- 2 days ago
What if helping a Black-owned business grow cost less than dinner?
Too often, talented entrepreneurs are overlooked by traditional lenders and lack access to the family wealth networks that have helped many others launch and scale their businesses. This conversation explores how everyday people can help close that gap through community-powered investing.
Hear firsthand from founders who successfully raised capital through Kiva, learn how contributions as small as $25 can help fuel business growth, and discover how collective action can unlock opportunity in underserved communities. You'll leave inspired—and with a simple roadmap for putting your dollars to work in the businesses and communities you believe in.
Too often, talented entrepreneurs are overlooked by traditional lenders and lack access to the family wealth networks that have helped many others launch and scale their businesses. This conversation explores how everyday people can help close that gap through community-powered investing.
Hear firsthand from founders who successfully raised capital through Kiva, learn how contributions as small as $25 can help fuel business growth, and discover how collective action can unlock opportunity in underserved communities. You'll leave inspired—and with a simple roadmap for putting your dollars to work in the businesses and communities you believe in.
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00:00All right, welcome, welcome, welcome to day number three of Essence Fest.
00:05We are right here at the We Love Us stage.
00:08My name is Quinn Conyers, and I'm super excited to host day number three.
00:12Now listen, I got some good news, and I got some great news.
00:14If you are behind her right here, you just got upgraded to VIP seating, sis.
00:19So I want you to come on up here because I don't want you to miss anything
00:23that these lovely women are about to say.
00:26Now listen, I know there's a lot going on right now,
00:29but this is a state that you want to be at if you are interested.
00:32You are invested in really, really fueling yourself as a black entrepreneur.
00:38Now I'm going to jump right on in because we have a powerhouse panel conversation
00:41that's about to happen, and if you are walking by
00:44and you are interested in starting your own business,
00:46we still got some speed seats and spaces for you.
00:50So I have a question for everyone.
00:52What if helping a black-owned business to grow costs less than dinner?
00:58Too often, talented entrepreneurs are overlooked by traditional lenders and lack of access to capital
01:05for building their family networks and have helped many others launch and scale their businesses.
01:10This conversation explores how everyday people like me and you can really help close the gap through community-powered investing.
01:19I want you to hear firsthand from founders who have successfully raised capital through Kiva,
01:25learn how contributions as small as $25 can help fuel business growth,
01:31and discover how collective action can unlock in undeserved communities.
01:36You'll leave inspired and with simple roadmap for putting your dollars to work in the businesses and communities that you
01:43believe in.
01:45So we're going to go ahead and get this conversation started.
01:47So how community investing fuels black entrepreneurship.
01:51Here to moderate this powerful panel, we have Lindsay Peel from Kiva US.
01:57Let's give her some love as she makes her way to the stage.
02:01Lindsay is a wealth of knowledge and she is going to ask some questions that you can take away and
02:07apply as you support black entrepreneurs.
02:10Joining Lindsay on stage, we have some amazing women founders.
02:14Up first is Melanie Seymour from the Institute for Entrepreneurial Leadership.
02:19Let's go ahead and give Melanie a round of applause.
02:23Joining these fabulous founders on stage, we have the one and only Miss Hyacinth Tucker of the Laundry Basket.
02:31Let's go ahead and give Hyacinth some love.
02:35And last, but certainly not least, to round out this powerful conversation,
02:39we have Miss Tashara Earl of Shades of Color.
02:43Come on, Tashara, and give it up for that top.
02:46Give us a little swirl.
02:48Come on, it's Essence Fest.
02:49There you go.
02:50Show us the color.
02:51All right, Lindsay, the stage is yours.
02:53Good morning.
02:54Good morning, everybody.
02:55How y'all feeling?
02:57Good.
02:57Welcome to Essence Day 3.
02:59Look and tell a neighbor, good morning, beautiful.
03:03Good morning, beautiful.
03:04And if you see a gentleman beside you, good morning, handsome.
03:07Good morning, handsome.
03:09Wow.
03:09Listen, we don't know.
03:11That might have been the first time they heard that this morning.
03:14Right.
03:14So we always want to make sure that not only we're investing in black businesses,
03:17but we're also edifying and affirming all of our beautiful black and brown people
03:22because we need it, y'all.
03:24Listen, I am so excited for today's conversation.
03:27How community investing fuels black entrepreneurship.
03:32Now, typically, when we hear the word investing, most people usually think immediately stock exchange, Wall Street.
03:40You've got to have a lot of money to start investing.
