March 7, 2022
The Black and Latino Angel Investment Fund of New Jersey (BLAIF) announced Bank of America as an investor in the fund, effective February 2022. BLAIF was launched in 2020 by the Center for Urban Entrepreneurship and Economic Development (CUEED ) at Rutgers Business School-Newark and a group of accredited individual investors to provide the seed capital necessary for the growth and expansion of Black and Latino-owned technology companies.
Less than 1% of all high-growth tech start-ups are led by Black and Latino entrepreneurs, and only a fraction secures pre-seed capital for growth. The mission of the Black and Latino Angel Investment Fund is to reverse this trend by institutionalizing the rounding of friends and family to raise capital.
“We are delighted to welcome Bank of America as an investor in the Black and Latino Investment Fund of New Jersey,” said D. Lyneir Richardson, Executive Director of CUEED and Founder of BLAIF. “Bank of America’s ongoing efforts to close the persistent gap in access to growth capital for underrepresented founders aligns with our strategy of investing in exceptional Black and Latino entrepreneurs with exceptional business ideas ready to grow. to evolve. We look forward to expanding our work.
“Access to capital remains one of the biggest challenges for minority-owned businesses,” said Alberto Garofalo, president of Bank of America New Jersey. “By working together, we can create the conditions that allow new ideas to flourish, ensuring that the opportunities we want for all of our citizens and the strong economy we want for our community are within our reach.
Fund managers are patient and optimistic impact investors who assess the potential growth and risks of these start-ups and help entrepreneurs realize their visions. This includes securing additional capital; provide real-time situational mentoring; introduce potential customers, suppliers and other resources for growth; and managing additional capacity building with larger accelerators.
Investments like the one made in the Black and Latino Angel investment funds are a component of Bank of America’s $1.25 billion commitment to racial equality and economic opportunity. This commitment is focused on addressing and advancing the social issues of minority populations, such as health, employment, education, housing, and capital inequality, and will facilitate benefits in multiple states and communities.
The Black and Latino Angel Investment Fund accepts applications from entrepreneurs in or related to New Jersey and New York, on a rolling basis; and also accepts new accredited individual and institutional investors. For more information, visit www.blackandlatinoangelfund.com.
For more business news, visit NYC News Now.