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C2FO Powers Early Payment Programs for the World’s Largest Companies.
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We believe all businesses can and should have equitable access to low-cost, convenient capital to grow and thrive.
Building a business isn’t easy, but it can be especially challenging for minority entrepreneurs. Explore some success stories and programmes that can help.
Creating, sustaining and growing a successful business is no simple feat, particularly if you’re a minority entrepreneur. Most business owners face obstacles from time to time, yet these challenges are significantly heightened for minority- and women-owned businesses. Discrimination, limited access to capital, fewer network connections and language barriers are just a few examples of obstacles to be conquered. In light of these disparities, many large enterprises have launched programmes and initiatives to address inequities and break down barriers for minority- and women-owned businesses.
In this post, we’ll share the inspiring stories of eight successful minority entrepreneurs, and explore some of the programmes and resources available to diverse business owners.
One million businesses in the UK are owned by minorities, and they generate approximately £74 billion for the UK economy each year. Starting a new business takes vision, perseverance and a willingness to work longer and harder than most people can imagine — traits that all of these minority entrepreneurs happen to share. Along the way, they have overcome doubts and challenges to build highly successful companies. The following stories illustrate what is possible for business leaders with access to the right resources and a growth mindset.
Fortunately, more and more corporations are offering financial programmes and resources to certified diverse businesses to help minority entrepreneurs overcome gaps in financial and social capital. Options such as those listed below can provide a vital source of funding to help traditionally underserved communities launch or grow an existing business.
Minority entrepreneurs often have fewer working capital financing options and a higher cost of borrowing, which can make it particularly challenging to address cash flow. However, many large enterprise buyers have launched initiatives to support diverse suppliers by providing a debt-free solution to cash flow issues — early payment programs.
Early payment programmes help suppliers like you boost cash flow by accelerating payment on invoices in exchange for a small discount. If you have large enterprise customers, they may already be using C2FO’s Early Pay platform. This means you can log in and request early payment on their outstanding invoices to increase your working capital immediately.
On C2FO’s platform, enterprises can create a dedicated opportunity marketplace where diverse suppliers can request early payment on invoices at competitive rates. For example, Albertsons Companies launched its opportunity marketplace in 2021 to help diverse-owned businesses alleviate immediate capital challenges by making access to working capital more equitable with funding at significantly lower rates.
To address funding disparities, the Schultz Family Foundation and C2FO launched a new partnership that provides accessible, affordable lines of credit to diverse and underserved, high-potential businesses. The foundation’s Entrepreneurs Equity Fund will enable C2FO to power £80 million in loans in the partnership’s first year.
For the minority entrepreneurs profiled here, it took more than just hard work and determination to overcome systemic barriers and build successful businesses — it also took access to financial resources. C2FO has seen firsthand how reliable access to funding can give minority entrepreneurs the boost they need to be successful. In the first half of 2022 alone, C2FO accelerated more than £2 billion in early payments to diverse-owned businesses worldwide.
Need cash flow to take your business to the next level? See if your enterprise customers are using C2FO’s Early Pay platform or offering an opportunity marketplace.
This article originally published January 2022, and was updated May 2023.
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