Maya Gwynn
With KVCR Public Media, I'm Maya Gwynn with Black Perspectives IE, a show where we learn about the amazing things members of the Black community are doing in the Inland Empire. My guest today is Dr. Dennis Morrison, Chief Economic Development Officer of the BBOP Center, also known as the Black and Brown Opportunities for Profit Center. Thank you so much for being here.
Dr. Dennis Morrison
Thank you. It's a pleasure. Maya, I've heard a lot about you, and I'm really, really happy to be with you today.
Maya Gwynn
The BBOP Center is centered on eliminating racial and gender inequity. In your opinion, how do inequities show up most frequently for black and brown women pursuing entrepreneurship?
Dr. Dennis Morrison
Well, for a long time, we at the Center observe the struggles of black and brown entrepreneurs. Yeah, the problem was with access to capital, and we decided to close that gap with access to capital specific services like loan packaging, SBA loan packaging, we provide them with entrepreneurial training. We do one-on-one consulting. We have a program called Tune-Up. So the entrepreneurs we dealt with, or we know of, they're very hard working. They know what they're supposed to do, but the challenge was support and access to capital. So we started to close that gap with our services at the BBOP Center, and the specific services that we use to do that, again, is access to capital. You want a loan? Yes, we can help you package SBA loans. SBA, the Small Business Administration will not give you the loan, but they will guarantee a bank to loan you the money. And because we know how they process the loan documentation, we then say, okay, let's help you put the documents together. Because one of the things, Maya, that really turn off small businesses or entrepreneurs, they get scared when you have too many documents. So it's okay, let's take that fee away. So let's put the package together. We found out that has really worked. The next thing is, okay, what if you have, like, an invoice? Now you provide services to a company, they're gonna pay at the end of the month, but you need money now, that's what we call alternative financing, so we introduce invoice factoring. Okay, so these are the things we've done to close that gap because of their struggles with lack of access to capital and lack of support.
Maya Gwynn
I love that. And on your website, you speak of a protective environment for women entrepreneurs. In your opinion, what does that look like and why do you think protection is essential?
Dr. Dennis Morrison
Well, protection, from the business standpoint, is really important. Want to make sure that through our services, we can help them determine - they will determine their own economic destiny through entrepreneurship. If you're self sufficient, you can pay your bills, you can take care of your family. That's protection in economic terms, so working with women of color, the job opportunities out there are not that many. Yeah, let's help you prepare that path. Let's lift you up to that level where you can stand on your own, be able to pay your bills and you're not leaving to the dictates of economic downturns.
Maya Gwynn
Yeah, and I really like that you talked about that, one of the most common things that entrepreneurs come to you is just not knowing what to do with the documents and everything and feeling overwhelmed in that. What's another common fear that you've seen with early entrepreneurs that they feel very overwhelmed by a small detail that, in your opinion, isn't that small?
Dr. Dennis Morrison
Not everyone went to college, to have a degree in all of that. So entrepreneurs usually have a great idea and that idea, they're not sure if it's going to work. We have a program called Beyond Ideation. Okay, it's an eight-week program, pre accelerator program, where we put them through and say, okay, let's test that idea that you have to see if it's going to be commercialized. Can someone buy this product? So we put them through that eight-week program. Towards the eight week we then have them pitch the idea to VC firms. And so through that structure program, we're able to not only give them the confidence they need, but to show them what is called most valuable product. Are you at that stage where your product can be sold to the market? So that's how we handle that.
Maya Gwynn
There's a growing conversation right now among millennials and Gen Z that black capitalism alone can't solve systemic inequities in your work at the BBOP Center. How do you balance empowering women as entrepreneurs while also addressing the larger structural barriers that limit the economic mobility in the first place?
Dr. Dennis Morrison
The structural barriers will always be there, regardless of who you are. And by the way, we also serve men of color. So we started as a women focused business organization, but we now also help men of color. The challenges are there, but that's why we call ourselves the economic hub in the IE, part of our job is to help you understand and navigate the system. Remember the end goal. The outcome is to help you have what I call some type of control of your own economic destiny through entrepreneurship. But you need tools with which to get there. And so when you come to the BBOP Center here in IE, we want to help. People say, look, the challenges are there, but we also want you to believe in yourself, and we are here with you as partners. And you know how many federal workers were laid off not too long ago? You can imagine what they're going through.
Maya Gwynn
And most of them were black women.
Dr. Dennis Morrison
Exactly. They have mortgages to pay. They have rent to pay. And so we are saying, look, we've been there. I started with a Mom and Pop store in LA. I've owned a laundromat, okay, and I do consulting. But all through all of these experiences, I was lucky to be able to control the outcome of my economic life. So yes, you always going to face those barriers. But what we are saying is, is there a way for you to control your life in a way that you have something you do now that allows you to pay your bill, take care of your family without being vulnerable to unemployment cycles? Yes, okay, and so the BBOP Center is a really good resource and a place where we motivate you, because if you can be passionate about something, you come to me, but I have to go to mentor you, to coach you and give you direction, because I've done it. I've been there, and that's what we do at the BBOP Center.
Maya Gwynn
I love that. We're gonna move to our rapid fire portion.
Dr. Dennis Morrison
Yes, yes. I like that!
Maya Gwynn
I'm excited to hear your answers. If your work had a theme song, what would it be?
Dr. Dennis Morrison
Finish Strong by Jonathan Nelson. It's a young guy. He's a gospel singer. Okay, finish strong because we meet people where they are at the BBOP Center, and we help you to the finish line. And that's why, when I hear that song, it gets to me.
Maya Gwynn
And if you had to teach a master class or give a TED Talk on a random skill you have besides the job you do for a living, what would it be?
Dr. Dennis Morrison
How to access capital and turn my financial knowledge into business growth.
Maya Gwynn
And as someone who's lived here for over 15 years, what's your favorite IE restaurant or landmark that reminds you of them?
Dr. Dennis Morrison
Oh, restaurant, Panini Kabob Grill at Rancho. Great food and great experience, and seeing the whole open mall is great.
Maya Gwynn
And how can people keep up with you and support the amazing work you guys are doing?
Dr. Dennis Morrison
The first thing is, entrepreneurs should always reach out to us for that initial needs assessment that is free.
Maya Gwynn
And what's your guys' website?
Dr. Dennis Morrison
It's www.BBOPCenter.com.
Maya Gwynn
Thank you so much for being here.
Dr. Dennis Morrison
It's a pleasure. Thank you for inviting me.
Maya Gwynn
Of course. This is a great conversation. Dr. Dennis Morrison is Chief Economic Development Officer of the BBOP Center. Find this segment others at kvcrnews.org/bpie support for the segment comes from the Black Equity Fund at IECF, advancing racial equity and supporting long term investments in black led organizations and Riverside and San Bernardino counties. Join us again next week for Black Perspectives IE. For KVCR Public Media, I'm Maya Gwynn. Thank you.
