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Expanding Who Has the Opportunity to Be an Entrepreneur

via Babson Thought & Action

..."What Havell Rodrigues is doing now is New Majority Capital, a Providence, Rhode Island, organization founded in 2021 that is dedicated to fostering financial equality. Co-founded with three others, including fellow Babson alumnus Kris Schumacher MBA’04, New Majority Capital seeks to provide underrepresented entrepreneurs, including people of color and women, with financial capital and business training, which is offered in partnership with Babson faculty.

Specifically, the organization helps entrepreneurs buy existing small businesses, typically from owners who are looking to retire. In upcoming years, millions of baby boomers are expected to step away from their businesses. “There is a window of opportunity that has opened up with the silver tsunami,” says Rodrigues, New Majority Capital’s CEO.

New Majority Capital has more than 200 BIPOC and women entrepreneurs in its pipeline, with about 10 closing deals on businesses in the next month or so, and the organization will soon have a $50 million fund to support entrepreneurs. The organization provides up to 100 percent of the money needed to acquire a business, which entrepreneurs can pay back as a set percentage of their profits. It also offers no-interest loans to cover short-term expenses."