Joel Foster is a Multimedia Journalist at KGUN9.
TUCSON, Ariz. — According to the Federal Reserve, Black entrepreneurs are about half as likely to secure full financing as white-owned businesses.La Russa started Pitch Black in 2020 to help Tucson's Black-owned businesses weather the storm of the pandemic. She never turned back.
“In 2020, one of the main challenges was finding capital for these businesses,” La Russa says. “Some of the traditional ways and routes of finding capital, be it a loan, going through a bank, talking to family members, we just weren’t able to really be able to find the funds that were needed for these businesses.”
This year, the organization received a grant from Groundswell Capital, which unlocked the $5,000 prize for the first-place finalist. Just as important as the money itself, it comes with no strings attached, compared to bank and venture capital funding, which can come with sometimes burdensome restrictions and issued in installments.“We were really able to reach out to business owners and find that the need for funds needs to be immediate, needs to be in a lump sum and usually non-restricted.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
35 Years Ago, 'Heathers' Set The (Pitch-Black) Tone For The Macabre Teen GenreIf we learned one thing from this unsettling '80s movie, it's that the extreme always makes an impression.
Read more »
Black Restaurant Week puts spotlight on Black-owned eateriesSince last Friday and continuing through March 24 is what's called Black Restaurant Week. The awareness can bring new customers to a new food experience.
Read more »
Clarence Thomas Is Not a Black Hero—He's an Enemy of Black PeopleBlack History Month isn't a time to glorify a threat to Black progress. Clarence Thomas has proven himself time and time again an enemy to Black people.
Read more »
Supermassive black hole’s mysterious hiccups' likely caused by neighboring black hole's 'punches'Robert Lea is a science journalist in the U.K. whose articles have been published in Physics World, New Scientist, Astronomy Magazine, All About Space, Newsweek and ZME Science. He also writes about science communication for Elsevier and the European Journal of Physics. Rob holds a bachelor of science degree in physics and astronomy from the U.K.
Read more »
EXCLUSIVE: Burberry Names Barry Keoghan Brand AmbassadorThe 'Saltburn' actor appears in a black-and-white image wearing a black Burberry trenchcoat.
Read more »
Bexar County deputies seek San Antonio home burglary suspectThe unidentified burglar was described as a man in his 30s or 40s, wearing a black hoodie, black pants, white and black shoes, and a black hat.
Read more »