According to the U.S. Census Bureau, there are 2.6 million black-owned businesses in the United States. And, by most accounts, many need help. In honor of Black History Month, several of America’s top corporations and organizations have unveiled initiatives and programs to help Black business owners.
Here are a few of the programs that have been launched (in alphabetical order):
Throughout February, Facebook is “elevating Black voices, raising awareness, and inspiring action” on its platform. As part of this effort, Facebook and Instagram launched #BuyBlack Shop Collections, making it easy for millions of consumers to find and buy directly from Black-owned small businesses.
Building off the success of its holiday season’s #BuyBlack Friday show (which more than 15 million people tuned into), the #BuyBlack shop collections features 80 Black-owned businesses. Consumers can buy directly from these businesses’ shops on Facebook or Instagram. You can find the new #BuyBlack Shop Collections by visiting the Facebook or Instagram Shop Tab within the app.
In addition, Black-owned small businesses are being highlighted on Instagram’s @shop account all month with a series of shoppable posts. Its official #Buy Black Guide is in the Shop Tab on Instagram. Check out @shop to shop the brands directly and learn more about them.
There’s more information on the Facebook blog.
Feed the Soul Foundation and Grubhub
Feed the Soul Foundation, the nonprofit arm of Black Restaurant Week, LLC, is partnering with Grubhub’s Donate the Change program to help Black business owners this month.
The coronavirus pandemic has disproportionately impacted millions of culinary businesses in America, especially those that are Black-owned.
In 2020, Feed the Soul Foundation received hundreds of applications—94% from Black-owned businesses for their Restaurant Business Development Fund. With the support from Grubhub, Feed the Soul Foundation plans to expand the number of businesses in their unit and create additional programs to assist culinary businesses.
“Two out of three minority businesses are concerned about the impending possibility of business closure due to the effects of COVID,” says Dr. Asheli S. Atkins, Executive Director of Feed the Soul Foundation. “One of our top priorities was to create the Restaurant Business Development Fund because it is designed to aid minority businesses and prevent closures.”
Feed the Soul Foundation will use the diner donations to support several initiatives:
- Multiple $10K grants will go to restaurant owners for business development, such as menu consultation, operations, or marketing initiatives.
- Restaurant emergency funds to support restaurants in the event of an unexpected emergency such as flooding or a break-in. Feed the Soul Foundation will help provide resources to help restaurants reopen and get back on their feet.
- Scholarships to marginalized hospitality management college students, creating a pathway to help grow the next generation of restaurant entrepreneurs.
Donate the Change feature allows diners who opt in to round up their change on their orders. Grubhub also matches Donate the Change contributions by Grubhub+ members on eligible Grubhub+ orders.
Hope Enterprise Corporation and Goldman Sachs 10,000 Small Businesses
Goldman Sachs 10,000 Small Businesses committed up to $130 million to the Hope Enterprise Corporation, which partnered with seven cities and nine historically Black colleges and universities (HBCUs) to launch the Deep South Economic Mobility Collaborative (DSEMC). The goal of DSEMC is “to stabilize and strengthen businesses and communities devastated by the economic crisis.” DSEMC will invest “in the power of small businesses and entrepreneurs in the Deep South, particularly those from underserved and under-resourced communities.”
Due to the commitment from Hope Enterprise Corporation and Goldman Sachs 10,000 Small Businesses,DSEMC will be able to provide access to financing, business education classes, and business support services, leveraging support from the private, public, and nonprofit sectors.
While the DSEMC is open to all small businesses, the impact of the pandemic and economic crisis has disproportionately harmed communities of color. Recent research shows that between February and mid-April of 2020, 41% of Black businesses had permanently closed due to the impact of COVID-19, compared to 17% of white-owned companies. Furthermore, the value of Black businesses in the deep South is lower than in any other part of the country, underscoring the urgent need for solutions in a region with the highest percentage of Black residents.
Participating municipalities in the collaborative are Birmingham and Montgomery in Alabama; Little Rock, Arkansas; Baton Rouge and New Orleans in Louisiana; Jackson, Mississippi; and Memphis, Tennessee. Participating HBCUs are Alabama State University, Miles College, Philander Smith College, Southern University and A&M College, Xavier University, Dillard University, Jackson State University, Tougaloo College, and LeMoyne-Owen College.
DSEMC projects it will serve 4,000-5,000 businesses and support 30,000 employees and their family members while improving conditions in Deep South communities to further Black economic mobility.
Qurate Retail Group and the National Retail Federation
Qurate Retail Group and the National Retail Federation (NRF) Foundation are expanding their successful Small Business Spotlight initiative to support 100 entrepreneurs of diverse backgrounds in 2021. Through this program, Qurate Retail Group (which includes QVC US, HSN, and Zulily) will provide the selected businesses with on-air and/or digital exposure and various other pro-bono in-kind services.
