The idea of running a business is exciting, but there is no denying that being a startup founder can be an overwhelming experience.
From managing finances to staying on top of social media trends, many business owners wear multiple hats to keep their business functioning.
According to The Plug’s analysis of Census Bureau data, approximately 10% of businesses that employed less than 20 people were forced to close in 2020.
Likewise, statistics have shown that 45% of entrepreneurs have reported feeling stressed, which has led to mental health issues such as anxiety or depression.
Fintech founders are stepping in to save the day by creating new tools to reduce founders’ pain points and make the experience of running a business a seamless experience.
Novae
Starting a company is one thing, but not having enough funds or access to capital can make growing the business unattainable. Novae, a financial consulting and training company – founded by Reco McCambry – is working to change that.
The company’s mission is to help small business owners improve their credit scores so they can have access to more cash. The platform has already gained notoriety for being the first Black-owned fintech company to offer a ‘Buy Now Pay Later’ service for business owners nationwide.
Additionally, Novae offers startup founders access to educational courses and key information to help them scale and grow their business the right way.
EnrichHer
EnrichHer, founded by Dr. Roshawnna Novellus, is the only Black woman-owned fintech lender serving business owned by women and people of color. The lending platform is working to make the fundraising process less complicated for founders. Ideally making access to capital more accessible to women and minority founders.
The platform’s ethos is ‘for society to change, access to funding must also change’. EnrichHer believes by putting capital in the hands of diverse founders, the economy will be strengthened and the racial wealth gap will be wiped out.
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