With minority-owned businesses impacted hard by the pandemic, it’s important that they know the different avenues available to gain capital. That’s where BCA Culture, an Atlanta-based technology company with a focus on business credit does for minority-owned, and small businesses.

“We are a Black-owned fintech company that teaches entrepreneurs how to take their business from formation all the way to building legacy companies,” Darbi Alexander, 35, the founder and CEO of BCA Culture.

Through her firm’s online portal, business owners can input information that will allow her staff to provide them access to funds that will allow them to acquire new products and services, float payroll, purchase equipment, or to maintain their daily operations.

“We are actually in the funding space and the business credit space. Through our online application on our website, entrepreneurs are able to go step-by-step the integral part of building a business. The foundational steps of a business, the steps to start getting approved or business credit and the steps to start getting approved for funding,” Alexander said.

According to the SBA, about four out of five businesses close with their first year due to lack of funding or lack of capital. Businesses need funding, capital, and business credit to not only sustain but to thrive.

Alexander explains, “If you’re a business owner starting out and you need to hire someone, but you’re literally a cash business, what you get in is what you put out. If you have some type of credit or some type of funding, now you can use other people’s money that can go towards payroll. Now you can hire that staff, that additional help that you need to grow and expand your business.”

Large-scale, and predominantly white-owned businesses benefit every day from additional funding and business credit.

During the pandemic, these companies benefited greatly from billions of dollars injected into the economy by the U.S. Government, a disproportionate amount of minority-owned businesses missed out on obtaining business funding due to lack of knowledge or proper documentation, and misinformation missed out on obtaining business funding due to lack of knowledge or proper documentation, and misinformation.

“Right now what’s hot is that President Joe Biden confirmed the $1.9 trillion that’s set aside for another stimulus package. A part of that package is the CARES act continued for the Economic Injury Disaster Loan and for the Paycheck Protection Program,” Alexander said. “Those are two of the hottest funding programs that are happening right now because they are billions of dollars set aside.”

Currently, businesses have until May 31, to apply to receive funds from the Paycheck Protection Program (PPP) Extension Act 2021. Per the act, the Small Business Administration (SBA) is able to process applications that are still pending even beyond the deadline.

Alexander continued, “In this most recent package, there is a huge focus on businesses that were omitted the first round, which include a disproportionate amount of African American and women business owners. BCA Culture is currently on the front lines of educating minority business owners on how to prepare to receive assistance during this round.”

“Other types of funding that are available are business lines of credit such as a credit card through American Express or other vendors. There is vendor credit, which is business credit. It’s like having credit to purchase office supplies through companies like Office Depot.”

Darbi Alexander, CEO of BCA Culture (Photo Credit: Courtesy of BCA Culture)

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