Tag: African investors in America

Memphis’s Goal: To Grow Revenue At Minority-Owned Firms By $50M In Five Years

By Elaine Pofeldt

The future of entrepreneurship in America will include many more people of color than in the past, as recent data shows. The city of Memphis is making the most of the trend. It is working to accelerate the growth of minority-owned businesses in a flagship program that could potentially become a model for other cities to emulate in their economic development programs

Under the leadership of Mayor Jim Strickland, The 800 Initiative, launched in May 2018, has set a goal of growing the revenue of 800 minority-owned businesses with paid employees that the city has identified by $50 million by 2023.

The program is offering business coaching, technical assistance, education and access to loans and grants to help the businesses scale. The program also aims to help 200 minority-owned businesses without paid employees to grow their revenue into the six figures and start hiring employees.

The 800 Initiative, hosted by the city’s Office of Diversity and Compliance, is funded in part by a $500,000 allocation in the city’s 2018-2019 budget, and a $1 million commitment over four years by FedEx.

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U.S.-based Nigerians to attract $3bn investment to Nigeria

A Nigerian professional forum in the U.S. have put measures in place to attract an estimated $3 billion investment into the Nigerian economy in the next three years.
The Nigerian American Business Forum (NABF) stated at its 2019 Investment Conference with the theme: Entrepreneurship in Africa: Challenges and Opportunities at Tampa, Florida.

The President of the forum, Mr Kenneth Shobola, said the forum aimed to impact the wealth of experience of accomplished Nigerian Diasporas for the rapid development of their homeland.
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