Breaking Down Barriers

In this episode, host David Ponraj is joined by Tarsha Hearns, Sr. Director at The DEC Network in Dallas, TX. Together, they shared the progress of our exciting, collaborative initiative to support underrepresented founders in Dallas. The Dallas-based Entrepreneur of Color Credit Enhancement Fund study was launched in 2023 with an anticipated fund implementation in the fall of 2024. This fund is a partnership between The DEC Network and Economic Impact Catalyst, with generous support from JPMorgan Chase, Bank of America, Kellogg's Foundation, and TD Jakes Foundation. 

Tarsha Hearns knows these challenges all too well. As an entrepreneur of color herself, she has lived the same struggle to access capital holding back so many others. During a recent conference session, Hearns provided raw insight into how DEC is working to change the status quo for diverse founders in Dallas. As Hearns explains, DEC undertook extensive research to unpack why so many minority and women entrepreneurs in the city could not access loans or investments. They conducted focus groups, surveys, and outreach to both business owners and the ecosystem meant to serve them.

The findings revealed a complex web of disconnects that contribute to capital gaps in Dallas's historically underserved neighborhoods. Many local community development financial institutions (CDFIs), despite a mission to provide equitable funding access, were still rejecting minority applicants at concerning rates. This is often tied to issues like low credit scores or lack of traditional collateral -systemic barriers that disproportionately impact entrepreneurs of color.

Faced with this reality, The DEC spearheaded the creation of a novel, ecosystem-based solution: the Inclusive Entrepreneurial Capital Initiative. Recognizing the need for alignment, this initiative brought CDFIs and banks together with small business support organizations on the front lines in underserved neighborhoods.

The fund plays a crucial role in promoting equitable access to funding by offering tailored lending, products, and programs that address the unique capital access gaps that exist for entrepreneurs of color, while recognizing the specific needs and concerns of the Dallas entrepreneurial community. The Dallas Entrepreneur of Color Credit Enhancement Fund is at work to shape the next generation of diverse entrepreneurs.

The DEC website: https://thedec.co/ 

Recent Press about the Fund: https://dallasinnovates.com/bank-of-america-supercharges-the-dec-network-mission-with-120k-for-entrepreneurs-of-color/ 

Connect with Tarsha Hearns: https://www.linkedin.com/in/tarshapolkhearns/

In this episode, Host David Ponraj digs into the immense potential in public sector work with Carroll Bernard, CEO & Co-Founder at Govology.com, and former government worker at the U.S. Small Business Administration.  Carroll and his team at Govology specialize in opening up opportunities in the $500 billion government contracting market to small businesses, as there is an immense gap in awareness about government programs.

"The government procurement process can seem daunting, but the reward is well worth the effort - very sustainable revenue streams that allow companies to grow. Do good work [for the government] and there's always more business available, unlike the budget constraints in the private sector."

Carroll shares deep insights and processes to help small businesses navigate the government sales process and land those lucrative federal, state and local contracts; from researching spending data to crafting winning proposals.

David and Carroll explore the advantages of the 8A program for small disadvantaged businesses, including sole source contracts and set-aside contracts, as well as the potential for teaming opportunities with larger businesses. The discussion covers the essential steps for businesses to register on sam.gov and qualify for government programs, including the importance of market research before registering on SAM and identifying relevant NAICS codes and product service codes. They delve into the intricate details of small business certifications and government contracting, highlighting the specific eligibility criteria and federal programs available, including individual-based certifications for service-disabled veterans, small disadvantaged businesses, and women-owned businesses, as well as location-based certifications like HUBZone.

Learn more about public procurement at Govology.com

Connect with Carroll Bernard on LinkedIn: https://www.linkedin.com/in/carrollbernard/

Resource: USAspending is the official open data source of federal spending information,

including information about federal awards such as contracts, grants, and loans. https://www.usaspending.gov/

In this episode, host David Ponraj has a no holds barred conversation with Donovan Duncan, Executive Vice President of Urban Strategies, Inc. They discuss USI’s place-based initiative that focuses on housing, people, and economic solutions. Donovan shares that having a strong sense of place and belonging is what makes a thriving community; it is the most central part of economic development. “Place is at the epicenter of all things, of all experiences, of transformation and change. It’s how people ground themselves in their identity.”  He also shares some staggering statistics around homelessness and the wealth gap. 

