The Entrepreneur Access Network is Creating Opportunities for Black and Latinx Women Entrepreneurs
The program director of the Entrepreneur Access Network, Nit Reeder. (Photo courtesy of Lauren K. Hare)
According to Forbes, Black women create new businesses more rapidly than any other racial and ethnic group. Yet, the lack of support and access to funding sources threaten to erase years of hard work. Ernest & Young Global Limited (EY) company’s “Entrepreneur Access Network (EAN)” is a business accelerator program that promises to change that. The company created the accelerator program to empower minority women to navigate the corporate world and become the transformative leaders their community needs.
EAN Program Director Nit Reeder wants to redefine the idea of Black and Brown entrepreneurs and help them climb the corporate ladder. One of the program’s goals is to help minority entrepreneurs who receive little support or capital.
"Closing this gap requires more than capital alone. EAN is not a ‘fund and forget’ program. Instead, our curriculum provides tools and access to an ecosystem,” Reeder said.
EAN’s curriculum includes exposure to learning materials, networks, and capital. The program also provides a dedicated Entrepreneur Network professional assigned as a relationship advisor and a customized curriculum based on the company’s needs and maturity level.
Reeder has a history of withstanding the odds. Her grandfather defied the odds to become the first Black-owned business on the main street of Greenville, S.C. But when he was denied funding from local banks, he traveled 160 miles to Atlanta to obtain a loan. She said that she sees her grandfather’s grit and determination in the face of EAN entrepreneurs today who are overcoming similar obstacles.
Black and women of color entrepreneurs in the United States in 2018 compared to 2050. (Photo courtesy of The Entrepreneur Access Network)
“Many Black and Latinx-owned and led businesses cannot reach their full potential due to multi-generational barriers that make funding, capital, and connections challenging to access or attain,” Reeder said. “Despite their massive revenue generation, only approximately 1% of venture capital dollars go to Black founders, and less than 2% go to Latinx founders. The disconnect is massive.”
Minority-owned companies are a significant economic force. Over the past ten years, they have generated 4.7 million jobs, and in 2019, contributed $700 billion to the U.S. economy. EAN believes that there is a huge opportunity cost of not supporting Black and Latinx entrepreneurs and ensuring their economic viability and growth. The company provides the path to successful business ownership and development that is accessible to all. Through their success, the program has helped entrepreneurs succeed.
“We developed EAN to help Black and Latinx companies bridge the disparity gap and achieve new heights,” Reeder said.
Women-led companies are dramatically underfunded compared to male-led counterparts, as measured by investments from venture capital firms. According to ProjectDiane, Black women represent less than 0.2 percent of venture-backed companies in recent years. Although access to capital isn’t a part of EAN, it is a crucial resource for entrepreneurs who wish to grow their businesses through hiring, investments or mergers.
Reeder said the EAN encourages all eligible Black women entrepreneurs to apply for the program to develop their skillsets, expand their networks, and reach potential customers, clients, vendors and investors. Additionally, interested women entrepreneurs can explore the company’s Entrepreneurial Winning Women program.
“EAN provides tangible and intangible advice to minority entrepreneurs and gives the entrepreneurs the resources for success,” she said.
EAN also includes an ongoing series of educational programs, events, and networking opportunities, both at a regional and a national level. These resources are accessible to any entrepreneurs who register for the OnDemand program. The OnDemand program offers self-paced learning to all entrepreneurs at revenue, ownership, and operational maturity levels who register for access to the EAN Resource Library.
Women entrepreneurs are encouraged to apply for many of EAN’s programs, including the Entrepreneurial Winning Women Program.
Learn more about the Entrepreneur Access Network by clicking here.