MEMPHIS, Tenn. — One mid-south-based organization is on a mission to help minorities create and run successful businesses.
Boomin to the Bank is a program that teaches future Black entrepreneurs everything from bookkeeping to financial statements.
Chanielle Talbird, who was once in the program, quit her job back in October before starting her business in November. Now, she has more time to do what she wants with her family, all because she went through this program.
“One of the things that I loved about Black Business Boomers is that they offered a business consultant, and it was a free service. We didn’t have to pay for anything. That business consultant, that business coach gave very very quality information,” Talbird explained. “I know because I’ve gone through other programs and some of the information definitely was verifiable.”
She was able to start her digital business called Chaneille Talbird Consulting, which allows her to offer several business solutions through telehealth services.
“I’m a certified birth doula, certified lactation specialist. I’m also a certified early childhood educator,” Talbird said.
Booming to the Bank is a free, financial, and educational program that focuses on future Black business owners by providing them with tools to start and grow their businesses and reduce economic inequality.
Founder Danielle McGhee who is a professor at Tennessee State University and has a background in marketing said she realized what was holding Black entrepreneurs back from maximizing opportunity.
“We developed Boomin’ to the Bank in response to many of our partners saying, ‘We have the capital, it’s available for Black-owned businesses, but they’re not coming to get it. How can you help us to reach the business owners? So after doing a lot of surveying, we realized the issue wasn’t the availability of the capital in a lot of markets,” McGhee said. “It was that the business owners weren’t ready to access the capital.”
All because of a few reasons, one being proper bookkeeping.
“Also a gap is not really understanding the process, not understanding what a lender is looking for, and not knowing how to develop a relationship with a lending institution,” McGhee explained. “So we bring in bankers from different institutions and help them to build relationships with these banks so it does become easier when they do need to borrow money.”
Grameen America is a program partner in Memphis that advances racial equity and helps Black women entrepreneurs get microloans. Talbird said this program helped her secure one.
“It’s a very low APR. It’s just 1.9% each month that you’re paying back on your loan. You can start off with the $500 loan up to $1,500, which is the maximum for your first cycle of being a part of Grameen America,” Talbird said.
Boomin’ to the Bank helped 100 black business owners last year and wants to double that number in 2023.
If you are interested in starting a business, you can click here for the link and more details.