A Vision for Progress & Equity for Black Entrepreneurs

As Black History Month unfolds, we are reminded not only of the extraordinary achievements of the past but also of the urgent need to shape a future where Black professionals and entrepreneurs can thrive in Atlanta. This moment is particularly significant as I transition from my role as President of the National Black MBA Association (NBMBAA) Atlanta Chapter, an organization that has long championed economic empowerment, business leadership, and entrepreneurship in our community.  As president for two terms, an attorney and entrepreneur, I have had a front-row seat to both the triumphs and trials of Black professionals. While the city boasts an impressive network of Black-owned businesses and executives, disparities in access to capital, mentorship, and leadership opportunities remain stark. 

Atlanta is a city synonymous with Black Excellence, from its elite Historical Black Colleges and Universities and its role as the cradle of the Civil Rights Movement to its reputation as a vibrant hub for Black entrepreneurs. Georgia’s capital has historically been a beacon of hope for Black professionals — nurturing leaders, supporting innovative entrepreneurs, and fostering a robust ecosystem for professional success. That spirit attracted me to Atlanta after graduating from the University of Michigan Law School.  Despite this legacy, systemic challenges persist. Disparities in access to capital, professional mentorship, and corporate advancement continue to stifle the full potential of Black professionals and business owners. If we are to live up to Atlanta’s promise, we must act with intentionality to remove these barriers and create sustainable pathways for success. 

The Reality of Black Entrepreneurship 

The business world is often described as a place of equal opportunity, but the numbers tell a different story and the data speak volumes. Black businesses make up only 3% of all U.S. businesses, despite Black Americans comprising 14% of the population (Pew Research). Funding disparities further exacerbate the issue—Black-founded startups received less than 0.5% of the $140.4 billion in venture funding all U.S.-based startups received in 2023.(Crunchbase), and only 1 in 5 Black business owners who apply for a bank loan receive the full amount requested, compared to nearly 50% of white-owned businesses (Federal Reserve). As a result, 74% of Black business owners rely on personal savings to fund their ventures, a significantly higher rate than other demographics (Third Way’s State of Black Businesses Report). 

In a McKinsey & Company study, it was reported that if Black-owned businesses were supported at the same rate as non-Black businesses, they could generate more than 600,000 new jobs and contribute $190 billion to the U.S. economy. Nevertheless, a staggering $290 billion annual revenue gap exists between Black-owned and non-Black-owned businesses, underscoring the economic impact of inequity. 

Addressing these financial inequalities is not just about economic fairness—it’s about unlocking the full economic potential of a demographic that has historically been at the heart of American enterprise and innovation.  The NBMBAA Atlanta Chapter has been at the forefront of this mission. Through strategic initiatives, we have worked to equip Black professionals with the tools, networks, and opportunities necessary to excel in today’s competitive business landscape. Our commitment to economic development, corporate leadership, and entrepreneurship is not just about individual success, but about elevating the entire community. 

The Value of DEI in Professional Growth 

There is this misconception that DEI is in conflict with merit, when it isn’t.  Hiring diverse talent or selecting a diverse vendor is not irresponsible.  Being a DEI hire is not demeaning.  If you hurl “You’re a DEI hire!” as an insult, you simply do not understand DEI. Also, taking offense to such attempts only validates the belief that DEI results in the hiring of unqualified individuals. 

The purpose of any DEI initiative is to ensure that qualified people who have historically been excluded due to prejudice and other privileges they don’t enjoy—through no fault of their own—are required to be given fair consideration. So yes, many people who don’t fit the make-up of those who traditionally monopolize roles and opportunities are DEI hires. However, they are also qualified hires at the same time. 

DEI hires of color are typically more skilled and educated with more experience than the average individual in comparable roles.  In “The White Standard: Racial Bias in Leader Categorization,” the authors revealed the role that race plays in the perceived prototype of a leader.  Black leaders with similar or higher credentials than their White peers are more scrutinized about their qualifications and are required to demonstrate a higher level of expertise to get same respect because White leaders are perceived as competent. 

By embracing diversity, we don’t lower the bar—we raise it. Black professionals are breaking barriers, not because of DEI policies alone, but because they have always possessed the talent, resilience, and qualifications to succeed. It is past time that they receive equitable access to leadership roles and opportunities that they have long been denied. 

Understanding the goal of DEI, companies should not recoil, but boast about practices and systems that ensure fair consideration.  

