8 Start-Up Funding Sources for LGBTQA+ Entrepreneurs
Start-up funding can be difficult to obtain. Many companies have strict guidelines that they follow, which unfortunately do not include provisions for LGTQA+ Entrepreneurs. There are some places that you can contact to help you gain the money that you need to get your business up and running, and as lenders across the world strive to make loan processes less discriminating, more will appear. For now, though, start with these 8 sources and go from there.
1. Wells Fargo: This banking giant has been offering start-up loans to entrepreneurs since 1987 when sexual orientation was added onto their nondiscrimination clauses and outlines. They have been, and continue to be, on the forefront of pushing for equal loans across the board. They have been a part of setting up many diverse groups, and they support the LGBTQA+ community in any way that they can.
2. Backstage Capital: This company will invest in any good business start-up that have founders that are part of the underrepresented members of society. They have stated that they understand that only 10% of start-up loans are given to this group of people, and they are trying to make it easier for them to get a loan. They state that they are in business to make sure that everyone has a voice in the world. A voice by having a business that is owned and operated by a member of the underrepresented.
3. LGBT Capital: This company was founded in 2010 and focuses on the LGBTQA+ community. They believe in impact investing, and they have pushed for equality across the lending market. They also pushed for the Diversity Investment Index for the community, as well as launching the first focused property portal and wealth management systems, all designed for the LGBTQA+ communities. When you need to know "how do business loans work" they are a great avenue for knowledge.
4. Pipeline Angels Funding: This company is designed to help businesses set up by women, non-binary females, or transgender women. To obtain any help from them you will need to make a business pitch in front of a panel of investors. These meetings take place a couple times of year so you will need to register for a meeting.
5. AngelList: This is another company that was created in 2010. They focus on start-ups and angel investors that are a part of the community. Their mission is to even out the playing field within the investment arena, pushing for lenders to authorize loans based on talent, and not involving any personal information that is discriminating in any way.
6. Unconventional Ventures: This company will invest in technology-based start-ups that are being founded by anyone in one of the underrepresented groups. The founders feel that diverse teams that are focused on market opportunities are better prepared to succeed.
7. Gaingels: They will help any company that has at least one founder that is in the LGBTQA+ community that has a profit-based foundation. They invest directly with any type of business that falls under their ideas and basic principles.
8. 500 Start-Ups: Diversity is at the heart of this company's core values. They push for discovery and support for all members of the community. They will help you create a successful company, which will in turn help the entire economy.
Getting some start-up funding when you are a member of the LGBTQA+ community can be more challenging than most people think. The companies above can help you get started, or they can direct you to people that have a better chance of helping.
No matter how discouraging the process becomes, it is important that you continue pushing forward. Not just for you. Not just for your business. Put for the entire LGBTQA+ community.