As the economy continues to grapple with the effects of the locked-down economy, female-led businesses are seeing particularly damaging results.
EnrichHER is looking to help. The company funds small businesses with female leaders, and connects revenue-generating, female-led companies seeking up to $250,000 in capital with a range of lenders.
“We launched at the beginning of 2019, and within the first six months, we received over 3,000 applications from business owners in 47 states to be on our platform,” EnrichHER Founder and CEO Roshawnna Novellus told On the Move.
Small businesses seeking funding can qualify for EnrichHER after being in business for over 12 months. They also need net revenue of over $100,000, and a credit score of at least 640.
“What's new about our platform is that we can have funders who have different goals with the money that they have, and allocate that money to well deserving founders of companies,” said Novellus.
Novellus explained that her company focuses on “gender diverse teams.” Those in which “can be run by women CEOs, or CEOs that are black or people of color.”
And in the midst of difficult times for businesses, EnrichHER has also pivoted to offer more support, allowing people to invest in and support women and minority led small businesses for $99.
“Funders who say ‘Hey, yes, I want more women out there with more economic power... I want more people of color out there with economic power’ can come find us and decide how they want to allocate their capital,” she added.
McKenzie DeGroot is a producer at Yahoo Finance. Follow her on Twitter: @degrootmckenzie