Black business leader Alima Redding is leading a dedicated team that strives to help hundreds of small business owners in Philadelphia and Baltimore get the support they need to thrive.
The senior vice president and business acquisition manager for Wells Fargo, believes capital and coaching are important tools that determine long-term viability.
Her commitment to helping Black women in small businesses flourish is founded on the fact they are one of the fastest-growing groups of entrepreneurs in the United States.
Research by the Harvard Business Review has found that Black women are more likely to start a business than white women and men.
Also, an analysis of the Census Bureau’s Annual Business Survey found that Black-women-owned employer businesses increased by 18% between 2017 and 2020. Yet, the longevity of these businesses depends on many factors, including how ready a business is to evolve to the next level.
Here’s some advice that Redding shares to keep the momentum going:
1. Know your local resources.
Educate yourself on what programs are available through local financial institutions and which ones will support your goals.
2. Know your banker.
Grow a relationship with a banker who is looking out for the best interest of your business and not necessarily the best interest of themselves.
3. Be prepared.
Develop an understanding of what financial institutions are looking for when it comes to extending credit and what you’ll need in order to meet those requirements. It’s a good idea to partner with an accountant who understands your business growth strategy and can help prepare the right financial documents you’ll need before applying for certain lending products. You’ll also want to make sure your tax returns are done properly and you have separate accounts for personal and business expenses.
4. Have a heart.
It’s important to care about the community that you’re servicing.
“There’s one thing to lend money to a business and there’s something else to lend money to a business that’s supporting a community and their staff and to understand the intricacies of their business,” says Redding.