Advocating for Policies That Support Black Entrepreneurs 

Sustained progress for Black professionals and entrepreneurs requires more than individual effort—it demands systemic change. Fortunately, several key policies and initiatives in Georgia are working to bridge the funding and support gap: 

• State Small Business Credit Initiative (SSBCI): Georgia participates in this federal program designed to strengthen state lending programs that support small businesses and manufacturers, particularly those in underserved communities, including minority-owned businesses. 
    

• Small Business Protection Act of 2024: Passed by the Georgia Senate in February 2024, this act ensures that any new legislation includes an analysis of its impact on small businesses before enactment. 

• Access to Capital for Entrepreneurs (ACE): A Georgia-based nonprofit that recently received a $3.75 million grant from the Truist Foundation to expand its lending capabilities and serve more minority-owned businesses. 
    

• Legislative Leadership: Senator Greg Dolezal (R–Cumming), as Chairman of the Senate Committee on Transportation and Chief Deputy Whip, sponsored the Small Business Protection Act, showcasing bipartisan support for small business advocacy. Representative Nikema Williams (D–Atlanta) introduced a bipartisan federal bill to establish a grant program supporting entrepreneurs from Historically Black Colleges and Universities (HBCUs). 
    

• Executive Commitment: Governor Brian Kemp (R) issued an executive order directing the Department of Administrative Services (DOAS) to create a Small Business and Supplier Diversity Manager role. This position facilitates engagement with minority-owned small businesses, helping them navigate the state’s contract process. 
    

We cannot be satisfied and rest on our laurels. These policies and initiatives must not only continue, but expand. To keep advancing, we must conjoin and advocate for increased access to capital, further supplier diversity programs, and continued bipartisan efforts to ensure small businesses—especially Black-owned businesses—have the support they need to prosper. 

A Personal Commitment to Empowerment 

My journey to leadership in the NBMBAA Atlanta Chapter was deeply personal. From volunteering in literacy programs in high school to promoting civic engagement, I have always been committed to advancing opportunities for the Black community. My experiences taught me that economic leverage and business acumen provide the most powerful path toward meaningful impact. A former chapter president whom I greatly admired encouraged me to channel my legal expertise and business knowledge into service, leading me to become the director of legal affairs before assuming the presidency. I saw no greater way to serve than by championing Black corporate professionals, training Black entrepreneurs, and cultivating the next generation of MBAs through our Leaders of Tomorrow program. 

A Call to Action: Corporate and Community Collaboration 

As I pass the torch to the next leader of the NBMBAA Atlanta Chapter, I urge corporate partners, policymakers, and community leaders to reaffirm their commitment to diversity, equity, and inclusion. The recent retreat from DEI initiatives threatens to undo decades of progress, making it more critical than ever to stand firm in our advocacy for Black professionals and businesses; hard-working, talented Americans who deserve an equal playing field.  Companies that continue to invest in equitable hiring, supplier diversity, and leadership development will reap the benefits of a more innovative and resilient workforce. 

The Atlanta Voice has long been a champion for amplifying critical conversations in our community. As we celebrate Black History Month and look ahead to National Entrepreneurship Week, let us not only honor the achievements of the past but confront the obstacles that persist in today’s economic landscape and take bold steps to secure the future. Economic empowerment is the foundation of lasting change, and together, we can ensure that Atlanta remains a national model for Black excellence in business and beyond. 

Atlantans, we have the opportunity to be the gold standard for Black economic mobility. We have the talent, infrastructure, and ambition to create a future where Black professionals can excel. Invest in Black professionals. Invest in Atlanta. Just as this city led the charge for civil rights, it can now lead the movement for Black economic empowerment. The time to act is now. 

Travis Townsend is an attorney, author and entrepreneur. As a Founding Partner of the law firm of Townsend & Lockett, LLC, in Atlanta, Georgia, he heads its business law, corporate and securities transactional practices, and is Managing Consultant with Torinity Consulting Company. Townsend is also a lecturer at The University of Michigan Law School in Ann Arbor, Michigan where he earned his J.D. 

Townsend is an active member and has served on the boards of: The Black MBA Association Atlanta Chapter, 100 Black Men of South Metro (Atlanta) and the Serenbe Institute for Arts, Culture and the Environment. He has been a Big Brother volunteer for Big Brothers Big Sisters of Atlanta.  

The views and opinions expressed are entirely his own.

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