Media mogul and entrepreneur Sean “Diddy” Combs has launched a new platform dedicated to helping minority entrepreneurs and small businesses remain afloat amid the changing economy brought on by the coronavirus pandemic.
Launched in partnership with The National Bankers Association, “Our Fair Share” was created to simplify the application process for the next round of Paycheck Protection Program (PPP) funding, according to the company’s press release.
Combs announced the big news yesterday via Instagram.
“COVID-19 is devastating our communities and without access to stimulus funding we risk losing critical businesses that create jobs and help build opportunities and wealth in our communities,” Combs said. “I created Our Fair Share to help entrepreneurs play on an even playing field and give them a chance to survive with the hope to thrive.”
The initial round of PPP funding was unfairly distributed to “to those with the right connections, rather than the greatest needs.” Ahead of the second round of funding, Our Fair Share wants to help minorities learn more about PPP and connect with approved Small Business Association (SBA) lenders who can help grant loans.
The purpose of this platform is to encourage “diverse small businesses, independent contractors and nonprofits” to understand their available options and the requirements needed for a successful application.
The press release states the leading PPP lenders include The Harbor Bank of Maryland, based in Baltimore, MD; Liberty Bank and Trust, based in New Orleans, LA; Carver State Bank, based in Savannah, GA; and Lendistry, an online small business lender based in Los Angeles, CA.
Combs’ long-term goal for this new platform is to further connect entrepreneurs seeking capital as well as capital providers. The platform is passionate about getting small minority businesses and entrepreneurs what they need and will continue to evolve to ensure it’s meeting the community’s needs.
“Minority businesses have always struggled to access the capital they need to thrive. Now is the time to show commitment to the communities being hit the hardest by the COVID-19 pandemic. I look forward to working with the institutions that want to help,” Combs said.