The upcoming presidential election in Georgia is shaping up to be a pivotal moment for Black entrepreneurs in the state, as they grapple with the impact of higher borrowing costs on their businesses. Kimberly Jolasun, a 32-year-old entrepreneur in Atlanta, is considering voting for the Republican candidate for the first time in her life due to the financial challenges she faces as a Black woman trying to grow her company, Villie.
Jolasun’s online platform for new parents is in need of financing to expand, but traditional sources like venture capitalists and banks are offering high interest rates that are squeezing her financially. She is not alone in facing these challenges, as Black entrepreneurs in Georgia are disproportionately affected by higher borrowing costs, making it harder for them to raise funds and grow their businesses.
Veronica Woodruff, the founder of Travelsist, is also feeling the impact of rising costs, as she struggles to secure additional investment to expand her business. Despite being a liberal who values civil rights, Woodruff is torn about how to vote in the upcoming election, as she weighs the needs of her business against her personal beliefs.
The Black vote in Georgia is crucial, with Black Americans making up a significant portion of the electorate and playing a key role in determining the outcome of the election. As the candidates vie for support from Black voters, the economic challenges faced by Black entrepreneurs are likely to be a key issue in the upcoming election.