03:42But we're here today to demystify that thought, that concept, because for just as little as $25, you can truly
03:51change somebody's life.
03:53You can truly change the trajectory of somebody's family.
03:57Can I hear $25?
04:00$25.
04:01$25.
04:02$25?
04:02$25 in the front.
04:03Okay.
04:04Because we all got it, right?
04:06I know we all got $25.
04:07Now, I want to briefly introduce our panelists today, but they're going to share some more amazing information about themselves.
04:15Right beside me, we have Ms. Melanie Seymour.
04:17She is the Director of Capital Access Initiatives at the Institute for Entrepreneurial Leadership,
04:23where she manages programs designed to drive capital and support to entrepreneurs through the Capital Circles Initiative.
04:31Welcome, Ms. Melanie, to the stage again.
04:34Thank you, Lindsay.
04:35Happy to be here.
04:35Next, we have Ms. Hyacinth Tucker.
04:39Listen, Hyacinth and I, we go back just a little while, okay?
04:42She is the founder and CEO of The Laundry Basket, a veteran-owned technology-enabled textile management and logistics company.
04:53After losing her event venue business during the pandemic, she transformed Adversity into an innovative company,
05:00serving clients across healthcare, hospitality, government, higher education, and commercial markets.
05:08Welcome, Hyacinth.
05:10Good morning.
05:10And next, last but certainly not least, my Soror over there.
05:15Hi, Sashara.
05:16Hey, Soror.
05:17She is the founder and CEO of Shades of Color, an AI-powered beauty marketplace connecting shoppers with independently-owned
05:27beauty brands
05:27through personalized recommendations while creating greater visibility and economic opportunities for underrepresented founders.
05:36She's done a whole bunch of other stuff, too, just like Hyacinth here, and we're so glad to be able
05:41to celebrate you all.
05:42And then we have our conduit, Melanie, who's right beside me, who's going to share how she supports these black
05:48businesses with access and capital.
05:51So, Melanie, this first question is for you.
05:54Beyond your title and all of the amazing things that we know that you do at Ifo and Beyond,
05:58what does community investment mean to you personally, and why has it become such an important part of your work?
06:05Thank you, Lindsay.
06:07Good morning, everyone.
06:08So, community investing is very important to me personally.
06:13As the granddaughter of an entrepreneur based in Newark, New Jersey, where Eiffel is headquartered, it's super important to get
06:21folks funded.
06:22It's very important because we stand in the gap.
06:26As folks are not quite ready for traditional lending, many times they are told no because they do not have
06:34the two years of operations.
06:35They do not have that seed money to get them to profitability.
06:39And so, the community steps in and provides those resources.
06:44It's super personal to me both in terms of what the impact can be and in terms of turning those
06:50no's into yes's.
06:52It's validation when your community stands behind entrepreneurs in the community and says yes, I can lend $25 or more
07:02to this business.
07:03And then they can go forward and that fuels them to the next level of funding.
07:08I love that because just because we heard no somewhere doesn't mean that that no is forever.
07:13It just means that next opportunity, let's on to the next organization or program to support, which is why Kiva
07:19is so important.
07:21We come in and fill the gap for those entrepreneurs who either might not be ready for traditional capital or
07:26for those entrepreneurs who have experienced that no.
07:29We want to make sure that you have another option.
07:32Now, Melanie, before we move on, I want you to tell us a little bit about Eiffel's approach specifically to
07:38community investing and why it's important for our people to see their dollars as tools for community economic opportunity.
07:45Well, we take a very specific approach and we believe that community is capital.
07:50It really is the power of your networks, the power of your knowledge and the power of power of your
07:57dollars.
07:58And so we see ourselves as a conduit.
08:01We bring folks together, form communities of support.
08:04These capital circles, as we call them, are networks of knowledge where you can provide resources.
08:12I start off as a volunteer, actually, in 2021, where I help entrepreneurs with their financial projections.
08:19That's part of the community impact.
08:21As a trustee, we provide that support to craft that story for the Kiva loan, for their Kiva campaign.
08:29We help them navigate the Kiva platform and we serve as advocates.
08:34We also provide endorsement that Hyacinth is who she says she is and she, in fact, has the business that
08:40she states that she has.
08:42We stand behind her, we say she did the work, she knows her numbers, she has a viable business plan,
08:48and so she can move forward.
08:50So we're really standing behind them and moving them forward as a trustee.