Learn more about USI’s work in cities like Cleveland, which has a housing-first model with a goal of ending chronic homelessness by the year 2030 using an intentional, grassroots approach. They discuss fallacies around low-income housing, the good and bad of capitalism when it comes to equity, and the limited lens of credit scoring. Donovan also outlines his Big Hairy Audacious Goal for 2024, to incrementally lessen the wealth gap for African American households using a targeted, tracked and very specific method. An ambitious goal that can change the industry framework so that it meets the moment that we are in and creates opportunity for all.

Connect with Donovan on LinkedIn: https://www.linkedin.com/in/donovan-duncan-7b5a8356/

Email: [email protected]

Website: https://urbanstrategiesinc.org/

In this episode, host David Ponraj speaks with Johnathan Holifield, published author and highly practiced economic development authority, about his book: The Future Economy and Inclusive Competitiveness. Johnathan, the Architect of Inclusive Competitiveness (™) is the former executive director of the White House Initiative on HBCU and senior vice president of Bitwise Industries,  and who's now looking for his next big challenge where he can contribute to meaningful change.

The two share an animated and deeply philosophical discussion about what defines and impedes economic equity and economic mobility in America. Economic mobility hinges on ownership – ownership of assets and ownership of skills. A combination of the two is the key for individuals to achieve economic equity.

Johnathan shares that “the constitution protects us against racial discrimination, but doesn’t protect us with economic rights.” They discuss how the “race factor” has been a crutch when attempting to understand economic inequities, and that we haven’t been creative in addressing true solutions. Economic equity is hard to measure and is a difficult concept. That does not mean that it is not a critical concept worth measuring. 

A fascinating, deep dive conversation that chips away at the underpinnings of the wealth gap; and the previous and current superficial solutions that aren’t working and may, in fact, be widening that gap. Listen in to hear their in-depth insights, challenging questions and revolutionary solutions toward achieving real, measurable economic equity and inclusive competitiveness for all.

About Johnathan Holifield: Johnathan is an Innovation Economy leader, civil rights advocate and former NFL athlete. His  community roles, which evolved into economic development–especially with regard to  tech / innovation–are of special note, including NAACP and other civic entrepreneurial roles, which opened the door to the VP, New Economy Enterprise, Cincinnati USA Chamber of Commerce and Founding Executive. Director, CincyTech. This began his career in economic development.  

What makes his career unique is the hard-to-match background in traditional community development and groundbreaking leadership in tech / innovation-based economic development. 

It is the blending of his multidisciplinary background into an interdisciplinary career in tech / innovation economic development that is unparalleled. His interdisciplinary career fueled creation of the Inclusive Competitiveness Framework. 

Connect with Johnathan on LinkedIn: https://www.linkedin.com/in/thetrimtabber/ 

In this episode, host David Ponraj and CO.STARTERS CEO Jose Alfaro discuss the power of collaborations between economic developers, entrepreneurs, local leaders, and other partners to drive economic growth. They share success stories from Nashville, Sioux Falls, and beyond, highlighting how CO.STARTERS initiatives create the infrastructure, culture, and investment needed to attract businesses and revitalize communities. Their conversation emphasizes the importance of supporting diverse entrepreneurs and investing in local leaders who understand small town needs. Alfaro also provides insights on building sustainable revenue sources for entrepreneurship programs through partnerships. Tune in to hear inspirational examples of how collaboration and entrepreneurship can reimagine economic development.

About CO.STARTERS

CO.STARTERS is a ten-week program that equips aspiring entrepreneurs with the insights, relationships, and tools needed to turn business ideas into action and turn a passion into a sustainable and thriving business.

Learn more: https://www.costarters.co/about

About Jose

Jose Alfaro stands out as an experienced leader with a proven track record of building sustainable and thriving business models on a large scale. His distinctive strength lies in recognizing and nurturing the unique gifts and strengths of individuals, enabling him to form cohesive and goal-oriented teams. At the helm of CO.STARTERS, Jose places a strong emphasis on empowering individuals to pursue their entrepreneurial passions, leading a global effort to transform the very culture of entrepreneurship. His leadership journey is marked by a dedication to building strong, sustainable communities and businesses.

Connect with Jose: https://www.linkedin.com/in/jose-m-alfaro/

In this episode, host David Ponraj speaks with Matt Wagner, Ph.D, Chief Program Officer at National Main Street Center, about the vital role small businesses play in communities across America. They discuss how local businesses are the heart and soul of Main Street, serving as hubs for social connection and economic growth. Matt also speaks about his new podcast, Main Street Business Insights, and its inspiration to uplift the stories of small business owners who invest in their neighborhoods and towns, providing a platform for peers to learn from each other and highlight the convergence of social and economic impact.

