Q&A with GEDDI

We recently launched the First Dollar Program to provide early-stage capital to Louisville’s Black and Brown entrepreneurs. Through partnerships, Render Capital provides critical “first dollar” grants to early-stage entrepreneurs who lack capital access due to historic and systemic inequality. The program provides $5,000 grants to businesses at the earliest stage of development, when capital investment is most critical. In this Q&A series, we introduce the four local, Black-led partner organizations whose close work with entrepreneurs makes them vital in facilitating the disbursement of the grant funds. Here is what GEDDI had to say.

Tell us a little bit about GEDDI.

GEDDI (Global Economic Diversity Development Initiative) is Kentucky’s first Black-founded and predominantly Black-led nonprofit organization dedicated to building economic wealth for Black business owners and entrepreneurs. We provide grants for Black-owned businesses and fund business accelerator programs like Just Boss Up Academy, which helps Black entrepreneurs button up their businesses with instruction, completing their business plan, filing legal documents, and opening their business banking account. Our goal is to lift up successful business owners.

How do you support Black entrepreneurs in the Louisville and Southern Indiana region?

GEDDI currently funds three business accelerator programs: The Collective, a business accelerator for Black-led event organizers creating a new cultural event for Louisville called The Black Harvest; Just Boss Up Academy, which helps future Black business owners get “buttoned-up” and prepared to open a successful business; and the Black Fashion Exchange, which is helping reshape the fashion retail landscape by giving talented fashion entrepreneurs the tools they need to break into the industry and create their own wealth.

As a First Dollar Program partner, what trends have you seen in early-stage funding for Black entrepreneurs?

For Black entrepreneurs, we tend to see a lot of bootstrapping and leveraging family and friends for early-stage funding, instead of traditional funding from banks, the SBA, loans, or lines of credit.

How will First Dollar funds support your work?

Nearly 24% of Louisville’s population is Black, according to U.S. Census Bureau data, but a mere 2% of businesses are Black-owned. Our long-term goal is to increase the percentage of Black-owned businesses in our community through our programs, and First Dollar funding will help us reach it. Research shows that for 33% of small business owners, the greatest challenge is a lack of capital, and for Black-led organizations, this statistic is even greater. With more capital opportunities like the First Dollar Program, we can help Black founders like Cierra Richmond, who participated in our Just Boss Up Academy and launched Chayil Doula Services to enhance the birthing experience for all, regardless of financial barriers.

Why is it important to support the development of Black businesses specifically?

The COVID-19 pandemic severely impacted the economy, with many small businesses needing federal stimulus and other funding to stay afloat. In the Louisville metro area, COVID-19 relief grants were unavailable to many Black business owners who did not meet simple requirements like being actively registered with the state. Our Just Boss Up Academy programming focuses on helping Black businesses make sure they are “buttoned-up” and do not miss out on funding, contracts, and other opportunities.

How has your work shifted due to COVID and increased attention toward racial injustice?

GEDDI was founded during the COVID outbreak and social unrest, so we have been directly connected with supporting racial justice from the beginning. The disparities seen during the pandemic are what prompted founder Tawana Bain to establish GEDDI.

Can you share a recent “win” for GEDDI?

GEDDI has received overwhelming community support in the short time we have existed. We have been fortunate to have corporations trust GEDDI with stewardship over their sponsorship and donation dollars to responsibly provide funding directly to the community. This year, GEDDI was the named charity and beneficiary of Churchill Downs’ “Champions for Change Day” during Derby week, incredible exposure that helped us connect with a broad audience of new supporters.

What preconceived notions exist in your line of work?

A preconceived notion may be that the funding we get doesn’t help those it is intended for. With the First Dollar Program, we can reverse that and make a bigger financial impact. Beyond providing for resources like a logo, website, business plan, and business cards, the grants can help with inventory needs or other business needs that may be life-changing for entrepreneurs in the program.

What’s on the horizon for GEDDI, and what gives you hope for the future?

GEDDI has nowhere to go but up. As we emerge from COVID, we will once again host events and connect one-on-one with our communities. We will work diligently to fight for racial equity and economic justice in business, in the workplace, and in the hearts of our community. As our organization grows, so will our pipeline of businesses and new thought leadership.