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Answer extracted from the WIRED: Stories of Impactful Women podcast — listen to the full episode below.

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Why does cultural competency and representation influence broker selection for minority entrepreneurs?

September 17, 2026 WIRED: Stories of Impactful Women · Kesi Milligan

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When minority and Black and brown business owners seek capital, they rarely find commercial real estate brokers who reflect their communities or understand their context. This gap in representation directly shapes broker selection—entrepreneurs naturally gravitate toward advisors who have lived the same challenges they face.

Kesi Milligan witnessed this firsthand at AltCap, a CDFI (Community Development Financial Institution) where she worked as a Business Development Officer helping underserved business owners access capital. When entrepreneurs came through seeking guidance on commercial real estate, she realized the referral network was thin. There were very few Black and brown brokers, and even fewer women in the field she could confidently recommend.

That gap became her catalyst. As Milligan explains in the podcast, if she couldn't think of someone culturally competent to refer her clients to, she needed to become that person herself. The recognition was simple but profound: representation in real estate brokerage directly enables minority entrepreneurs to access better-informed guidance.

This realization drove her transition from residential real estate—where she had held a license since 2004—into commercial brokerage. She pursued urban studies with an emphasis on community development, graduating in December 2019, and sought mentorship from established brokers who could teach her the commercial side of the business. Her career path was not random; it was a deliberate response to a market need she saw firsthand.

"When it gets right at the difficult moments when you think you just can't take it anymore, that's when the breakthrough comes."

The effect is not theoretical. Milligan's journey, detailed in this episode, shows that when entrepreneurs see themselves reflected in the advisors they work with, trust deepens, communication improves, and transactions move faster. A broker who understands the neighborhood dynamics, the funding landscape for minority owners, and the specific barriers these founders face becomes invaluable—not just as a transactional agent, but as a strategic partner.

Cultural competency in broker selection also signals something deeper: it signals whether an advisor has invested time in understanding your community's actual needs, not just your individual deal. Milligan's background in urban development and community housing means she approaches commercial real estate not as isolated properties, but as assets embedded in neighborhoods that minority entrepreneurs are building wealth within.

From Capital Access to Real Estate Representation

Milligan's move from AltCap into commercial brokerage was not a departure—it was a natural extension. At AltCap, she helped businesses access loans up to $350,000 to launch and scale. But capital alone is not enough. Those same entrepreneurs need spaces to work from, real estate that fits their budgets and growth timelines. As discussed in the episode, the bottleneck was not just money—it was access to qualified, culturally competent advisors in the real estate market itself.

By stepping into commercial brokerage, Milligan closed a loop. Now entrepreneurs who have received funding from organizations like AltCap have a broker on the other side who speaks their language, knows the community lenders they work with (like UMB Bank), and understands that their success is not just about closing a deal—it's about building sustainable wealth in neighborhoods that have historically been excluded from real estate investment.

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