Morehouse College’s retail business program was established to empower Black entrepreneurs, but those dreams may be deferred if funding cannot support next year’s class.
The program’s latest cohort of graduates included 20 businesses. During their year-and-a-half matriculation, the entrepreneurs learned essential business tactics, including scaling up and generating profits.
“You need to be here for one main reason, along with information,” new graduate Demond Crump told WABE. “You need to come network, because once again, there’s nothing like being in a room with like-minded individuals, people that are going in the same direction that you are.”
Crump, the founder of a premium sanitary napkins company called Reign, has already scored millions of customers. However, that same type of success for future entrepreneurs remains in limbo: The program cannot take on new students without significant financial backing.
“This comes from philanthropic dollars, and with that, a lot of the philanthropy has really been quiet, if you will. I’m hoping that the dust will clear and that we can indeed continue this work,” explained Tiffany Bussey, executive director of the college’s Innovation & Entrepreneurship Center.
The program came to fruition after research determined that funding was the primary access barrier for Black businesses. Historically, Black businesses have faced systemic discrimination regarding loan approval. According to the 2024 State of Black Business report, only 32% of Black entrepreneurs received full approval for financing and 40% of Black business owners were denied loans entirely.
This issue has escalated as the federal government pushes for anti-DEI policies. Venture capitalist firms dedicated to uplifting diverse entrepreneurs have been forced to scale back these efforts. With only 6% of Black businesses in retail, initiatives to promote such endeavors are even more critical.
Bussey added, “We know that this program works. We know we have to continue this type of work to push the needle forward.”
Thankfully for these entrepreneurs, Morehouse remains committed to sourcing new funding with its already established partners. The past year’s cohort received its support through the Access to Capital for Entrepreneurs, a non-profit business loan service.
“We’re just going to go find new friends that aren’t sitting on the sidelines and that want to continue to fund this work, because it does make an impact and we will close the racial wealth gap over time,” said Ray Pennie, chief of business advisory services at Access to Capital for Entrepreneurs.
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