Operations

Initiative to bring $100M to 1K Black-owned businesses

Photo: iStock.

March 1, 2021

Looking to take a bite out of COVID-19 losses and rebuild a suffering segment of the economy, the Inclusivity Project is hoping to secure $100 million for 1,000 Black-owned businesses, a news release said.

Chris Horton, a finance expert at Humboldt State University's Northern California Small Business Development Center is leading the initiative to help Black small business owners — including restaurateurs in all categories — level the playing field when it comes to access to working capital by:

• Enrolling 1,000 new Black entrepreneurs for complimentary business advice for life to start or grow a business.
• Starting 100 new Black-owned businesses.
• Ensuring 25 of 100 new Black-owned businesses are owned by Black women.
• Funding $100 million in small business financing.

A combination of NorCal SBDC and other services, including coaching and mentoring, are available, the release said.

NorCal SBDC, which is partially funded by the U.S. Small Business Administration and the state of California, has been focused on building a cache of COVID-19 resources and acting as a go-to for loans and grants designed to survive the crisis. It's estimated that approximately 40% of the nation's Black entrepreneurs have been forced out of business by pandemic-related circumstances, the release said.

"$100 million is a lofty goal, but the SBDC is committed to economic diversity as it breeds economic vitality, and I think we are up for the task," Horton said in the release. "It's my hope that this opportunity will bring needed attention to Black and minority-owned businesses and demonstrate that the SBDC ecosystem serves all people and builds pathways for minority-owned businesses to financial platforms."

For more information or to apply for services, go to TheInclusivityProject.com.