By Stephanie Stevens
Black SD Magazine awarded its first Catalyst Black Academy Scholarship to author, speaker, certified life coach and CEO of SoulKation, Logan Rena, in partnership with UC San Diego Extension.
The scholarship – open to Black entrepreneurs, creatives or small business owners in the San Diego area – provides access to four of Extension’s business-focused courses such as Business Decision Making, Social Media Marketing, Grant Writing for Nonprofits, Brand Strategy and Positioning or Business Law.
Rena, who earned her MBA from Florida Institute of Technology in 2014, plans to focus on digital marketing, branding, finance and decision-making to continue growing her business.
According to the 2019 American Express State of Women-Owned Businesses Report, women of color account for 50% of women-owned businesses but reported an earned average revenue of just $24,000; 17% of the $124,900 in revenue that women-owned businesses bring in on average annually. By eliminating barriers, women of color will be empowered to grow and expand their businesses, spurring innovation, creating jobs, building wealth and growing the economy.
Black SD Magazine publisher Michael Cox noted that there is no simple solution to this inequity because Black-owned business owners tend to lack the same resources, educational opportunities and access to mentors. Programs like this collaboration with UC San Diego Extension, he said, are a crucial step in the process of supporting more successful Black business owners.
“Some entrepreneurs don’t have all the business knowledge that’s necessary to help them establish, grow or take their business to the next level. So this (scholarship) is one of our ways to decrease those barriers to success for African-American entrepreneurs,” Cox said.
To learn more about the yearly scholarship, visit Black SD Magazine’s website.