Throughout 2021, Qurate Retail Group, which reaches over 90 million homes in the United States via broadcast channels and millions more via digital and social platforms, will promote selected small businesses during heritage and recognition months. These include Black History Month (February), Women’s History Month (March), National Military Appreciation Month (May), Pride Month (June), National Hispanic Heritage Month (September), and National Disability Employment Awareness Month (October).
All participating businesses will be profiled on QVC.com and HSN.com and receive PR support. In addition:
- Businesses selected for on-air exposure will be featured in several 2- to 4-minute live segments on QVC and HSN. The repackaged video will also be shared on QVC’s and HSN’s social pages and streaming services. These businesses will also have an opportunity to participate in a virtual mentorship program with Qurate Retail Group team members.
- Businesses selected for digital exposure will receive social tools and resources to promote their participation.
- The Small Business Spotlight will also be amplified on Zulily’s digital channels.
Apply now—the application period closes February 26. To qualify, a business must meet the program’s eligibility requirements, including:
- Employ 100 or fewer workers
- Be 51% percent owned by an entrepreneur of a diverse background
- Have an e-commerce capability and social media presence
Due to production requirements, featured small businesses for Black History Month and Women’s History Month have already been selected. More details on eligibility and criteria, as well as the application link, are available here.
SCORE
SCORE, the nation’s largest network of volunteer expert business mentors, just launched SCORE for Black Entrepreneurs to address the unique needs of Black entrepreneurs and provide them with the resources and support they need.
SCORE for Black Entrepreneurs includes specialized business resources that will be continuously updated to support and assist Black-owned small businesses, including:
- Specially designed educational content
- Access to live webinars and original online workshops
- Access to a free, remote, expert business mentor
Small Business Administration
The SBA will host an online panel discussion on February 25 with Black-owned business owners who will share their small business stories and how they pivoted during the pandemic. Representative Dwight Evans, a member of the Congressional Black Caucus, will also speak. The event is free, but registration is required.
SmartAsset
A study from SmartAsset reveals the cities where Black Americans fared best economically. The company compared 129 cities across six metrics: median Black household income, Black homeownership rate, Black labor force participation rate, the poverty rate for Black residents, percentage of Black adults with a bachelor’s degree, and percentage of Black business owners.
Key findings
- Six of the top 10 cities are located in Texas, Florida, and North Carolina. These cities are Grand Prairie and Garland, Texas; Pembroke Pines and Miramar, Florida; and Charlotte and Durham, North Carolina.
- In the cities in Texas and Florida, the median Black household income tops $61,000, and the Black homeownership rate is 46% or higher, compared to study-wide averages of about $43,000 and 35%, respectively.
- Charlotte and Durham rank particularly well for education and metro area business ownership metrics. More than 30% of Black adults have their bachelor’s degree in these North Carolina cities, and at least 3% of businesses are Black-owned, compared to study-wide averages of about 23% and 2%, respectively.
You’ll find more details here.
T-Mobile
T-Mobile launched three new programs to give students, tech professionals, and business owners access to valuable financial, educational, and career-development resources: Magenta Scholars, the NextTech Diversity Program, and Magenta Edge for small business owners.
Black-owned small businesses in the United States have disproportionately suffered during the COVID-19 pandemic crisis and are about twice as likely to permanently close their doors than other businesses. T-Mobile says this is primarily attributable to the “longstanding, systemic lack of access to resources and capital, including difficulty getting business loans.”
Magenta Edge offers all entrepreneurs expert advice and insight on how to navigate these historically challenging times through the lens of Black-owned small business owners and their stories. Magenta Edge provides free educational programming on subjects such as best practices for entrepreneurs while addressing systemic barriers to Black small business success. This is just the initial phase of Magenta Edge, which will expand to supply additional resources in the future.
Visit Magenta Edge for updates on programming, new content, and small business support. Registration for the virtual workshops is now open.
UPS
Earlier this month, UPS unveiled several new initiatives designed to empower and support Black SMB communities hit hard by the coronavirus. The company announced a partnership with the 30 Day Fund, a nonprofit that provides forgivable loans to small businesses. Every day in February, UPS is donating money to provide direct assistance to 28 Black-owned small businesses to help them meet payroll, keep providing medical benefits, and save jobs.
UPS also launched a program celebrating Black artists. The company commissioned artwork for UPS Express boxes. Sophia Yeshi, a Brooklyn-based Black and South Asian illustrator, is the first artist to have commissioned an original print to be used by UPS. The print “Let’s Rise Together” is featured on UPS Express Packaging.
Photo courtesy of Sophia Yeshi / UPS.
More programs to help Black business owners you should check out:
RELATED: The State of Minority-Owned Businesses: African American Entrepreneurs
