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This year, HBS piloted its first student-run Impact Investing Fund, focused on investing in BIPOC-led and owned small businesses in the Massachusetts area. Since launching, the fund has raised $200k, completed diligence on eight businesses, and is in the process of executing its first investment.
Small businesses are a major growth lever for wealth creation and employment in the United States. Yet, many BIPOC-led and owned businesses currently face systemic barriers to raising capital, including difficulty accessing loans, and lack of access to friends and family equity given the history of racial disparities in the US.
Racial injustice has historically presented itself in many forms including practices such as slavery, redlining, white-only or white-preferred employment quotas and has led to stark economic inequity and disparities by race. Massachusetts is no exception. The Federal Reserve Bank of Boston found the average net worth of a white family was $250,000, compared with $