National Black Funding Day Becomes Official Holiday Thanks to Dr. Rashae Barnes

National Black Funding Day Becomes Official Holiday Thanks to Dr. Rashae Barnes

Celebrity publicist and branding expert Dr. Rashae Barnes has plenty of reason to celebrate after securing an official national holiday that honors Black entrepreneurs in the funding industry throughout the United States.

National Black Funding Day will occur every year on Sept. 30, thanks to Barnes and the efforts of many firms who came together to celebrate Black investors and highlight the disparities in venture capital, particularly toward Black and minority-owned businesses.

“We need to educate the masses on the disparities in funding across the board and provide resources to help underserved communities secure funding for their businesses,” Barnes said via Yahoo Money.”

We also need to celebrate the strides made thus far for black founders across the country.”

The day will serve as a call to action for large corporations and businesses to make donations to Black founders and their organizations. It was organized in response to studies showing that Black and minority-owned businesses receive less than 2% of funding each year, with women of color receiving even less.

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The discriminatory financial practices have long hindered the growth of minority-owned businesses and only became more highlighted following the civil unrest after the murder of George Floyd in 2020. While many Black entrepreneurs saw historic gains in securing VC funding after Floyd’s death, it still led to a 45% decrease in financing for Black-owned businesses.

With an official national holiday recognizing the importance of funding Black businesses, Barnes is hopeful the annual holiday will bring about much-needed change. The new holiday will be filled with educational events, fundraising efforts, and celebrations of Black entrepreneurship and innovation.

A special focus will be placed on encouraging large corporations and businesses to donate to Black firms and founders while celebrating the accomplishments of Black founders who made strides despite all the odds against them.