08:54This is a phenomenal opportunity that we take and it's a phenomenal platform, specifically for Kiva, because it's not just
09:03the crowdfunding.
09:03I like to emphasize for entrepreneurs as well that they're able to use that Kiva platform for marketing.
09:09So on that platform, you're telling your personal story.
09:13You're telling your business story.
09:15You're explaining how you're using the funds.
09:18You're explaining how you're going to repay back the money.
09:21And you're able to provide thank yous and updates on your business if you're using it properly.
09:27So that's where Eiffel steps in.
09:30We bring the community together.
09:31We help with bringing folks together both in terms of volunteers, support members, amplifiers, and lenders.
09:39And I'll tell you more about our Kiva Linda teams shortly.
09:42But, yeah, it's really important for us to bring folks together and then coach them to get that campaign going,
09:49execute, close, and continue that communication process.
09:52Melanie said a couple of things that I want to make sure that we do not let go over our
09:57heads.
09:58Community is capital.
10:01Community is capital.
10:02We are our own currency.
10:04We are the power that we need to make sure that we can continue to build and grow sustainable businesses.
10:11I, too, before I became the director of the Kiva US program, as an entrepreneur, I got to keep alone
10:17myself.
10:17And I had over 400 people contribute to that campaign, and I probably knew maybe 20 of those people.
10:24So that means there were hundreds of people around the world who thought enough of me in that business to
10:30invest in me in that business.
10:32And it truly does change the trajectory of how you think about yourself, how you think about your business, and
10:37those next steps.
10:38So, Hyacinth, I want to jump over to you, especially since Eiffel served as your Kiva trustee through that process.
10:45Yes.
10:45So most founders, they remember that first yes.
10:48So tell us about your first moment getting that yes from Kiva.
10:52Yes, yes.
10:53So I started The Laundry Basket, and it was designed to be a side business.
10:57It was an act of random kindness for a friend.
11:01And I saw that she was overwhelmed, stressed, frustrated when it came to doing her laundry.
11:05So that's what it was.
11:07And so I was doing everything myself to help this friend.
11:11So I was picking it up.
11:12I was washing the clothes.
11:14I was, you know, delivering it back to her.
11:16But I knew that I wanted to grow the business because I knew that what we were doing was so
11:20much bigger than just doing laundry.
11:22And so I needed a van.
11:25And I was like, okay, I saw an ad for a van, and I was like, okay, it's $5,500
11:29for this van.
11:30But I had no capital to get it.
11:33And so I decided with the help of Eiffel to go on the Kiva platform and do it.
11:37And when it became public, we were fully funded in 48 hours.
11:41I know, right?
11:42That is amazing.
11:44You can give her a round of applause.
11:47And, you know, for me, the money was great, right?
11:51But it was also the validation because, you know, as entrepreneurs, we hear no more than we hear yes, right?
11:56And so when it comes to traditional capital, it's like they're looking at your past.
12:01And Kiva was looking at more of what we could accomplish in the future, and that was really important for
12:06me.
12:06And so what was important is that the people that were investing in me, they didn't care about the five
12:12Cs.
12:12They wanted to see me succeed.
12:15And these were normal, everyday people who just really believed in the mission.
12:19And so I really was like, I appreciate that.
12:22Because they're not only, but you invest in a small business owner, you're investing in the community, right?
12:27Because we're building jobs.
12:28We're mentoring locally.
12:29We're buying locally.
12:31So you're a part of that whole ecosystem helping it to grow.
12:35So when we look at, you know, we look at Kiva, it's not about, you know, just the lending.
12:41It is about economic development, which is so important.
12:44Thank you for that.
12:45Now, how many people, just by a quick raise of hands, heard growing up that it takes a village to
12:49raise a child?
12:51Exactly.
12:51Most of us in this room.
12:52And this is just a reminder that it also takes a village to build a business, to pour into an
12:57entrepreneur,
12:57to make sure that we get what we need internally and externally to power and fuel our businesses forward.
13:05Now, Tashara, I know you recently kind of got your Kiva loan.
13:08Yes, yes.
13:08So tell us a little bit about that community-backed lending experience for you.
13:13Oh, wow.
13:14It was amazing.
13:15I will say that when I first applied for Kiva, I didn't know what to expect.
13:21I just kept hearing Kiva and there's a way to get a zero percent loan.
13:25And I'm like, what?
13:26Zero percent?
13:27So I'm like, okay, let me check this out.
13:30So my trustee in St. Louis, Missouri is an organization called WePower.
