204: Beyond Venture Capital: Alternative Funding Paths for Black-Owned Businesses w/ Rodney Williams

When you think about funding your business, venture capital might be the first thing that comes to mind. Yet, for Black entrepreneurs, accessing traditional VC funding can be an uphill battle, with less than 1% of VC capital going to Black-owned businesses. This episode of the Black to Business podcast dives deep into alternative funding paths that you can take to build and grow your business without relying solely on venture capital. Rodney Williams, the co-founder of SoLo Funds and other successful startups, shares his invaluable insights and personal experiences on how Black-owned businesses can navigate the challenging landscape of business funding. We understand the unique obstacles you face in securing capital and building sustainable businesses within a system that often overlooks you. That's why this episode is critically important: it explores practical, alternative funding strategies that have helped Rodney and many others succeed. From utilizing personal savings and credit cards to engaging with socially-minded investors and community finance platforms like SoLo Funds, this episode will offer you a roadmap to achieving financial autonomy and business success. Rodney also addresses the mental and emotional aspects of entrepreneurship, emphasizing the importance of collaboration, support systems, and mental health.

DURING THIS EPISODE YOU’LL LEARN:

Alternative funding sources besides venture capital

The importance of creating a sustainable business model

How to attract smaller, socially-minded investors

The benefits of community finance platforms like SoLo Funds

Understanding the true cost of funding options and making informed decisions

About Rodney Williams:

Rodney Williams is the Co-Founder of SoLo Funds, the largest community finance platform in the United States. Since its inception in 2018, SoLo Funds has surpassed 1 million loans funded and has redefined access to capital for its 1.5 million users. As the U.S.’s only Black-led Certified B Corp fintech, SoLo Funds continues its leadership, grounded in the mission to build a community that enables financial autonomy for all. Before founding SoLo, Rodney founded LISNR, securing over $40 million in funding and leading the company to numerous accolades and partnerships across retail and financial services. Rodney began his career at Procter & Gamble in brand management, where he was pivotal in shaping the company’s digital strategy. He holds degrees from West Virginia University and Howard University and is a member of the 2019 Class of Henry Crown Fellows within the Aspen Global Leadership Network at the Aspen Institute. Rodney has been recognized with several prestigious awards, including Ad Age’s 40 Under 40, Cannes Gold Lion award, and consistently featuring on the CNBC Disruptor 50 list.

Tune in to this episode to get inspired, gain actionable insights, and discover new ways to fund your entrepreneurial dreams, anchored by Rodney Williams' journey and expertise.

Don't miss out on the resources mentioned in this episode by checking out the show notes at blacktobusiness.com/204

Thank you so much for listening! Please support us by simply rating and reviewing our podcast!

Got a question? We’d love to answer it in an upcoming Q&A. Simply record your quick question → https://blacktobusiness.com/QA 

Connect with us on Instagram: 

https://www.instagram.com/blacktobusiness/ 

Don’t miss an update! Sign up for our weekly newsletter:

https://blacktobusiness.com/mailinglist