1 00:00:01,240 --> 00:00:01,600 Speaker 1: Earners. 2 00:00:01,639 --> 00:00:02,000 Speaker 2: What's up. 3 00:00:02,080 --> 00:00:04,560 Speaker 3: You ever walk into a small business and everything just 4 00:00:04,720 --> 00:00:07,880 Speaker 3: works like The checkout is fast, the receipts are digital, 5 00:00:08,400 --> 00:00:11,399 Speaker 3: tipping is a breeze, and you're out the door before 6 00:00:11,400 --> 00:00:15,560 Speaker 3: the line even builds. Odds are they're using Square. We 7 00:00:15,720 --> 00:00:18,280 Speaker 3: love supporting businesses that run on Square because it just 8 00:00:18,280 --> 00:00:21,520 Speaker 3: feels seamless. Whether it's a local coffee shop, a vendor 9 00:00:21,560 --> 00:00:23,840 Speaker 3: at a pop up market, or even one of our 10 00:00:23,880 --> 00:00:27,560 Speaker 3: merch partners, Square makes it easy for them to take payments, 11 00:00:27,760 --> 00:00:31,480 Speaker 3: manage inventory, and run their business with confidence, all from 12 00:00:31,600 --> 00:00:35,000 Speaker 3: one simple system. If you're a business owner or even 13 00:00:35,080 --> 00:00:38,600 Speaker 3: just thinking about launching something soon, Square is hands down 14 00:00:38,640 --> 00:00:41,680 Speaker 3: one of the best tools out there to help you start, run, 15 00:00:41,920 --> 00:00:45,240 Speaker 3: and grow. It's not just about payments, it's about giving 16 00:00:45,240 --> 00:00:47,920 Speaker 3: you time back so you can focus on what matters 17 00:00:47,960 --> 00:00:51,199 Speaker 3: most Ready. To see how Square can transform your business, 18 00:00:51,479 --> 00:00:56,120 Speaker 3: visit Square dot com backslash go backslash eyl to learn 19 00:00:56,160 --> 00:01:01,360 Speaker 3: more that Square dot com backslash, go backslash eyl. Don't wait, 20 00:01:01,640 --> 00:01:04,480 Speaker 3: don't hesitate. Let's Square handle the back end so you 21 00:01:04,480 --> 00:01:10,839 Speaker 3: can keep pushing your vision forward. This episode is brought 22 00:01:10,840 --> 00:01:12,760 Speaker 3: to you by P and C Bank, a lot of 23 00:01:12,760 --> 00:01:16,360 Speaker 3: people think podcasts about work are boring, and sure they 24 00:01:16,440 --> 00:01:20,319 Speaker 3: definitely can be, but understanding of professionals routine shows us 25 00:01:20,319 --> 00:01:23,959 Speaker 3: how they achieve their success little by little, day after day. 26 00:01:24,959 --> 00:01:27,440 Speaker 3: It's like banking with P and C Bank. It might 27 00:01:27,560 --> 00:01:30,440 Speaker 3: seem boring to safe plan and make calculated decisions with 28 00:01:30,480 --> 00:01:33,520 Speaker 3: your bank, but keeping your money boring is what helps 29 00:01:33,520 --> 00:01:36,640 Speaker 3: you live or more happily fulfilled life. P and C 30 00:01:36,760 --> 00:01:41,920 Speaker 3: Bank Brilliantly Boring since eighteen sixty five. Brilliantly Boring since 31 00:01:41,959 --> 00:01:44,520 Speaker 3: eighteen sixty five is a service mark of the PNC 32 00:01:44,720 --> 00:01:48,680 Speaker 3: Financial Service Group, Inc. P and C Bank National Association 33 00:01:48,880 --> 00:01:49,840 Speaker 3: Member FDIC. 34 00:01:51,800 --> 00:01:56,000 Speaker 4: Another major issue for entrepreneurs is access to capital. We 35 00:01:56,080 --> 00:01:58,040 Speaker 4: know that I think less than one percent goes to 36 00:01:58,120 --> 00:02:02,760 Speaker 4: black businesses. So what are some steps that you guys 37 00:02:02,800 --> 00:02:07,640 Speaker 4: are doing to kind of correct that issue which suffocates 38 00:02:07,720 --> 00:02:10,440 Speaker 4: a lot of businesses from getting started or from expanding. 