Matt was a previous guest on Breaking Down Barriers in 2021. Check out that episode here: https://economicimpactcatalyst.com/matt-wagner-on-breaking-down-barriers/

About Main Street Business Insights podcast

Each week, join host Matt Wagner, Ph.D., as he travels the country and takes a deep dive into the personal journeys of downtown and neighborhood entrepreneurs. The stories that far too often go unheard. Learn about the innovative ways that these Main Street businesses have overcome adversity, whether it’s starting a new enterprise or keeping a multi-generation business alive, and the advice they have for others on how to keep their businesses on track. Available where you get your podcasts. Subscribe today and get inspired, get informed, and get in motion. Learn more and listen here: https://www.mainstreet.org/howwecanhelp/mainstreetbusinessinsightspodcast

About National Main Street Center

Main Street was established as a program of the National Trust for Historic Preservation in 1980 as a way to address the myriad issues facing older and historic downtowns during that time. Working with a nationwide network of coordinating programs and local communities, Main Street has helped over 2,000 communities across the country bring economic vitality back downtown, while celebrating their historic character, and bringing communities together.

An exciting new chapter for the organization began on July 1, 2013, when the Main Street program launched as an independent subsidiary of the National Trust for Historic Preservation. This transition enables Main Street to build on its three-decade record of success, with new leadership and new resources that will help communities respond to evolving needs and opportunities in the commercial district revitalization field.

In 2015, the Center launched a new program brand for the network of Main Street programs—Main Street America™—to reinvigorate our collective look, feel, and strategy to position Main Street as a leader locally, regionally, and nationally. Main Street America is based in Chicago, Illinois, with an office in Washington, DC, and field staff located throughout the country. 

The Dallas Entrepreneurs Center (DEC) is on a mission to cultivate a thriving entrepreneurial ecosystem that empowers underserved communities. Through mentorship and connecting entrepreneurs to vital resources, The DEC Network helps businesses launch and grow across the North Texas region.

With a focus on supporting entrepreneurs of color facing unique challenges, The DEC is committed to inclusive economic development. That's why the organization spearheaded the new Dallas Capital Access Initiative, created to address glaring disparities in access to capital following a 2019 study. In this episode, hear from Tarsha Hearns, Senior Director of The DEC Network, on her team's work to meet the immense unmet need for funding among minority and women entrepreneurs. Tarsha also speaks about her recent experience at the White House, where she met with President Joe Biden to discuss the unique challenges faced by women entrepreneurs and her advocacy on their behalf. The DEC Network continues leading the charge in providing historically underrepresented founders the tools to turn their dreams into thriving businesses.

About The Dallas Entrepreneurs' Center (The DEC Network)

The DEC Network is a 501c3 nonprofit organization driving parity and economic impact by helping entrepreneurs start, build and grow their businesses. Since 2013, we have been launching physical hubs, events, and education programs for startups, with a particular focus on women and entrepreneurs of color. Born from a shared vision among small business and entrepreneurship advocates, The DEC Network believes investment in entrepreneurs is an investment in the community.

EIC hosted an empowering webinar on Thursday, August 10th that highlighted NEW BOOST™ for Hidden Talent, a groundbreaking workforce development program for the BIPOC community.

NEW BOOST™ for Hidden Talent provides customized skills training, career coaching, and job placement support to unlock the potential of talented individuals eager to meaningfully contribute their abilities.

Attendees heard firsthand from program experts on how NEW BOOST™ for Hidden Talent is transforming workforce development by cultivating new career pathways and addressing systemic barriers to employment. The webinar provided valuable insights on implementing impactful workforce training initiatives that open doors, provide equal opportunities, and strengthen local economies.

Panelists include:

• Vickie Patterson, Executive Director, Bay Area Workforce Development Board
• Dr. Bri Robins, Chief Operating Officer, Abaxent LLC
• Rebecca Deshane, Vice President, Talent Development, New North, Inc.

Hosted by EIC's David Ponraj, this conversation can now be accessed to gain the same actionable strategies and uplifting stories on empowering BIPOC communities through workforce development that were highlighted during the live event.