13:35And they took me on to help support me in my Kiva raise.
13:39And so I was raising money to help build my AI-powered marketplace.
13:44So you may hear people say, I'm not a technical founder.
13:47That means that I don't develop, I don't code.
13:49And so I have to find somebody who can build my app for me.
13:54And the bids that I was getting was astronomical.
13:56They were six figures.
13:58But I found a way for me to be able to build it with better funding and within the budget.
14:04And so I was able to raise $10,000 on Kiva.
14:08And that was less than, I think, a week.
14:11And so I had people from my community.
14:13You have to do 10 people, 10 private people that you know who will lend to you first.
14:18And then it opens up to the public.
14:20So I just didn't know what to expect.
14:22But Kiva helped to walk me through everything.
14:24And I was just amazed that people were lending $25.
14:27They were lending $100.
14:29And even when I was sending it to my family, they were like, girl, can I just give you the
14:32$25?
14:33I said, no, you've got to go on Kiva to support it.
14:37Because with community backing, you all are helping to validate the idea.
14:42You are also letting me know that what I'm building is something that is important that we need.
14:48So that investment that you are pouring into entrepreneurs like myself and others on the stage,
14:53it is meaningful, it is impactful, and it is powerful.
14:56And so I wouldn't be where I am right now on this stage if I did not take that leap
15:01of faith and actually apply for the Kiva loan.
15:04Thank you for sharing that.
15:06And this is just a testament to the show of the work that we do.
15:09We believe in our founders.
15:11We believe that you all deserve the opportunity to access capital.
15:14Now, I know you all are probably still stuck on her comment about 0% interest.
15:18Yes, it is true.
15:20No, it is not a scam.
15:22Our loans are completely fee-free.
15:24It is 0% interest, no prepayment penalties, no late fees.
15:28There are no origination fees.
15:30We also don't have a minimum credit score requirement, no minimum time and business requirement, nor a minimum revenue and
15:37business requirement.
15:38I see somebody's face like, oh, my God.
15:40Yes, girl.
15:41It is real.
15:42That Kiva loan is out there waiting for you.
15:45And the comment that she made about having to bring in your village first is that our campaigns are split
15:51into two parts.
15:52We have the private fundraising period, and then we have the public fundraising period.
15:57That private fundraising period is a part of our social underwriting concept.
16:01We just want to know, do you have a village out there that's going to support you in your business?
16:05Now, her number was 10, but that number can range anywhere from 5 to 50, depending on your loan size,
16:12depending on risk measurements, depending on the type of business, et cetera.
16:15But I love to have that conversation to help see where you fall.
16:19Now, this question is really open to either of you.
16:22Everyone don't have to answer, but I would love to hear your thoughts.
16:24What role have you all seen or feel that community-backed capital can play as a complement to traditional lending
16:32and not necessarily as a competitor?
16:36I'll take that one.
16:38So it absolutely is a complement.
16:40If you look at entrepreneurship and raising capital, you have to think about your capital stack.
16:46It doesn't need to be one thing.
16:48It can be many things.
16:49And for me, if you imagine a ladder, Kiva can be that first step of your capital stack to the
16:57community development financing institution, the CDFI,
17:01or to the traditional lender, or maybe if you're pursuing equity to an angel investor in the traditional sense.
17:09Right?
17:10So it's not a competition.
17:11It absolutely is a complement.
17:13But how can you beat a 0% interest loan, right, from the perspective of an entrepreneur?
17:21Now, from the perspective of a lender, you're able to lend and re-lend as you get it repaid.
17:28So there's a power of community is that it's recycled, right?
17:33So that's the unique element for this type of structure.
17:38And I'll just quickly add, one of the great things about the Kiva lending program, it is that it also
17:44involves like your confidence as an entrepreneur.
17:46So imagine hundreds and thousands of your local people or people globally saying that they believe in what it is
17:54that you're doing.
17:54And sometimes as an entrepreneur, you just kind of just need that boost.
17:58You know, people saying that they believe in your vision.
18:01So that's also one of the great things that I love about it as well.
18:05Awesome.
18:06So the next question I want to ask, and this is for Melanie or Hyacinth.
18:10Why does lowering the barriers specifically to participation matter, not just for entrepreneurs receiving the capital,
18:18but for the communities that are actually making the investment?
18:22Well, it's very inclusive, right?
18:24So if you think about it, many of us don't think that we're investors, but we lend to people in
18:31our community.
18:32We give them money.
