The BBOP Center, founded by the Time for Change Foundation.The Black and Brown Opportunities for Profit Center eliminates racial and gender systemic inequity by providing a protected environment where women entrepreneurs have access to what’s needed to build, grow, and scale profitable businesses.
The new B-BOP Center would positively impact and contribute to the goals of TFCF which include building up communities through quality education and training programs, housing assistance, employment programs, political advocacy, civic engagement, effective family reunification programs, and so much more. TFCF already offers a wide range of incredible life-changing services, and the B-BOP Center is just the latest trailblazing project to be initiated by this dynamic duo Kim Carter and Vanessa Perez. We are so excited to get the B-BOP Center up and going, to improve the diversity of future business leaders, and to help overcome the significant economic and societal barriers that women of color face today.
Within the Center, you will find a fast-pitch room with venture capitalists looking to invest, several private one-on-one room where deals are being signed in fresh ink, and a legal assistance arm where lawyers can review contracts, advise new business owner’s, and make sure each woman is making the best deal. With each room having an intentional purpose, the Center will drive forward and accelerate women’s ideas and their potential in every inch of the building. Equally important is having the spaced filled with mentors, industry experts and peer learning.
The overarching mission of Time for Change Foundation and the BBOP Center is to empower disenfranchised low-income individuals and families by building leadership through evidence-based programs and housing to create self-sufficiency and thriving communities. Since our inception, the three main goals have always been Permanent Housing, Thriving Communities and Entrepreneurship.
As Time for Change Foundation’s leads the initiative, the B-BOP Center has garnered the support of the . First Citizens Bank, Kautz Family Foundation, Latino Community Foundation, Meadow Fund, Sergey Brin Foundation, Silicon Valley Community Foundation , S.P. Investments –3, and Stater Brothers Charities.
This investment is a significant sign and further demonstrates that when reducing the earnings gap for Black women, which includes increasing business ownership to drive economic mobility, could raise the level of annual US GDP by 1.4-2.1% each year, or $350-525bn in current dollars.
According to Black Womenomics Equalizing Entrepreneurship (Goldman Sachs), black women are underrepresented in business ownership, have less access to capital, and black women make up roughly 6% of the US population but own just 2% of employer businesses.
According to the State of Women in the IE report (UC Riverside), Black women in the Inland Empire are at a 24% poverty rate and Hispanic women are at a 22% poverty rate.
Women in the Inland Empire earn just 68 cents for every dollar earned by men in the region, and women of color—especially Black women—are four times more likely to be living in poverty today
The imbalance is particularly stark for single Black women, just 0.5% of whom own a business—a rate that is 24 times lower than for single white men.
Across all industries, a larger share of Black-owned businesses have inadequate initial capital. Black women’s wealth is not only held down by a lower access to high-return assets, but also by a higher exposure to high-cost liabilities.
Public and private investment opportunities will help close the entrepreneurship gap providing that they focus on intentional structural adjustments to reduce systemic barriers.
The State of Entrepreneurship Report (Cal State SB) indicated that there are less than 17% of minority owned businesses and the number is more dismal for women. African Americans make up only 1% while Hispanics make up 16%. The disparity for women-owned businesses compared to men still exists largely nationwide. These indicators emphasize the critical need for access to capital for women of color, increased cash flow, the ability to hire needed employees, and growing the business.
Entrepreneurs expressed when they needed to talk about their business challenges with someone else, overwhelmingly they preferred it to be a peer entrepreneur (someone who would understand what they were going through). While they desire to grow their businesses they are constrained by a lack of easily accessible capital and often are not sure of the best way to approach growth and expansion.