39 00:02:13,360 --> 00:02:18,760 Speaker 2: So here's where I come to this point. None of 40 00:02:18,840 --> 00:02:26,280 Speaker 2: us have achieved success without support, none of us and 41 00:02:26,880 --> 00:02:34,040 Speaker 2: without someone or people who understood our talent and our 42 00:02:34,120 --> 00:02:36,920 Speaker 2: dreams and encouraged us to achieve it and showed us 43 00:02:36,960 --> 00:02:40,520 Speaker 2: how to achieve it. And as much as anything. The 44 00:02:40,639 --> 00:02:45,120 Speaker 2: spirit behind the push for access to capital, and in 45 00:02:45,160 --> 00:02:49,639 Speaker 2: particular on this tour, focusing on minority small businesses and 46 00:02:49,680 --> 00:02:53,639 Speaker 2: black owned small businesses and small businesses and entrepreneurs who 47 00:02:53,680 --> 00:02:57,360 Speaker 2: are black men, is to recognize the disparities that have 48 00:02:57,520 --> 00:03:03,480 Speaker 2: existed around the access to the opportunity to achieve success. Again, 49 00:03:03,560 --> 00:03:07,679 Speaker 2: I will say, because success is almost always a function 50 00:03:08,000 --> 00:03:13,160 Speaker 2: of some investment from a community or others that went 51 00:03:13,280 --> 00:03:18,920 Speaker 2: into the individual who then achieved success. So the access 52 00:03:19,080 --> 00:03:22,320 Speaker 2: to capital push that we have made has been about, yes, 53 00:03:22,440 --> 00:03:25,200 Speaker 2: getting more federal dollars into community banks. It has been 54 00:03:25,200 --> 00:03:28,640 Speaker 2: about getting the private sector and the big banks to 55 00:03:28,800 --> 00:03:32,000 Speaker 2: invest because they will admit and we know they are 56 00:03:32,040 --> 00:03:35,440 Speaker 2: not necessarily in the place where they are where we 57 00:03:35,480 --> 00:03:38,960 Speaker 2: need them to be situated to know the community access 58 00:03:38,960 --> 00:03:45,360 Speaker 2: to capital encompasses a commitment to also making sure that 59 00:03:45,400 --> 00:03:46,520 Speaker 2: we are doing the. 60 00:03:46,480 --> 00:03:50,760 Speaker 1: Teaching to then create the access to markets. So it's 61 00:03:50,800 --> 00:03:52,119 Speaker 1: about financial literacy. 62 00:03:52,480 --> 00:03:54,680 Speaker 2: A lot of what we talked about before around helping 63 00:03:54,720 --> 00:03:56,680 Speaker 2: people know how to start a business and keep a 64 00:03:56,720 --> 00:04:02,800 Speaker 2: business going. And it's also about understanding that our small 65 00:04:03,000 --> 00:04:05,080 Speaker 2: you know, I know, I use I interchange the word 66 00:04:05,280 --> 00:04:09,040 Speaker 2: entrepreneur in small business. I think basically depending on the generation, 67 00:04:09,360 --> 00:04:13,840 Speaker 2: someone considers themselves an entrepreneur in terms of younger small businesses, 68 00:04:13,880 --> 00:04:19,240 Speaker 2: but it's all entrepreneurship, right. What we also know is 69 00:04:19,279 --> 00:04:23,040 Speaker 2: that our entrepreneurs are small business owners, are not only 70 00:04:23,160 --> 00:04:29,320 Speaker 2: leaders in business, but community leaders, civic leaders, hiring locally, mentoring, 71 00:04:30,160 --> 00:04:36,160 Speaker 2: creating opportunities for economic development and growth within individuals and communities. 72 00:04:36,240 --> 00:04:39,120 Speaker 2: So the work we are doing to extend access to 73 00:04:39,200 --> 00:04:44,240 Speaker 2: capital is about tapping into the ambition that exists, the 74 00:04:44,320 --> 00:04:48,080 Speaker 2: aspirations that exist, and then giving people the resources that 75 00:04:48,120 --> 00:04:52,760 Speaker 2: are necessary money and other resources to actually achieve success. 