Women of Color Entrepreneurs in Phoenix: Overcoming Funding Barriers

Phoenix has earned recognition as a top city for women-owned businesses.

 

However, beneath this accolade lies a stark reality: women of color often encounter significant obstacles in accessing capital.

 

Data indicates that 35% of Latina business owners identify poor credit as their primary barrier, compared to 19% of white women.

 

Moreover, 71% of women of color report receiving less funding than requested when loans are approved.

 

Local entrepreneurs exemplify resilience in the face of these challenges.

 

Nik Fields, founder of Chic Chef 77, Arizona's first Black-owned wine bar, self-funded much of her growth after traditional lenders overlooked her.

 

After a car accident damaged her Tempe location shortly after its opening, Fields announced plans to relocate to downtown Phoenix, with the new venue expected to open in March 2025.

 

Similarly, Erica Jerido, founder of Retail Therapy AZ, relied on crowdfunding and community support to expand to four Phoenix storefronts.

 

To bridge the funding gap, several initiatives have been introduced:

 

SEDI Business Supportive Grant: This program offers grants ranging from $5,000 to $10,000 to socially and economically disadvantaged business owners in Greater Phoenix.

 

Administered by the Millionaire Mastermind Academy in partnership with Wells Fargo Bank and the Black Chamber of Arizona, the grant aims to address systemic issues affecting access to capital.

 

Prestamos Women's Business Center: Providing holistic coaching that transcends credit scores, this center offers programs like the Business Growth Mentorship Program, which addresses challenges such as imposter syndrome experienced by many entrepreneurs.

 

NAWBO Phoenix Certification: The National Association of Women Business Owners (NAWBO) Phoenix chapter emphasizes that obtaining Women Business Enterprise (WBE) and Minority/Women Business Enterprise (MWBE) certifications can unlock contracts often inaccessible otherwise.

 

These certifications enhance credibility and open doors to new business opportunities.

 

Achieving equity requires deliberate effort.

 

Women of color in Phoenix are rewriting their narratives through determination, creativity, and by leveraging new funding pathways.

 

Organizations like the Black Chamber of Arizona and NAWBO Phoenix are committed to amplifying these voices and ensuring that resources reach every founder in the Valley.

 

By supporting these initiatives and recognizing the unique challenges faced by minority women entrepreneurs, the Phoenix community can foster a more inclusive and thriving business environment.