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Black-Led Loan Discovery ‘Bags’ Raises $3M Seed Funding Aimed at Facilitating Fundraising for Female Founders

Despite being the fastest growing group of entrepreneurs in America, black women 99% None of those companies raise venture capital.

baga small business loan discovery and management platform, aims to bridge this divide.

The black-led company recently announced the closing of its $3 million seed round in a news release shared with Essence.

The funding was led by Slauson & Co with participation from Connecticut Innovations and the Schultz Family Foundation’s Entrepreneurs Equity Fund.

“Access to capital is a core part of the long-term success of small businesses, and our mission is to provide underserved businesses with the tools they need to manage it. It’s about providing a clear path to funding,” Bag CEO Daniel Taylor said in a news release. release. “We help diverse people avoid predatory lending by meeting them with what they need, where they are, the way they relate. is at the heart of all our efforts and aims to enable millions of businesses to focus on building wealth and strengthening local economies without worrying about where their investment will come from.”

Launched in 2021, the company offers business owners the option to obtain 100% free access financing options ranging from $10,000 to $5 million with low interest rates and flexible terms.

“The Bag team is deeply involved in fair and flexible financing for millions of small businesses,” said Austin Clements, Partner at Slauson & Co. Access to the entrepreneurial spirit of the founders.”

The latest round brings the bag’s total funding to $4 million.



https://www.essence.com/news/money-career/bags-black-led-loan-discovery-funding/ Black-Led Loan Discovery ‘Bags’ Raises $3M Seed Funding Aimed at Facilitating Fundraising for Female Founders

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