76 00:04:53,680 --> 00:04:55,760 Speaker 1: Can you talk a little bit about how. 77 00:04:55,600 --> 00:04:59,760 Speaker 2: You all achieved your success and how this kind of 78 00:04:59,720 --> 00:05:03,320 Speaker 2: a approach would lend itself to others having a story 79 00:05:03,400 --> 00:05:05,279 Speaker 2: similar to yours. 80 00:05:05,640 --> 00:05:08,120 Speaker 4: Yeah, you know, we started with an iPhone and I did. 81 00:05:08,200 --> 00:05:10,760 Speaker 4: That's what we always say that we wouldn't have any 82 00:05:10,800 --> 00:05:13,240 Speaker 4: capital when we started, right, And that's the beauty of 83 00:05:13,240 --> 00:05:17,280 Speaker 4: social media. Technology has really empowered everybody and kind of 84 00:05:17,360 --> 00:05:22,040 Speaker 4: level the playing field. But what we're seeing is that 85 00:05:22,520 --> 00:05:27,120 Speaker 4: when we're interviewing, you know, other entrepreneurs that may not 86 00:05:27,360 --> 00:05:30,760 Speaker 4: have the same business model as us, they have an 87 00:05:30,800 --> 00:05:35,040 Speaker 4: extremely difficult time and especially when we look at the 88 00:05:35,040 --> 00:05:39,520 Speaker 4: next generation of unicorn companies and billion dollar multi billion 89 00:05:39,520 --> 00:05:43,800 Speaker 4: dollar companies, those are mostly tech companies, and you do 90 00:05:43,920 --> 00:05:46,279 Speaker 4: need a lot more money to start a tech company. 91 00:05:46,760 --> 00:05:50,039 Speaker 4: So I feel like the entrepreneur and Morehouse and Spellman, 92 00:05:50,320 --> 00:05:52,680 Speaker 4: they have just as good ideas as Mark Zuckerberg and 93 00:05:52,920 --> 00:05:56,599 Speaker 4: Jeff Bezos, but they don't have the capital, so they 94 00:05:56,640 --> 00:06:01,480 Speaker 4: either abort those ideas or they work for or those companies. 95 00:06:01,480 --> 00:06:04,360 Speaker 4: But even that's an issue because we know that we 96 00:06:04,440 --> 00:06:06,919 Speaker 4: are not hired at the same rate in Silicon Valley 97 00:06:06,920 --> 00:06:10,000 Speaker 4: as other people as well. Right, So even talking to 98 00:06:10,120 --> 00:06:12,120 Speaker 4: Robert Smith and a lot of other people like that, 99 00:06:12,200 --> 00:06:16,880 Speaker 4: this is a very complex problem. But I think from 100 00:06:16,960 --> 00:06:20,200 Speaker 4: our perspective, we have a unique perspective because we actually 101 00:06:20,600 --> 00:06:23,520 Speaker 4: get to talk to entrepreneurs every single day. Yeah, and 102 00:06:23,760 --> 00:06:28,279 Speaker 4: we can understand how one hundred thousand dollars could just 103 00:06:28,360 --> 00:06:32,680 Speaker 4: accelerate their business, right, fifty thousand dollars can accelerate their business. Right. 104 00:06:32,720 --> 00:06:35,440 Speaker 4: And even looking in the crowd, we have entrepreneurs. I 105 00:06:35,480 --> 00:06:38,360 Speaker 4: see Pinky Coal, I see east Side Golf, and these 106 00:06:38,400 --> 00:06:42,320 Speaker 4: are young entrepreneurs that went out on the limb and 107 00:06:42,400 --> 00:06:46,200 Speaker 4: bet on theirself, right, but a little bit more capital. 108 00:06:46,320 --> 00:06:48,600 Speaker 4: They can be the next McDonald's. Yes, they could be 109 00:06:48,640 --> 00:06:50,480 Speaker 4: the next Nike, right, and that's what we need in 110 00:06:50,520 --> 00:06:55,280 Speaker 4: our community. So they can employ, that's right, So they 111 00:06:55,279 --> 00:06:58,480 Speaker 4: can employ not just one hundred people, but one hundred 112 00:06:58,480 --> 00:06:59,159 Speaker 4: thousand people. 