The March 2020 economic report reported that over 41% of the 2.4 million black businesses closed their doors permanently as a result of the COVID-19. This translates to over 1,110,000 Black Businesses were dramatically impacted by COVID-19. The National Black MasterMind Group has created solutions to address the needs of the Black entrepreneur. The charitable foundation provides education and training that encourages a more financially sound business model. Once an entrepreneur completes one of their intense 8-week Bootcamps, they have the opportunity to work with community leaders as mentors for up to one year. This effort will strengthen the Black entrepreneurial community. The National Black MasterMind Group, along with several community partners, is opening the first Entrepreneurial Resource and Training Center in Kansas City, KS. It will be the hub of Entrepreneurship in Kansas City, Kansas. The Black MasterMind Group Charitable Foundation is committed to raising $259,580 annually to ensure the Entrepreneurial Resource and Training Center can educate, train, coach, and mentor 80 entrepreneurs each year from the Kansas City Kansas, and Kansas City Metro area.
Other benefits offered:
- 2-year incubation services for 10 entrepreneurs, and
- weekly business training classes offered by community partners
- coaching and mentorship services,
- small business loan services through the KCK E-Community and partner lending institutions.
The needed funding will ensure those who have been greatly impacted by COVID-19, and those who are desiring to start or restart their businesses learn how to create a financially sustainable business model. It is the organization’s vision to see black businesses creating jobs for black people.
Dr. Donnetta Watson, Founder believes “We believe successful Black Entrepreneurs can play an essential role in reducing unemployment, poverty, homelessness, and crime in the black community.