A Charlotte financial services entrepreneur is working to address the capital access gap facing Black women business owners.
MECKLENBURG COUNTY, N.C. — A Charlotte financial services entrepreneur is working to address the capital access gap facing Black female business owners, who represent one of the fastest-growing entrepreneurial demographics in the country despite facing significant funding challenges.
Joyce Palmer founded JP Financial Group with a mission to create more equitable financial opportunities for Black women. Her work comes as J.P. Morgan data shows Black women-owned businesses grew by 50% from 2014 to 2019, making them among the fastest-growing group of entrepreneurs nationwide.
Palmer’s motivation stems from her personal experience navigating a predominantly white industry where she was often the only person who looked like her in business settings.
“It’s very tough and it’s very competitive, it’s very, very stereotypical on dress and what you look like,” Palmer said. “Bringing people with you is encouraging, but tough.”
The entrepreneur recognized a critical need in the market after learning that Black women are more likely than any other demographic group to self-fund their businesses due to limited access to traditional capital sources. This disparity highlighted the disproportionate financial challenges facing Black women entrepreneurs.
Palmer’s approach focuses on education and empowerment as pathways to financial independence.
“If we took an educational approach to helping ladies who are then more empowered, confident, [they] could control a lot of the wealth,” she explained.
JP Financial Group targets clients with a comprehensive strategy that extends beyond immediate financial needs.
“It’s not just the money, it’s also the peace of mind,” Palmer said. “It’s also about setting up your family, being able to know that you can leave something for your children.”
The firm emphasizes financial literacy as a cornerstone of its services. Palmer said she “enjoys the fact that we put financial literacy at the cornerstone of our process.” This educational foundation aims to provide clients with long-term financial stability and generational wealth-building capabilities.
Palmer has expanded her outreach efforts through multiple channels, including the creation of the Proactive Women’s Podcast, which she views as essential to her mission of empowering Black women financially.
Looking ahead, Palmer plans to expand JP Financial Group’s reach nationally, continuing to develop programs that provide more Black women with access to their financial futures and addressing the systemic barriers that have historically limited their economic opportunities.
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