113 00:07:00,040 --> 00:07:02,960 Speaker 2: Yes, right, And that you'd hit it on the head 114 00:07:02,960 --> 00:07:08,359 Speaker 2: in terms of how we feel about this. This is 115 00:07:08,520 --> 00:07:10,800 Speaker 2: you know that, yes, there are going to be those 116 00:07:10,920 --> 00:07:16,280 Speaker 2: who need twenty thousand dollar loans, but folks need million 117 00:07:16,320 --> 00:07:17,480 Speaker 2: dollar loans. 118 00:07:17,960 --> 00:07:18,200 Speaker 4: Right. 119 00:07:18,560 --> 00:07:20,640 Speaker 1: And when we talk about a small. 120 00:07:20,400 --> 00:07:24,600 Speaker 2: Business, it will be it could be a dozen employees, 121 00:07:24,680 --> 00:07:29,240 Speaker 2: but it could also be two hundred employees. And it 122 00:07:29,320 --> 00:07:31,560 Speaker 2: is that piece of it that is about getting to 123 00:07:31,640 --> 00:07:36,080 Speaker 2: that next plateau. That is very much how I'm thinking 124 00:07:36,120 --> 00:07:38,400 Speaker 2: about this tour and the work that we are doing. 125 00:07:38,880 --> 00:07:41,960 Speaker 2: So yes, it's about startup capital, but also what is 126 00:07:42,000 --> 00:07:44,760 Speaker 2: required then to grow and to scale and have it 127 00:07:44,840 --> 00:07:48,360 Speaker 2: be sustainable. One of the pieces I failed to mention before, 128 00:07:48,400 --> 00:07:51,200 Speaker 2: but I'll mention now is the President and I when 129 00:07:51,240 --> 00:07:54,720 Speaker 2: we first came in, made a commitment that we are 130 00:07:54,760 --> 00:07:57,240 Speaker 2: going to increase by fifty percent the number of federal 131 00:07:57,240 --> 00:08:00,240 Speaker 2: contracts going to minority owned businesses. And we're on track 132 00:08:00,320 --> 00:08:05,440 Speaker 2: to get that done. So part of the point of 133 00:08:05,480 --> 00:08:08,920 Speaker 2: this tour has been to give folks information about how 134 00:08:08,960 --> 00:08:13,040 Speaker 2: you apply for a federal contract. The reason that we 135 00:08:13,360 --> 00:08:16,880 Speaker 2: made that commitment is because we then put in place 136 00:08:17,600 --> 00:08:21,000 Speaker 2: more information that is available to more people about how 137 00:08:21,040 --> 00:08:22,920 Speaker 2: to get a federal contract, because a lot of that 138 00:08:23,120 --> 00:08:26,640 Speaker 2: historically has been who you know, and when you get 139 00:08:26,640 --> 00:08:32,360 Speaker 2: a federal contract, it is potentially yours for life, and 140 00:08:32,400 --> 00:08:35,760 Speaker 2: it's very sustainable and can be the source of great 141 00:08:35,800 --> 00:08:39,680 Speaker 2: growth for that individual who owns that business and beyond. 142 00:08:39,720 --> 00:08:41,320 Speaker 2: I'll also say this, and I was saying it to 143 00:08:41,600 --> 00:08:45,520 Speaker 2: a few folks earlier. The work that we have accomplished 144 00:08:45,559 --> 00:08:49,640 Speaker 2: as an administration, be it the Infrastructure Bill and what 145 00:08:49,679 --> 00:08:52,400 Speaker 2: we are doing to invest It'll be trillions of dollars 146 00:08:52,480 --> 00:08:56,839 Speaker 2: in infrastructure, roads, bridges, sidewalks, all of that, transportation, public transportation. 147 00:08:57,240 --> 00:09:01,400 Speaker 2: What we have done with the the Chips and Science Act, 148 00:09:01,800 --> 00:09:04,840 Speaker 2: which is about investment in technology and research and development. 