Wednesday, July 17, 2024

$1.5 million partnership will provide funding for Black entrepreneurs

Katara McCarty is the founder of Exhale, an emotional wellbeing app designed for Black women and women of color.

“It’s more than an app. It’s a movement. Society has ignored the health and wellbeing of Black women for too long, which is exactly why I am unapologetic in my pursuit to create space specifically for Black women,” said McCarty.

The grant from the Nile Capital Fund will allow her to launch a 2.0 version of the app.
The new fund from the Be Nimble Foundation is providing revenue-based equity loans and traditional equity investments for Black founders.

Be Nimble is a social enterprise creating fully diverse and inclusive tech ecosystems. They launched the fund in collaboration with Cummins Inc., the City of Indianapolis and IMPACT Central Indiana.

“The Nile is the longest river in the world. It’s a lifeline for Egypt, fueling the economy and diverse ecosystem in Northeastern Africa. It also reflects our vision for Be Nimble and how we serve our community,” said Jeff Williams, co-founder of Be Nimble.

“This fund will serve as a mode of transportation for our existing programs and partnerships, just as the Nile enables communities to flourish. We’re feeding the ecosystem and supporting the entrepreneurs we’re committed to seeing succeed.”
The Nile Capital Fund will also allocate funds to companies that have participated in Be Nimble’s other entrepreneurship programs.

Cummins Advocating for Racial Equity (CARE) Executive Director Latonya Sisco said working with Be Nimble, the city and IMPACT leverages the focus area on economic empowerment to create more inclusive communities.

“By joining forces, we aim to create a more equitable landscape for business ownership and growth and support the talented Black founders in our community who may not otherwise have access to the resources they need,” said Sisco.

Mayor Joe Hogsett said the city is proud to have contributed over $725,000 to launch the Nile Capital Fund.

“This partnership adds to our many efforts to continue to foster Black entrepreneurship,” said Hogsett.

Be Nimble said they will continue the legacy begun by Madame C.J. Walker, of Black women-led beauty brands in Central Indiana.

Contact senior staff writer Jade Jackson at 317-607-5792. Follow her on Facebook and Twitter @IAMJADEJACKSON

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