During COVID small businesses were hit hard and those owned by women, Black, Hispanic and Indigenous people even more so.
In 2020, 41% of Black businesses, 32% of Latino businesses, and 30% of women-owned businesses closed and of those that survived, 80% are now experiencing financial challenges.
Amid financial instability and lack of cash flow, operating expenses have become the top financial challenge for small business and also for the people within underserved communities.
Comcast NBCUniversal sought to find new solutions to this systemic challenge with their Financial Impact Challenge that identified and invested in Honeycomb Credit and SoLo Funds.
Both startups provide lending alternatives that are equitable, empowering, and community-driven.
Check out our discussion about the transformational power of fintech innovation featuring: Antonia Dean, Director of Startup Pipeline Diversity at Comcast NBCUniversal; Rodney Williams, Co-Founder and Chairman of SoLo Funds; and George Cook, Co-Founder & CEO of Honeycomb Credit.
Want to learn more about FinTech innovation? Join us for What's Next Now: Future of FinTech. Register Here.