By: Dionne Gumbs, GenEQTY Founder and CEO
The turn of a decade always brings the thrilling sense that the future is about to unfold before us, and the sky’s the limit in terms of what we can achieve. Many of us began 2020 with an exciting vision in mind, but so far the year has certainly thrown some curve balls! While the Covid-19 pandemic and following lock-downs are creating hurdles for many entrepreneurs and small business owners, there is still cause for optimism. Historically, such watershed moments tend to provide fertile ground in which status quos can shift for the better. Where challenge arises, bright new opportunities usually follow.
I know that this is a moment in which we can make a real difference. That’s why I’m launching GenEQTY – a comprehensive financial platform on a mission to remove obstacles for entrepreneurs and business owners. Think of us as a business partner, advisor, and a doorway to capital.
I grew up in a home in Brooklyn, NY that my grandmother and great aunt bought when they migrated to the United States from Guyana, a country on the northern tip of South America with a rich Caribbean culture. At one time, six families resided in our house excluding the revolving door of family friends or old acquaintances needing a place to stay temporarily. This extending oneself was normal to us, and when I think back, amidst the chaos with not very much we were taught – “To whom much is given much is required.”
My mother worked in banking operations at very known institutions and my father was an economist for the state of New York. The financial world was not unfamiliar to me, it’s where I always knew I would make significant change. It wasn’t always clear to me how. After 2008, the social responsibility of participants and owners in the world’s financial systems could no longer be ignored. We are all stakeholders with a duty and responsibility to create efficient systems of accountability. We are now positioned to rethink not just who our financial systems can and should work for but quickly deploy products and create ecosystems that serve many across a wide value chain.
Women and Minority Business Owners Need A Fresh And Forward-Thinking Financial Ally
Building equity within the world’s financial systems means prosperity for everyone. For example, McKinsey concluded that “if women were to theoretically have economic parity with men by 2025, it would boost global GDP by up to $28 trillion.” If the United States were to close the racial wealth gap, the U.S. GDP could be 4 to 6 percent higher by 2028. The racial wealth gap is currently estimated to cost the United States between $1 and $1.5 trillion between 2019 and 2028.
Despite these staggering numbers, such enterprises remain sorely under-served by traditional financial institutions. Prior to founding GenEQTY, I spent over two decades working in financial services across the United States. I saw firsthand how most banks struggle to provide relevant, high quality customer services and financial products to business owners while still managing costs. Notably the barriers to success let alone entry for women and minority business owners were all too prevalent. My most successful clients would often share how unnecessarily difficult their journey in accessing capital and resources. As a result, small businesses like yours with vast potential have suffered.
I’m setting out to move the middle and drive real economic change by enabling over 50% of the small business market to succeed. By leveraging the latest in data science and technological evolution, and innovative strategic partnerships, we can build a financially inclusive world.
Gain Support In Navigating Life’s Complexities
GenEQTY’s mission is to help you maintain momentum towards your vision, even when your business faces unique challenges, such as those experienced by many during the current Covid-19 crisis. Whether you hope to expand, develop, or stabilize your business, we’re here to support you through any adversity, even one as unforeseeable as this. Our innovative financial solutions – from branchless banking services to tailored business funding to expert real-time business analytics – are all designed with your success in mind.
Discover Financial Solutions That Are Developed Just For You
GenEQTY is more than simply a financial institution. Our goal is to empower real people through ambitious innovations – matching the drive of the entrepreneurs that I’m privileged to work with every day. It is my firm belief that recognized value changes lives. With that in mind, where is your business going and what does your vision hold?
Meet this Moment with Confidence
A report from American Express revealed that in the last five years, women-owned businesses increased 21% – far above the average of 9%. The number of minority-owned businesses have increased significantly in the past decade. While the current crisis may alter our strides, transformation has already begun! When such pivotal moments arrive, reaching for sources of empowerment to help us navigate storms and redefine our journey becomes all the more worthwhile.
Experience GenEQTY For Yourself
I want to hear your stories while we build! Connect with us on Twitter and Instagram, and be among the first to hear about new GenEQTY features by signing up for our email list. Ready to take your business to the next level? We now provide entrepreneurs with customized loans through our network of national lending partners. Apply in minutes and let us connect you with a lender that matches your unique business needs.