA accelerator program goes beyond providing capital by offering an immersive curriculum designed to equip entrepreneurs with the knowledge and skills needed to succeed in acquiring and running a business.

• The program covers essential topics such as identifying and evaluating potential businesses, negotiating deals, and managing operations.
• NMC has refined its curriculum based on insights from its pilot program, incorporating additional support from business advisors, mental health therapists, and credit organizations.

Scaling the Impact: National Cohorts and Expansion

NMC is expanding its reach by launching national cohorts in multiple cities, creating a network of support and collaboration for BIPOC entrepreneurs across the country.

• The organization has launched its first national cohort in Atlanta, with plans to expand to 10 cities, hosting two accelerator programs per year.
• This expansion will increase access to NMC's resources and support, empowering more BIPOC entrepreneurs to become successful business owners.

Real-World Success: Pilot Cohort Acquisitions

NMC's pilot program has already achieved tangible results, with several entrepreneurs successfully acquiring businesses.

• Gabriel Perez, a participant in the pilot cohort, acquired Refrigerated Structures, a company that fabricates and installs custom coolers and freezers.
• The program's guidance helped Perez navigate the acquisition process and identify key business characteristics that aligned with his goals.

Transforming the Business Landscape: Building Wealth and Opportunity

NMC's work is creating a ripple effect, not only empowering individual entrepreneurs but also transforming the broader business landscape. By increasing the number of BIPOC business owners, NMC is contributing to a more inclusive and equitable economy.

• The organization's approach to investing and mentorship provides a pathway for BIPOC entrepreneurs to build wealth and create generational opportunities for their families.
• NMC is actively working to dismantle systemic barriers to entrepreneurship, enabling BIPOC entrepreneurs to reach their full potential and contribute to the economic prosperity of their communities.

Funding and Partnerships: Driving Growth and Impact

NMC is leveraging partnerships with organizations like JPMorgan Chase to secure funding for its programs and expand its reach. This collaborative approach allows them to maximize their impact and support a greater number of BIPOC entrepreneurs.

• NMC's fundraising efforts are crucial to supporting the acquisition deals of participating entrepreneurs, providing them with the financial resources necessary for success.
• By working with partners, NMC is able to access a wider network of resources and expertise, enhancing the program's effectiveness and sustainability.