ORLANDO, Fla. – This week on “Black Men Sundays,” host Corie Murray interviews Phillip Woolfolk, a former banking executive with decades of experience and more good things in the works.
When it comes to getting money for your business, Corie asked Woolfolk about why one would go with alternative business lending as opposed to using a regular bank.
According to Woolfolk, there’s a loan for everybody, but not everybody can get theirs from a bank.
“Not every person that comes into the bank for a loan that gets it gets approved. There are some loans the banks don’t necessarily have an appetite for,” he said. “(...) For folks who are looking for that type of funding, they may have to find another source. Because of my background, I’m able to fill that void and work with folks to help them get the funding that they’re looking for, whether they’re a real estate investor, a developer, an entrepreneur that’s looking for equipment financing or working capital.”
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A proponent of community investment, Woolfolk served as the chief operating officer of the African American Chamber of Commerce of New Jersey and is currently the managing director of Phillip Speaks, LLC, focusing on keynote and motivational speaking, as well as writing.
Though he advised against emotional decision-making while investing, Woolfolk stressed that business folk still need to keep their passion and spirit in the game and must possess the wisdom to understand morality and integrity.
Woolfolk pointed to the $1.8 trillion in spending power reportedly held by Black Americans, calling for more synergy.
“Our ability to effect change is very significant if we’re united in what it is we want and how it is we want to go about getting that and achieving that, and so I think that as we get more vigilant around that particular methodology, we’ll be more respected, and people will respect you when they understand what your power is,” he said. “All too often we we think of ourselves individually. You know, individually, Phil Woolfolk not going to a particular store won’t have a lot of impact on the bottom line, but if Phil Woolfolk and Corie and a couple million more of us decide we’re not going into that store anymore, or at least until something changes, then collectively we have a more significant impact and our voice resonates much, much louder and much more clear.”
Hear the interview and more in Season 6, Episode 9 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.
