CHARLOTTE, N.C. — A pancake business is stacking up in a good way for a Charlotte couple who says they faced major hurdles when they were first getting started.
When the pandemic hit, Black-owned businesses were closing at twice the rate of other shops. When Marquita and Deven Carter first started Blanket Pancakes & Syrup, they found distribution and manufacturing partners but what they couldn’t find was investors.
"We could not get a loan," Deven Carter said. "When we first started the business, no one would give us a shot. No one would give us access to capital. We had to prove we could do it on our own, which we did."
Even with a purchase order from Walmart, they still couldn’t get a loan.
"It was very frustrating and something we had to overcome," he continued. "Especially for African American businesses, it's not uncommon for small Black-owned businesses to have the same experiences starting off."
The pandemic shined a light on the inequity Black-owned startups have long faced.
According to a Federal Reserve Small Business Credit survey, 30% of Black small business owners said access to credit is their biggest financial challenge. Only 12%of their white counterparts said the same thing.
FROM 2021: Largest lenders deny home loans for Black applicants up to three times more often than whites
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
The inspiration
Blanket Pancakes & Syrup use all-natural ingredients in their products.
"I saw a bunch of ingredients [in other products], my body couldn’t recognize," Marquita Carter explained. "So we made our own."
They talked their way into farmers markets and stores. They’re now in hundreds of Food Lion, Walmart, World Market and other stores. They’re looking to expand to include grocery stores in the Midwest and Northeast.
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Contact Michelle at mboudin@wcnc.com and follow her on Facebook, Twitter and Instagram.