149 00:09:05,480 --> 00:09:07,640 Speaker 2: What we are doing with the Inflation and Reduction Act, 150 00:09:07,679 --> 00:09:11,359 Speaker 2: which is about at least a trillion dollars invested in 151 00:09:11,400 --> 00:09:16,120 Speaker 2: the climate but a clean energy economy. One of the 152 00:09:16,160 --> 00:09:18,680 Speaker 2: compelling reasons for me to start this tour now and 153 00:09:18,720 --> 00:09:20,840 Speaker 2: to ask all the leaders here for help and getting 154 00:09:20,840 --> 00:09:24,120 Speaker 2: the word out about what is available to entrepreneurs and 155 00:09:24,160 --> 00:09:28,400 Speaker 2: small businesses. Is because we are in the process of 156 00:09:28,440 --> 00:09:31,760 Speaker 2: putting a lot of money in the streets of America 157 00:09:31,840 --> 00:09:35,599 Speaker 2: for this growth, and we want to make sure everyone 158 00:09:35,800 --> 00:09:37,200 Speaker 2: has access. 159 00:09:36,800 --> 00:09:40,720 Speaker 1: To the opportunity to take advantage of the contracts and 160 00:09:40,760 --> 00:09:45,720 Speaker 1: the work that is being generated by this policy push. 161 00:09:45,760 --> 00:09:48,000 Speaker 1: And so we want to make sure people know about 162 00:09:48,040 --> 00:09:50,720 Speaker 1: it and then know where they can receive the support 163 00:09:50,840 --> 00:09:54,319 Speaker 1: to be ready to take on the work and then 164 00:09:54,360 --> 00:09:58,680 Speaker 1: to grow their capacity. I was very surprised to learn 165 00:09:59,040 --> 00:10:05,240 Speaker 1: that over seventy percent of construction companies in America, and 166 00:10:05,280 --> 00:10:08,120 Speaker 1: I'm pretty sure that number is still correct, seventy percent 167 00:10:08,120 --> 00:10:12,000 Speaker 1: of construction companies in America employ twenty or fewer people. 168 00:10:13,440 --> 00:10:16,520 Speaker 1: Those are small businesses right who. 169 00:10:16,559 --> 00:10:19,760 Speaker 2: When we're building back up America's infrastructure, a lot of 170 00:10:19,800 --> 00:10:23,360 Speaker 2: that's construction work. Got to make sure people know about 171 00:10:23,360 --> 00:10:24,760 Speaker 2: what's available. 172 00:10:24,240 --> 00:10:26,480 Speaker 1: To them to actually take those jobs. 173 00:10:26,600 --> 00:10:30,280 Speaker 5: An illegal alien from Guatemala charged with raping a child 174 00:10:30,320 --> 00:10:34,119 Speaker 5: in Massachusetts. An MS thirteen gang member from Al Salvador 175 00:10:34,360 --> 00:10:38,480 Speaker 5: accused of murdering a Texas man of Venezuelan charged with 176 00:10:38,559 --> 00:10:42,440 Speaker 5: filming and selling child pornography in Michigan. These are just 177 00:10:42,559 --> 00:10:46,319 Speaker 5: some of the heinous migrant criminals caught because of President 178 00:10:46,360 --> 00:10:49,880 Speaker 5: Donald J. Trump's leadership. I'm Christy Noman, the United States 179 00:10:49,960 --> 00:10:54,720 Speaker 5: Secretary of Homeland Security. Under President Trump, attempted illegal border 180 00:10:54,760 --> 00:10:58,320 Speaker 5: crossings are at the lowest levels ever recorded, and over 181 00:10:58,400 --> 00:11:01,600 Speaker 5: one hundred thousand illegal aliens have been arrested. If you 182 00:11:01,679 --> 00:11:05,520 Speaker 5: are here illegally, your next you will be fine nearly 183 00:11:05,600 --> 00:11:09,640 Speaker 5: one thousand dollars a day, imprisoned and deported, you will 184 00:11:09,679 --> 00:11:13,320 Speaker 5: never return. But if you register using our CBP home 185 00:11:13,360 --> 00:11:16,720 Speaker 5: app and leave now, you could be allowed to return legally. 186 00:11:17,080 --> 00:11:21,840 Speaker 5: Do what's right. Leave now. Under President Trump, America's laws, 187 00:11:22,000 --> 00:11:25,400 Speaker 5: border and families will be protected. Sponsored by the United 188 00:11:25,440 --> 00:11:26,680 Speaker 5: States Department of Homeland Security.