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Metro Detroit Black Business Alliance’s capital program sees success

Britney Hoskins, who is known by her supporters as the celebrity event designer, was recently able to secure a $200,000 loan for her business and a $25,000 line of credit.

She is participating in a new program that provides Black business owners in metro Detroit access to capital. Called Capital Connect, the program is run by the Metro Detroit Black Business Alliance (MDBBA), a nonprofit that aims  to assist in closing the racial wealth gap.

Receiving the loan served as a confirmation for Hoskins that she is doing exactly what she’s meant to do.

“Somebody believed in me enough to say, ‘Hey, here’s some money, go do some amazing things,‘” Hoskins said. “It’s just confirmation that you’re doing the right thing. I feel like in the Black community, we don’t get that enough. We know how to make money but we often are making the money off our own backs.”

She and other Black business owners feel that stories of people investing in non-Black businesses make the funding feel unattainable. But Hoskins’ mentality has since changed because she said many doors have opened since she got involved with Capital Connect. 

Britney Hoskins of The Top Pic Collective speaks during a session of Capital Connect at the Metro Detroit Black Business Alliance in Detroit on March 14, 2022.

Capital Connect is a 12-week program held in downtown Detroit that provides step-by-step technical assistance and has a goal to connect businesses with capital. Business owners learn how to create a business plan, pitch their business, build a financial plan and tell their story. Autumn Kyles is the program manager for Capital Connect and she works under the leadership of Kai Bowman, chief operating officer for the MDBBA, and Charity Dean, president and CEO of the MDBBA. 


https://www.freep.com/story/news/local/michigan/detroit/2022/06/03/metro-detroit-black-business-alliances-capital-program-loans-credit/9874571002/