Flyte is an acronym for Financial Learning You Take Everywhere. Our mission is to empower Black women business owners with the skills and resources they need to overcome systemic financial inequities. Our focus on women is due to the fact that women grapple with additional barriers than men. A clear example of this is the fact that despite Black women starting businesses at a higher rate than any other demographic, only 3% are running a mature business, far lower than any other demographic (Harvard Business Review, 2021). In New Orleans, the rate of Black female entrepreneurship is even higher than the national average. However, over 80% of Black-woman-owned businesses in our region fail within 18 months. The main reason for this failure is lack of access to capital and resources due to systemic barriers. The challenge of childcare, especially for single mothers, creates even greater obstacles to ensuring healthy and sustained business growth. Flyte’s Entrepreneur Empowerment program tackles these disparities head on. Our program currently serves 70 businesses over the course of 12 months, starting in May each year. Over 90% of our cohort is comprised of Black women from low and moderate-income households in Southeast Louisiana. During the program, they have access to 32 hours of virtual personal and business finance training, 15 hours of professional mentorship, as well as numerous free business resources. Ultimately, our aim is to stabilize and strengthen each business owner’s family finances while also putting their businesses in the strongest possible position to access capital in the long term. All cohort members have the option to work with us in successive programs which roll over in April every year.
