Mission:
Young Black Entrepreneur Fund, Incorporated (YBEF, Inc.) is a non-profit organization established to empower historically disadvantaged youth by providing resources and entrepreneurship education that fosters holistic personal and professional development.
Why?
Entrepreneurship plays an important role in building wealth in families, communities, and economies but the opportunity to start and grow a business is not as accessible for African Americans. Furthermore, young people are more interested in starting their own businesses than ever, especially minority youth but the education system does not provide the training and education that is necessary in order to prepare them to become entrepreneurs yet. A recent study found that if the number of people-of-color-owned firms was proportional to labor force participation, the U.S. would add more than 1.1 million businesses, supporting an estimated nine million additional jobs and adding nearly $300 billion in workers’ income. A separate study estimated that more equitable access for the Black community to tools businesses need would generate an additional $8 trillion in U.S. GDP growth. (Source: America’s Opportunity Gap By The Numbers)
Impact:
The funds raised will allow YBEF, Inc. to operate its P.S.Success Youth Entrepreneurship Education program for Baltimore City Youth.