Putting enough capital together for a business can be a huge challenge for any entrepreneur. The challenge can be particularly daunting for members of the LGBTQI+ community, however, owing to the fact that the law doesn’t offer protection against some kinds of discrimination. For instance, members of the community are only protected in a handful of states against discrimination by lenders.
If you’re a member of the LGBTQI+ community and plan to either start a new business or expand an existing business, where do you find lenders who are likely to give fair consideration to your application?
Join StartOut
StartOut is a nonprofit whose mission is to help entrepreneurs from the LGBTQI+ community. It has an investor portal that entrepreneurs are able to use to connect to investors. All you need to do is to sign up for a membership that costs about $125 a year and post your business plans on the portal to connect with investors. StartOut even offers mentorship and other resources to help LGBTQI+ entrepreneurs learn how to find capital.
Find an LGBTQI+ angel investor
Gaingels and Pipeline Angels, among other angel investors, specifically work with the National LGBTQI+ Chamber of Commerce (NGLCC) to provide businesses started by members of the LGBTQI+ community access to capital and training. Businesses that have a member of the community on the board are eligible, as well. When entrepreneurs apply to Gaingels, at a minimum, they receive feedback on their applications and other help, even if they don’t actually win financial help.