Showing up for Black Business Owners: Bank of America Powers Local Community Events

July 22, 2024 | 5 minute read

Across the country, Black-owned businesses play an important role in their local communities and the economy at large. According to the Small Business Blog, Black-owned businesses employ approximately 1.3 million people and the Bank of America Women & Minority Business Owner Spotlight from last fall found that 71% of Black business owners planned to expand their business.

 

To support that kind of growth, Bank of America recognizes the need to equip business owners with tools and resources that can help them grow their businesses at scale while contributing to ongoing additional growth of the economy.

 

Bank of America supports clients and businesses through ongoing event sponsorships. These events are opportunities to connect with distinguished clients and partners from past and present while highlighting the successes and accomplishments of business owners.

 

On Thursday, June 6, Bank of America co-sponsored New York Dealmakers – a series of conferences across the country that bring together investors, CEOs, bankers and clients for a day of networking and knowledge sharing. At the event, the 2024 Dealmakers of the Year Award for Social Impact was presented to Bank of America client Simeon Iheagwam of NOEMIS Ventures, an early-stage fund investing in fintech marketplaces.

 

The Bank of America and NOEMIS partnership began when the bank anchored Iheagwam’s inaugural fund, providing support that helped spark NOEMIS’ fundraising efforts. To date, the fund has made twenty total investments, where approximately 50% of the founders supported come from diverse backgrounds. 

Left to right: Cathy Callahan (Northeast Region Executive, BAC) and Ozoda Jovliyeva (Simeon Iheagwam’s Relationship Manager, BAC), stand beside Simeon Iheagwam (Founder and Managing Partner, NOEMIS) as he holds the 2024 Dealmakers of the Year Award for Social Impact.

Similarly, on June 26, Bank of America powered an event for business owners at Inner City Capital Connection (ICCC) in Chicago. Bank of America is the founding sponsor of the ICCC cohort program and has supported the initiative for 20 years. This year, Johnny Wilbon, Small Business Community Officer at Bank of America, participated in a panel discussion on how business owners can build business credit and prepare to access capital. During the discussion, Wilbon and the other panelists spoke to the types of capital that their organizations offer, described the barriers that businesses may face in securing capital and discussed how businesses can best use emergency capital, among other topics.

 

During these events, Bank of America aligns mentors with business owners to provide guidance and financial expertise. One of last year’s mentees, Christina Miller, owner of Cultivating Catering, has seen her business expand to new heights with support from Wilbon as a mentor.

 

In 2023, Wilbon provided Miller with professional business banking guidance and resources that resulted in her securing $20,000 in funding through a grant from the Cook County Small Business Source. Now, Miller runs the bustling catering service, offering a modern take on traditional soulful cuisine in the greater Chicagoland area.

Christina Miller of Cultivating Catering poses next to a company van while catering at ICCC Chicago.

Bank of America’s involvement in community programs and events that support minority business owners is crucial to helping underrepresented entrepreneurs invest in and grow their small businesses. We will continue to share knowledge, create opportunities for industry networking and provide resources for business owners to start, grow and scale their businesses.

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