Urban League of Greater Cleveland Trying to Close Racial Wealth Gap

CLEVELAND (April 10, 2023) – There is a concerted effort to close the racial wealth gap in Cleveland, driven by organizations such as the Urban League of Greater Cleveland (Cleveland, OH).

According to Michael Obi, the president of UBIZ Venture Capital at the Urban League, notes that the wealth gap is about income. With that reasoning, there are various ways to have individuals increase their income potential, such as education, employment, and entrepreneurship.

The area that Obi has started to focus on is entrepreneurship, as he says, “The wealthiest Americans ae usually the people that create jobs.”

For Black Americans, who don’t usually have access to intergenerational wealth, entrepreneurship provides “a more realistic path” to create that wealth.

As he says, “Entrepreneurship, I think, is a great equalizer.”

Since 2019, when Obi helped launch UBIZ Venture Capital fund, the Urban League is now able to offer small businesses and entrepreneurs “a complete suite of services,” including access to capital.

It can also help entrepreneurs overcome past challenges and mistakes.

For Terrell Dillard, president and CEO of ZayMat Distributors, looked to the Urban League when he was launching his company. He had never known Black owners of big businesses or seen a Black teacher until college.

But it was when he went to the Urban League, with people who looked like him, who were approachable and didn’t make him feel inadequate, Dillard was able to build the relationships that helped him launch his business.

“You have to see it to achieve it,” said Dillard. “And it has to be approachable.”

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