Pub. 10 2020 Issue 3

6 www.azbankers.org Resources for Black Business Owners and Entrepreneurs S TARTING YOUR OWN BUSINESS is a challenging but exciting and rewarding achievement. Entrepreneurs face a variety of obstacles when starting a new venture, from obtaining financing, hiring a team, marketing their product or service, keeping up with competitors, and so much more. For some Black entrepreneurs and business owners, these challenges can be even harder to overcome. A study by Guidant Financial found out of all the challenges Black entrepreneurs face, one of the most prevalent is lack of funding. For most entrepreneurs, regardless of race, obtaining financing is often the most sig - nificant challenge to getting their business up and running. Many entrepreneurs first look to family and other social connections to raise funding. For many Black entrepre- neurs, the racial wealth gap means we almost inevitably start with less capital. It’s worth the effort to overcome these chal - lenges for those who want to become their own boss and pursue their passion. The good news is, there are a variety of resources specif- ically set up to help Black entrepreneurs and business owners push beyond obstacles and achieve their dreams and goals. Take a look at some of these local and national resources. Black Chamber of Arizona The Black Chamber of Arizona connects Black entrepreneurs and business owners in Arizona by facilitating relationships between Chamber members and between Black- owned businesses, and the greater Phoenix corporate community. The Black Chamber of Arizona also provides education and training to its members, and they are an active polit- ical advocate for policies that address Black business’s challenges. Minority Business Development Agency (MBDA) MBDA is an agency of the U.S. Department of Commerce that promotes minority-owned