The Meorehouse business program is still struggling to find financing, because it hopes to expand

The Morehouse College’s retail program has been set up to enable black entrepreneurs, but those dreams can be postponed if financing cannot support the class of next year.

The newest cohort of graduates from the program included 20 companies. During their year and a half of admission, the entrepreneurs learned essential business tactics, including scaling up and generating profit.

“You have to be here for one important reason, together with information,” new graduated Demond Crump Wabe told. “You have to get networks, because again, there is nothing above being in a room with like -minded individuals, people who go in the same direction as you are.”

Crump, the founder of a Premium Sanitary Napket Company called Reign, has already scored millions of customers. However, the same kind of success for future entrepreneurs remains in the dark: the program cannot hire new students without considerable financial support.

“This comes from philanthropic dollars, and with that much of the philanthropy has really been quiet, if you want. I hope that the dust will free up and that we can indeed continue this work,” explains Tiffany Bussey, executive director of the Innovation & Entrepreneurship Center of the university.

The program flourished after research had established that financing was the primary access barrier for black companies. Historically, black companies have had to deal with systemic discrimination with regard to the approval of loans. According to the State of Black Business Report 2024, only 32% of the black entrepreneurs received full approval for financing and 40% of the black entrepreneurs were refused fully loans.

This issue has escalated while the federal government insists on an anti-dei policy. Venture capitalist companies that focus on uplifting various entrepreneurs are forced to reduce these efforts. With only 6% of black companies in the retail trade, initiatives to promote such efforts are even more critical.

Bussey added: “We know that this program works. We know that we have to continue this kind of work to push the needle forward.”

Fortunately for these entrepreneurs, Morehouse continues to work to find new financing with the already established partners. The cohort of the past year received its support through access to capital for entrepreneurs, a non-profit business loan service.

“We are just looking for new friends who are not on the sidelines and who want to continue to finance this work because it has an impact and we will close the racial wealth gap over time,” said Ray Pennie, head of business advisory services when accessing capital for entrepreneurs.

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