Black businesses were hit especially hard by COVID-19. Compared to 17% of white businesses, over 40% of Black businesses closed during the pandemic! Investing in Black businesses would add billions to the economy and create millions of jobs.
Luckily, SOMEONE’s attempting to save struggling Black establishments. But who?
What saved many white businesses were Paycheck Protection Program loans – but only 2% of all Black businesses got those! They also frequently have access to investment that we just don’t.
That’s why Morgan DeBaun of Blavity created the Growth fellowship, which provides 12 Black businesses with $10,000 each, leadership training, and access to corporate sponsors – resources we normally can’t access.
Co-founder Jeff Nelson explained that smaller businesses, especially, need the flexibility of investment. If you’ve thought about starting a business but felt deterred, you’re not alone! A lack of investment prevents many a would-be Black entrepreneur.
It’s important we support Black businesses so we can thrive without needing white help to flourish! The Blavity Fellowship shows us how this can be done.