Black History Month Business Spotlight: Joy's Helping Hand Childcare

February is Black History Month, a special time to honor the contributions, successes and sacrifices of African Americans. We acknowledge and admire, the entrepreneurial spirit of Black business owners even in the most difficult times. More than 3 million U.S. businesses are Black-owned, providing jobs to nearly 1.2 million people, according to the U.S Small Business Administration. In celebration of Black History Month, we're highlighting a successful Black entrepreneur. Their journey provides valuable lessons for others on resilience and innovation.

A Small Business Success Story

With a startup budget of $85, Jamika Cooper launched Joy's Helping Hand Childcare at her Indianapolis home in May of 2009. The venture allowed Cooper, who was a case worker with the state of Indiana, to spend more time with her three daughters whom she was raising as a single parent, "I had the opportunity to be present with my children throughout the day and also to be able to care for other people's children," she says. She opened with 12 children. Since then, Cooper's clientele has more than quadrupled, with the business relocating a few times to accommodate its growth. Now, with the help of Old National Bank, Cooper is preparing to move into a $1.4M commercial facility that will allow her to enroll more than 100 children and upgrade the center's educational curriculum and play spaces. 

Acquiring the new building is an accomplishment that gives Cooper great pride in how she has managed her business over the years. 

"We have never operated in the red, ever," she says. "I am thankful that we have had the opportunity to manage our books very well and operate with integrity. That's what put me in a position to be able to purchase a commercial real estate at that price point."

Breaking Through Challenges

The first few years of owning a business are some of the most challenging, with statistics showing that 80% survive the first year and subsequent years have more drop-offs. Cooper was no stranger to challenges in the first couple years of her business, either. 

In the early days of running the business, tending to the needs of her clients’ children often disrupted her own family’s daily routine. She had to learn to set boundaries.

“When I first started, we were open six days a week, 24 hours a day,” Cooper recalls. “I had to scale back those hours to make sure that I still left time for myself as well as my children.”

While Cooper says finding a good work-life balance was her biggest challenge as a business founder, managing her company’s finances and funding its growth may have been a close second. Access to funding remains a major hurdle for African American entrepreneurs. Less than 2% of all annual Venture Capital funding goes to Black-owned businesses, according to data from Crunchbase. Companies owned by Black women like Cooper get less than 1% of those dollars.

As Cooper would discover, even when Black entrepreneurs manage to succeed despite meager startup funds, another challenge can arise when they need money to help them grow their companies. When Cooper was ready to embark on her biggest expansion yet by purchasing her own facility, she needed a business loan. That’s where Old National Bank stepped in.

A Bank Partnership That Enables Growth

Before securing a small business loan to purchase the new building in December 2023, Cooper attended a presentation at the International Marketplace by ONB Senior Vice President Leo Lopez and ONB Branch Manager Angela House about the bank's loan program for minority-owned businesses. When she was ready to move into a larger space, she reached out.

"The accountability and the support was phenomenal," Cooper says of her partnership with ONB. "Leo was so instrumental in carrying this to the finish line. He would answer any questions I ever had."

The new facility will allow the center to enhance its curriculum and participate in the state-funded On My Way Pre-K grant program, designed to give low-income families access to high-quality preschool education. The site also will feature state-of-the-art indoor and outdoor recreational spaces and ADA-compliant play equipment. As the mother of a child who had attention-deficit/hyperactivity disorder, Cooper says it's always been important to her that her childcare center be inclusive.

The Support of a Mentor

Cooper counts a fellow African American businesswoman, Yes Consulting owner Shamika Anderson, as an essential guide through her entrepreneurial journey. "She was with me every step of the way as we scaled my current business and we acquired the new commercial real estate," Cooper says. "She has been very instrumental in this entire process."

By maintaining close connections with the center's families – going to birthday parties and graduations, for example – Cooper has been able to pay some of that support forward. That includes sharing her knowledge with other budding entrepreneurs and helping them acquire business equipment. "I've had a couple of young mothers who have launched their own entrepreneurial businesses," Cooper notes.

For her own family, Cooper wants the business she built to be the start of a legacy. "It's something that will remain in the name of our family and move from generation to generation," she says. "It also inspires my daughters to see that there are no limits. You're able to accomplish whatever you set your heart and mind to do and that you're passionate about." 

Cooper advises entrepreneurs to stay the course and proceed at their own pace, not compare themselves to others.

"Run your race and stay focused on what you are doing, because it's not always who gets there faster," she says. "The ultimate goal is to get there."

We recognize the importance of Black-owned businesses to the U.S. culture and economy. With the proper support, resources, and determination, Black business owners can overcome challenges and pave the way for a brighter future. For example, Old National Bank launched the Empowerment Small Business Loan Program designed for minority-and-women-owned small businesses that may not normally qualify under traditional underwriting guidelines get access to capital. 

Connect with an Old National Small Business Banker for more insights. Or, click here to learn more about the Empowerment Small Business Loan Program.