The NAACP has sealed a partnership with Hello Alice, and it’s a pinnacle moment for Black entrepreneurs.
In hopes of creating a new future for Black businesses, the civil rights organization will be acquiring an ownership stake in one of the world’s leading platforms to spur development and growth for small Black-owned businesses.
“To champion true racial equity, we need to address the long-standing economic inequality that has left Black communities underfunded and undervalued for centuries,” NAACP President & CEO Derrick Johnson said in a press release. “According to the U.S. Small Business Administration, today there are an estimated 2.6 million Black-owned businesses, and this first-of-its-kind partnership is a pivotal step towards putting Black business at the forefront of our economy and as a result, building generational wealth and economic power for Black communities.”
Before the NAACP’s investment, they tapped Hello Alice to launch the Black-owned Business Resources to provide nationwide opportunities for Black entrepreneurs to receive capital and expand their network. The venture proved to be successful for Black owners using Hello Alice’s platform with an impressive $4 million distributed during the pandemic, the Houston Chronicle reports.
Kim Roxie — founder of LAMIK Beauty housed in Ulta Beauty — is one of the beneficiaries who received a $10,000 development grant.
“This is a good partnership… being in Hello Alice feels like a community for me,” said Roxie, according to the Houston Chronicle. “I have been supported, and we chat, we collaborate with other business owners there. It’s been good for me.”
According to the press release, the “NAACP Empowerment Programs joins other Hello Alice investors that include QED Investors, SVB Financial Group, How Woman Invest, Green Book Ventures, Backstage Capital, Harbert Growth Partners, Serena Ventures, Phyllis Newhouse, and Jean Case.”
As AfroTech previously reported, this is one of many efforts by the NAACP to support small businesses. Last summer, in partnership with Beyoncé and BeyGOOD, $10,000 grants were distributed to Black-owned businesses who suffered during the pandemic.