The racial wealth gap continues to be an issue that the nation tries to reconcile with in its long history of anti-Black standards. The Urban League of Greater Madison (ULGM) aims to tackle the racial wealth gap with its Together We Build Wealth fund.
The fund from ULGM aims to provide businesses with grants to bolster Black owned businesses with the necessary funds to expand operations. Now in its second round of funding, Together We Build Wealth was started in honor of Sylvia T. O’Neill “to address the wealth gap between white and Black families in Dane County caused by systemic and institutional racism,” according to ULGM’s website.
“(For) small businesses, particularly small Black owned businesses, access to capital is a barrier,” said Ed Lee of ULGM. “For a for-profit business to be eligible for and be able to receive a grant I think is relatively rare.”