The current financial crisis is taking its toll on female-led businesses, which are seeing some damaging results. However, the investment firm EnrichHER is finding ways to help those in need.
Investment group EnrichHER doing good for female-led small businesses
EnrichHER funds small female-led businesses and connects female-led companies seeking up to $250,000 with lenders. According to On the Move, CEO Roshawanna Novellus said, “We launched at the beginning of 2019. Within the first six months, we received over 3,000 applications from business owners in 47 states to be on our platform.
Those in need of funding qualify after being in business for 12 months or more. They are required to have a net revenue of $100,000 and a 640 credit score. EnrichHER has also pivoted to offer more support. Allowing people to invest in and support women and minority-led small businesses for $99.
When the business is accepted, the EnrichHER platform uses artificial intelligence and machine learning techniques to connect investors with entrepreneurs. EnrichHER is based in Atlanta and developed an accredited online platform for female business owners.
Novellus doing good helping women connect with funding opportunities
Novellus has been all over the country, helping introduce women to alternative funding opportunities. They previously appeared at SXSW in Austin, Texas, and could expose their product to new users and funders.
“We are looking to recruit lenders interested in investing in pre-screened women-led ventures. Access to women-led ventures that are looking for funding, and supporters who can join us in putting action behind this cause,” she said.
Last year, they were also able to fund over 100 female-led ventures through their service.
It’s good to see women business leaders helping female-led small businesses across the country. Helping them find funding as they look for ways to recover during this financial uncertainty is a great way to do good. Keeping our economy alive and well is very important and will take a lot of effort on the part of business leaders. With the help of great leaders it can and will happen.