Noticing a lack of a central organization to aid, mentor and facilitate dialogue among black businesses in Rhode Island, Lisa Ranglin decided the time had come to change that.
The nonprofit Rhode Island Black Business Association officially launched on Oct. 1 with the help of Gov. Lincoln D. Chafee, R.I. Economic Development Corporation Director Keith W. Stokes and many other community and business leaders. They all had the same goal in mind – networking with people of color.
“The association was established to close a significant gap which existed in the minority business community,” said Ranglin, founder and president who also is a vice president at Bank of America. “Prior to the formation of Rhode Island Black Business Association there was no other entity in the state that was focused primarily on strengthening black and other minority-owned [businesses].
“Having interacted with many minority-owned businesses I soon realized that for them to be competitive, to grow and to thrive they needed to have a united voice that could propel them to the next level,” she said.
The Rhode Island Black Business Association is not limited to just black businesses, it is open to all business owners, Ranglin said. She also runs a real estate business and is involved with several community organizations.
Members provide financial support to help the association grow and carry out its goals and objectives.
A 12-month membership ranges from $25 for students, $100 for individuals and $250 for businesses with up to 10 employees and $500 for businesses with more than 11 employees. Lifetime memberships are $1,500 for individuals, $5,000 for small businesses and $10,000 for corporations.
Through collaborations and partnerships with other interested entities, the association will provide the resources to minority business owners so they can grow their businesses, which will create jobs in this struggling economy.
“From early black entrepreneurs like George Downing and J.T. Allen to the leading business leaders of today like Cheryl Watkins Snead [president and CEO of North Smithfield-based Banneker Industries], Rhode Island has a long and rich tradition of successful black businessmen and women,” Stokes said. “Programs and organizations like RIBBA dedicated to accelerating the growth and economic empowerment of black and urban-owned businesses through business development, advocacy, quality educational and professional development play a vital role in ensuring that new generations of entrepreneurs can continue to be competitive.”
Chafee, who attended the kickoff, said he believes strongly in minority-owned businesses.
“The governor believes that the success of minority-owned businesses – particularly in our state’s urban areas – is critical to the economic life of Rhode Island,” said Christine Hunsinger, the governor’s communications director. “Gov. Chafee was at the event to express his support for an organization working to promote an important sector of the state’s economy.”
The Rhode Island Black Business Association’s mission is to:
• Promote business-to-business relationships through networking, education, workshops and presentations.
• Become an active player and participant in Rhode Island’s urban revitalization.
• Advocate for and lead the equitable participation of black businesses in the economy of Rhode Island.
• Assist in creating the growth, scale and profitability of Rhode Island’s black businesses.
• Develop a culture of entrepreneurship within the black youth of Rhode Island.
• Advocate on behalf of black businesses for access to public and private capital and procurement opportunities.
Gerard Holder is the owner of Providence’s GH Consultants, which provides solutions to ethical issues such as diversity, sexual harassment and minority recruiting and retention programs.
He has joined the group’s board of directors, but is still concerned about having a clear and concise mission. He already mentors kids and provides help to others, but he’s also looking to see what the association can add.
“We haven’t met collectively as a group yet, so it really depends on how this unfolds,” he said. “We’re looking at better decision-making, better opportunities and it needs to be definitive.”
Allan Tear, a founding partner in Betaspring, says such business associations are always needed.
“Young entrepreneurs have tons of energy and passion, but they often lack the experience and wisdom of successful entrepreneurs who’ve ‘been around the block,’ ’’ he said.
Betaspring identifies potential entrepreneurs and helps incubate them in a 12-week program, provides them with $20,000 each in stimulus money and hold presentations at the end of the program to help garner angel investors.
“Someone asked me a few weeks ago why [the association’s formation] was important,” said Linda Morro, owner of Strictly Typing, a Cranston typing and transcribing service. “Some people feel more comfortable dealing with people of their own color and some minority businesses just don’t know where to go to get information on resources available to them.”
Morro, who employs three people and is on the association’s board, says people may not know about Betaspring and The Slater Technology Fund. The entities identify up-and-coming innovative business startups and provide an incubator to help them grow. •
