Meridian Rentals Emerges as New Scooter-Supplying Business in BG

Shakir Blackett first approached BRAVE with the goal of convincing investors to put $13,000 behind his project, a “micro mobility company with the ultimate goal of providing an affordable scooter rental network to students and locals.” By the time he was finished, he had $50,000.  

Under BRAVE’s Black Business Initiative, one of the organization’s four core initiatives, Blackett received the full support of Anthony King, who worked with him to shape and strengthen Meridian Rentals’ marketing and business plans. 

Statistics have been changing for the better when it comes to Black business owners and entrepreneurs, but a closer look reveals key steps that still need to be taken. Research conducted by Guidant Financial shows the top two challenges facing Black entrepreneurs as a lack of capital/cash flow, and marketing/advertising. Of the financing methods examined, 44% stemmed from the owner’s own cash supply, with the second-place source being family and friends pitching in 15%. In the case of Meridian Rentals, King wanted to ensure the up-and-coming business had a strong supply of capital. 

After expressing a need for funding, help with his business plan, and refining his social media presentation, BRAVE partnered Blackett with Sylvia Chandler, a financial services professional. The two met biweekly, working to develop Meridian’s presence and pitch. Shortly after, BRAVE connected Blackett with Bowling Green’s Downtown Business Bureau Director and Chamber of Commerce, who worked with him to organize a powerpoint presentation. They gave him names of potential investors, and agreed to look over Meridian’s business plan once more. After a successful presentation, Blackett was able to get 50,000 dollars from local investors, 37,000 dollars above his initial target in order to be operational. 

With an increasing trend of small business owners being Black millenials, BRAVE places crucial importance on supporting endeavors like Blackett’s. A 2017 study by the National Community Reinvestment Coalition found that the banks examined were twice as likely to provide business loans to white applicants over their Black counterparts, and three times more likely to have follow up meetings with white applicants, even when they were less qualified than Black applicants.  Black Business owners are behind innovative and exciting ideas pushing new companies forward, and with Meridian Rentals generously donating a percentage of its equity, BRAVE plans on using each bit of momentum gained to help the next wave of entrepreneurs bring their visions to life. 

More information about Meridian Rentals can be found on their Facebook page, https://www.facebook.com/Meridian-Rentals-LLC-111608230506078/.