The COVID-19 pandemic has considerably impacted Black-owned companies all through america. A report launched by the New York Fed revealed practically half of small Black-owned companies shuttered because of monetary woes that stemmed from the general public well being disaster. Former NBA participant Shaquille O’Neal is on a mission to reverse the alarming pattern. In accordance with Billboard, O’Neal not too long ago teamed up with American Categorical for the creation of a program designed to assist Black entrepreneurs.
The initiative—dubbed “Coalition to Back Black Businesses”—was launched to help small Black-owned companies of their COVID-19 restoration course of. Via the $10 million effort, $5,000 grants will likely be distributed amongst enterprise homeowners and a fraction of the funds will go in direction of a program centered on enterprise mentoring and management growth. Taking part teams embody Walker’s Legacy, the Nationwide Enterprise League, the Nationwide Black Chamber of Commerce and the U.S. Black Chambers, Inc.
O’Neal says you will need to assist Black-owned companies as a result of they’re the spine of our communities. “Small businesses need our support now more than ever. Black businesses have been disproportionately impacted by the pandemic,” he stated in an announcement, based on the information outlet. “You tell people, ‘stay in your house for four months, don’t leave don’t go out.’ It’s a shame 40 million Americans have lost their jobs, but in these Black communities with Black businesses, a lot of people have lost their lifelong jobs. I’m happy to support the first-ever Coalition of Black Businesses.”
O’Neal isn’t the one Lakers legend who’s placing the concentrate on supporting Black-owned companies amid the pandemic. Earvin “Magic” Johnson teamed up with Carver Federal Financial savings Bank and MBE Companions for the creation of a Paycheck Safety Program (PPP) that not too long ago secured $325 million to assist enterprise homeowners of shade and women-owned companies.
Magic Johnson Secures $325M To Assist Minority-Owned Companies
Proceeds From Serena Williams’ Jewellery Line To Be Donated To Black-Owned Companies