Want to learn more about EIC's mission of driving equity through workforce development? Check out these blog posts:

Nurturing Local Talent for Sustainable Growth

Unleashing Hidden Talent: The Transformative Impact of NEW BOOST™

About the Speaker Organizations

Bay Area Workforce Development Board

The Bay Area Workforce Development Board, consisting of selected community representatives, develops a skilled workforce by strategically allocating and coordinating resources to address community needs by working through others for the benefit of all. Bay Area WDB, a non-profit corporation, is the fiscal and administrative agent for funds and programming designed to deliver locally customized job training and workforce development initiatives. Learn more at https://www.bayareawdb.org/.

Abaxent LLC

Abaxent is a tailored Business, Process and Technology Solutions Consultancy. Through our solutions driven approach we leverage our deep network to find the best fitting Technology, People and Products (hardware and software), Process Optimization Solutions and Services offered. Our solutions are designed as individual or tailored bundled services at a competitive price. Learn more at https://www.abaxent-global.com/.

New North, Inc.

New North, Inc. is a 501(c)3 non-profit, regional marketing and economic development corporation that fosters collaboration among private and public sector leaders. New North was created in 2005 by business leaders to implement economic development strategies that leverage regional assets/capacities and engage regional collaborators to maximize the collective economic power of 18 counties. Learn more at https://www.thenewnorth.com/.

In 2022, we partnered with The DEC Network to address the capital access gap among Black and Latinx entrepreneurs in Dallas County. With generous support from JPMorgan Chase & Co., The DEC Network and Economic Impact Catalyst (EIC) undertook an in-depth assessment to develop recommendations and effective interventions.

Recent research suggests that equitable and non-predatory startup investment and small business capital is difficult to access for marginalized entrepreneurs in Dallas. Join us for a discussion with local leaders as we discuss how to better support communities of color and provide equitable access to funding through economic development initiatives.

Panelists include:

• Tarsha Hearns, Senior Director of The DEC Network
• Kay West, CNP, Vice President of TruFund Financial Services
• Holly Burrow, CEO and Founder of eqALL Business Solutions

You can learn more about the Entrepreneur of Color Fund design discussed in this episode here.

About the Speaker Organizations

The DEC Network

The DEC Network is a 501c3 non-profit organization driving innovation and economic impact by helping entrepreneurs start, build and grow their businesses. With a number of innovation hubs across DFW, we provide expert education, access to knowledgeable mentors and a vibrant community of like-minded entrepreneurs. Learn more at https://thedec.co/.

TruFund Financial Services

TruFund Financial Services, Inc. is a 501 (c) 3 certified Community Development Financial Institution (CDFI) headquartered in New York City with field offices in Alabama, Louisiana, and Texas. TruFund tailors its financial and technical assistance to the unique needs of each site—from contract mobilization lending in New York and Louisiana to rural Black Belt initiatives in Alabama. Learn more at https://www.trufund.org/.

eqALL Business Solutions

EqALL is a social enterprise and entrepreneur support organization dedicated to changing the founder experience by creating eqall access to resources, support and capital readiness. We support startups and the spaces that grow them by helping organizations build capacity to serve small business founders through customized solutions designed to meet founders where they are. Learn more at https://eqall.co/.

In this episode, show host David Ponraj speaks with Leslie Lynn Smith, National Executive Director for GET Cities (Gender Equality in Tech) at SecondMuse, about her journey and lessons learned in economic development and ecosystem building.

Listeners will learn about the importance of collaboration between different organizations and initiatives, thinking holistically about workforce development alongside fostering entrepreneurship, and the critical need to ensure inclusion in ecosystem building and community revitalization efforts. 

Leslie shares about her past work across Michigan, at Epicenter in Memphis, TN, and her recent work with Gender Equity in Tech Cities (GET Cities), a national initiative focused on increasing opportunities for women, trans, and non-binary people across tech ecosystems in several cities. She reflects on applying strategies from Detroit to build an inclusive entrepreneurial ecosystem in Memphis and bringing together different parts of the city's innovation economy, including designing interventions tailored to address specific inclusion gaps and challenges in each city.

Key themes include facilitating connections between stakeholders, the value of convening, and maintaining a commitment to justice, equity, and community impact throughout Leslie's career navigating economic crises and driving change.

Learn more about GET Cities: https://www.getcities.org/

Check out Leslie’s most recent contributions in Forbes Magazine here: https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/people/lesliesmith/?sh=5cc70f7d4ca0

You can also connect with Leslie via LinkedIn or email.