Women-and-minority-owned businesses often find it challenging to secure loans. This might be because of stereotypical thinking and prejudices against these communities. Promoting entrepreneurs to set up and expand businesses is a great way to increase the number of jobs available in an area. It leads to the economic growth of the whole area and lifts the living standards of all the people in the community.
Empowering women and minorities encourages the morals of these communities, but also brings a positive change in the society. Local businesses often find it hard to compete with big business houses and survive in the long run. One of the many factors for that is the lack of funds. Financial institutions are mostly hesitant to give out loans to these communities. As a result, these businesses fail to flourish, or often, to even come into existence.
“An entrepreneurial ecosystem must embrace innovation and support those who are one opportunity away from turning ideas and hard work into prosperity. It is part of Northeastern’s ethos to invest in innovation and celebrate the entrepreneurial spirit both within our own community and through our partnerships with the communities around us,” said Northeastern University’s President Joseph E. Aoun. Northeastern University is a part of a program called Impact Lending Programme, which gives out loans to local businesses and aims to promote the economic growth of the community.
The creation of jobs, women empowerment, and accepting minorities in a community are all very important agendas. Encouraging them to become entrepreneurs and providing them with the resources to do so is in service to the society as it contributes toward not only economic growth, but also the growth of the society. Empowering small businesses and helping them to come in the league of the big business houses and being able to sustain them in that competitive market is the need of the hour. We need more such programs for helping entrepreneurs all over the world.