Every year, Inc. magazine publishes a list of the 500 fastest-growing private companies in the nation. They also publish the Inc. 5000. Among all those fast-growing companies, only 73 of them are run Black-owned and/or run by Black CEOs.
Here are a few Black CEOs that were denied business loans from banks, but now they own some of the fastest growing companies in the country:
Edwin Bosso: founder of Houston’s Myrtle Consulting Group struggled to get a loan, especially since his company is service-oriented which means no assets for collateral. They, too, finally got a bank to work with them, resulting in their revenue increasing 1,000 percent in the past three years. For more details, visit www.myrtlegroup.com
Anastasia Gentles and Zawadi Bryant: founders of Sugar Land, a Texas-based Nightlight Pediatric Urgent Care. They were turned down by other banks but eventually got the attention of a woman banker at Louisiana-based Whitney Bank. Since then, the business has grown with revenues increasing over 150 percent in the last three years, they have 5 locations, their staff has doubled. For more details, visit www.nightlightpediatrics.com
Lori Burke: founder of LLB Enterprises, a Stafford, Virginia-based consulting firm, was denied loans by not only traditional banks but also the Small Business Administration. But a company called Kaleo Construction helped her out with a loan and had faith she would succeed. Not only did her company flourish, but it is also the fastest-growing company led by a black woman on the 2016 Inc. 5000. For more details, visit www.llbenterprisesllc.com
To view the complete list, visit www.inc.com/inc5000