Entrepreneurs of color face a systemic lack of available capital
Cathy Hughes · Radio One: Cathy Hughes · Sep 26, 2016 · at 27:33
Cathy Hughes, founder of Radio One, discusses systemic racial discrimination and capital access barriers she and other minority business owners faced.
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“One of the issues that has always faced entrepreneurs of color is the lack of available capital for them to go into business or to maintain their business.”
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More from Cathy Hughes
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“How dare the NFL commissioner talk about how they support diversity, and they, Literally blackball Colin Kaepernick. All right, until he gets a job, their apology is not legitimate in a lot of black folks' mind, including mine.”
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“Only white people can solve the problem of institutional racism.”
Banks readily finance flashy cars for Black entrepreneurs but deny working capital.
“So often it's been easier for an entrepreneur to buy a new flashy car than it's been For them to meet payroll, which is a tragedy of us not having as many lending institutions in our community as we need and want.”
Founders should avoid discussing early business struggles with close loved ones
“When you're starting off in business, you have to be so very careful about who You discuss your hard times with, because those who love you and care for you the most, like your mother, like your best friend, they'll give you the worst damn advice in the world.”