The Black Ownership Movement's bus tour stopped in El Dorado on Monday and visited the El Dorado-Union County Chamber of Commerce.
The Black Ownership Movement is the brainchild of Benito Lubazibwa, founder and chief executive officer of ReMix Ideas and Advancing Black Entrepreneurship, Inc.
Monday's meeting at the Chamber was attended both by bus tour members and local businesspeople.
The tour, which is also set to stop in Bluff and Helena-West Helena, is designed to allow ReMix and its partners "engage, exchange ideas and build relationships with local entrepreneurs," according to previous News-Times reporting. Tour members also toured local Black-owned businesses before the meeting.
Greg Modica, an El Dorado native and owner of Government Supply Services and business partner of Lubazibwa, spoke at the Chamber on Monday to explain the tour's purpose and introduce his friend along with Mayor Veronica Smith-Creer and Chamber President Bill Luther, both of whom spoke briefly.
"El Dorado was chosen first for a three-city bus tour to have a business roundtable to discuss the state of Black-owned businesses, their needs in El Dorado and the Delta area and to provide the special resources that ReMix brings to the table," Modica said.
Lubazibwa is originally from Tanzania – a country in east Africa - and "came to America with a dream and around $100 in his pocket," Modica said.
In a wide-ranging speech, Lubazibwa gave an account of the hardships faced by potential Black business owners, the purpose of his own ventures into promoting Black entrepreneurship and even his broader business and economic philosophy.
"Five years ago, I started ReMix Ideas really to democratize entrepreneurship... We believe that if we're committed enough, we can disrupt intergenerational poverty by creating pathways of economic mobility through business ownership," Lubazibwa said.
ReMix functions as an incubator and learning program for new entrepreneurs.
Lubazibwa said the focus is generally to not "give someone a fish – teach them how to fish."
"But what we realize after teaching them to fish is – the lake is polluted. What I mean is that the system we have is not just, is not equitable. So, we say we need to democratize access to capital. Having capital in business is like having gas in your car," he said.
"We found out that Black entrepreneurs, because of the way the financial institutions [are] designed – we cannot get loans. I've seen many dreams of great Black entrepreneurs; their dreams die in the parking lot of financial institutions," Lubazibwa said.
These experiences led Lubazibwa to start the Imani Fund – Imani means "faith" in Swahili – to provide loans without credit checks or collateral.
Lubazibwa said that he has so far managed to raise $1 million for the fund and provide around $400,000 in funding since August.
Monday night, BOM went on to visit the SouthArk Library auditorium for a business pitch competition for local entrepreneurs. The winner was awarded a $5,000 grant.
"We give this [grant] money because some entrepreneurs are not ready for a loan... You don't want to give someone a loan who is not ready for it, because it is not fair to that person," Lubazibwa said.
"This... Black Ownership Movement is extremely important. We want to help to educate Black entrepreneurs to [build] assets. Once you start building assets, you start building wealth, and once you build wealth, we have economic power and the game is changed," he said.
Four local business owners pitched ideas to judges that included Lubazibwa, Philander Smith University business professor Dr. Bruce James and the competition's audience: Ashley Johnson, owner of Be U Fitness; Markeith Cook, owner of Guud Vibez; Zakari Smith, owner of Kari in the Kitchen & Catering Co.; and Faye Brown, owner of Faye's Waterbath Canning LLC – Yes I Can!.
Smith won the competition and was awarded a $5,000 giant check. Lubazibwa also said ReMix would provide her with technical assistance and video marketing help for the next year as she expands her catering business, which currently serves south Arkansas and north Louisiana.
"Imagine being 18, you have it all envisioned and planned out in your head how you're going to own your own restaurant in your hometown one day. You're going to serve the best and most tasteful food, provide only top-tier customer service and the vibe and atmosphere you bring to the city is unmatched," she began. "I had to bring myself back to reality ... Where do I start with $100?"
Smith used her seed money to cook one meal and sell plates to customers; she then reinvested the money, week after week, to serve a different meal as she expanded her customer base. She made it through the COVID-19 pandemic and is currently still offering regular meals, as well as catering services and meal prep, she said.
"I'm 21 now, I still go to school and I'm still running my business after I get off work and do my homework," Smith said. "Now I need a commercial space. I need to expand and grow. But, like most minority and Black-owned businesses, I lack the capital."
Smith was in tears Monday evening as she accepted the grant award.
"This is how we build our community," Lubazibwa said.
Caitlan Butler contributed reporting. Read more about the pitch competition in Sunday's Living section of the News-Times.
Benito Lubazibwa, founder and chief executive officer of ReMix Ideas and Advancing Black Entrepreneurship, Inc., speaks at the El Dorado Chamber of Commerce on Monday. (Matt Hutcheson/News-Times)