Small Business Development

The NFHF defines business development as a process that helps underserved, minority businesses establish and maintain relationships with local commercial organizations to facilitate creation of new companies and the expansion of existing businesses. The primary goal of business development is to assist in the expansion of commercial opportunities for underserved minority communities.

The NFHF will support underserved communities which are defined as a historically neglected community that has failed to receive the same economic opportunities as their preferential counterparts. The systemic neglect, inherent racism and structural barriers, result in underserved communities having more residents with low incomes, women and people of color. Such support will offer free or low cost professional and technical assistance aimed at fostering equitable access to all aspects of creating and expanding successful businesses. Minority and underserved communities and populations have traditionally faced barriers in accessing credit, capital and the other tools they need to start and grow businesses.

The NFHF plans to offer professional and technical resource support for underserved small, minority businesses (SMBs) with at least two employees, not more than 50 direct employees and 1099 independent contractors. Such support will champion skills development needed to advance and grow these businesses. A significant focus will be helping SMBs on growing jobs and business owners to employ more residents. Further, our directions will focus on sole proprietorships, even though the vast majority of black-owned businesses are predominant in that category.