18:34You know, we may or may not, you know, get it paid back.
18:37It might not be formalized in this way.
18:39But to me, having that low entry point of $25 means that there is a low barrier to entry.
18:48So, you know, just think about that.
18:49That's equivalent to dinner as was mentioned when we came onto the stage, right?
18:53You know, maybe less than dinner in this day and age.
18:56For just $25, you can participate in phenomenal businesses like Hyacinth or a campaign that
19:04just moved from private to public this morning, less than two hours ago.
19:09It's a New Orleans based business.
19:11It's called Lynn Yap Bakery, a little something extra.
19:16That's what Lynn Yap is.
19:18And we were actually at 11 a.m.
19:20You will have the opportunity to actually work that muscle just like anything else.
19:26As you want to step into the space of an investor, you have to learn how to do it.
19:32This can be your first step.
19:33So we have a public campaign.
19:35You can get involved for $25 or more, whatever you would like.
19:39This particular campaign is $13,500.
19:43There are more than 30% of the way there.
19:46So I say all that to say this.
19:48Once you make that first step, you will realize you are an investor.
19:53The power is in your hands.
19:55The problems that we have, the barriers that we face, the policy changes that are occurring,
20:01we are more powerful than we realize.
20:04Right.
20:04And that $25 entry point is so low when you really think about it.
20:10So you have to make the first step, and then that will lead to more steps
20:13where you can become an investor on Kiva platforms and many other platforms.
20:18So just consider it.
20:19Again, 11 a.m., we can talk you through it.
20:22It's hands-on, and you can learn how to support phenomenal businesses like these.
20:27Thank you so much for that, Melanie.
20:29One of the things that I also want to make sure that we're not missing in this moment
20:34is that it just takes one step.
20:37Even if you never thought that you could have been an investor,
20:40even if you thought that your dollars don't matter to a small business,
20:44it truly does, and it just takes you being willing to say yes.
20:47So hopefully you're going to follow us over there to the makerspace at 11 a.m.
20:52to get your dollars in practice is what I like to call it.
20:56Now this is for all of my panelists here.
20:58We're going to start from Tashara and really work our way down.
21:01What's one thing that you want every entrepreneur in this room to remember
21:06about inviting their community to believe in their vision?
21:10Absolutely.
21:10So one thing I want you to remember is that when you pour into the entrepreneurs that are within your
21:16network,
21:17within your village, within your community, you are really helping them to achieve their dreams,
21:21but it's going to come back around to you tenfold.
21:24We pour our money into so many things that we are always recycling funding in other places.
21:31We want to make sure that we're recycling it within our own community.
21:34It should not take six hours or less that it stays in our community.
21:39In other communities, it lasts a lot longer.
21:41We can do that now.
21:42And so just one thing is just make sure you pour into your network, your village,
21:46and the entrepreneurs in your community.
21:48And so I would say for the entrepreneurs who are interested in getting a Kiva loan is to understand that
21:55the people pouring in
21:56do not expect your business to be perfect.
21:59So they're just looking for you having a clear purpose, a big vision, and, of course,
22:04knowing your numbers but being very specific about your ask as well.
22:08So don't be afraid to do it.
22:11Would you like to add anything?
22:14I would say a recommendation for entrepreneurs is take the step forward and tell your story.
22:20For investors, get in the game.
22:23Now is the time.
22:25There are many avenues you can take.
22:28Kiva is a fantastic avenue to take to build that muscle, work it,
22:33and then build that power of your community.
22:37Share it out with your community.
22:38There is power in numbers.
22:40So take action.
22:42Move from, you know, the conceptual ideas and take action.
22:46Ten seconds or less.
22:47Tell the audience how they can keep up with you and support your business
22:50and the work that you're doing in the community.
22:52So you can follow me on Instagram and TikTok at MyShadesOfColorBeauty.
22:59Okay.
22:59And you can find us at Laundry Basket Delivery.
23:03You can find us at WeAreEiffel.org forward slash capital circles, as well as on LinkedIn.
23:12Look me up.
23:13I'm Melanie Seymour on LinkedIn.
23:15Thank you all so much for being here.
23:17You can also follow us, find us at Kiva.org.
23:20That is K-I-V-A dot O-R-G.
23:23You can also follow me on Instagram at The Kingdom Wealth Connector.
23:27We look forward to seeing you all at 11 a.m. right here at the Makerspace Studio
23:32to use your $25 for good.
23:35Thank you all for being here.
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