I started my brand Brother Vellies with a suitcase full of shoes at a flea market in New York City and $3,500 to launch a business. What many people don’t know is that when I was trying to get my company off the ground, I looked into multiple financing options to build the brand I always envisioned, and ended up taking out a $70,000 loan from a predatory shark that ballooned to well over $1 million in debt.
My experience is not unique. This is par for the course for so many Black entrepreneurs. On average, white founders start their businesses with around $72,000 dollars more than their Black counterparts. Financial opportunities for Black business owners are limited—bank loans have long been notoriously difficult for Black entrepreneurs to receive and venture capital funding remains abysmally low. The only reason I was able to actualize my dream was because I won a 2014 CFDA Vogue Fashion Fund grant and received a $300,000 investment in Brother Vellies. This funding changed the trajectory of my life.
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