The PepsiCo Foundation and the National Urban League are taking the mantra of “support Black-owned businesses” to the next level.
Black Restaurant Accelerator Program
Black entrepreneurs face the barriers of lack of access to loans and capital, which spurred BRAP. Within the National Urban League’s 12 Entrepreneurship Centers across U.S. cities, the program is set to provide financial grant assistance to 500 businesses in five years, according to the outlet.
“As a large food and beverage company, we thought about what opportunities we had to make a powerful and local impact in Black communities,” said C.D. Glin, the Global Head of Philanthropy & VP of PepsiCo Foundation, per the outlet. “Many Black-owned restaurants had to adapt to the many challenges created by the pandemic and when we were considering how to help, focusing on Black restaurants became an opportunity to have a big impact. We couldn’t do it alone so we reached out to the National Urban League, our long-term partner, which has ties within the community and focuses on local economic growth. That’s how the BRA program came to be.”
In addition to financial support, the business owners will have access to “technical assistance, including entrepreneurial coaching and training on various topics, including back office and accounting systems and support, inventory management, operational efficiency, marketing for growth and ROI, and staff development.”
“The question we asked ourselves was can we help these restaurants get back on their feet, reopen, and reimagine a future that includes implementing new foods, delivery services and business goals. The goal over five years is to serve 500 businesses,” said Marc Morial, President and CEO of the National Urban League.
For Black restaurateurs to qualify for BRAP, they must own a Black-owned food service company in one of the cities where the National Urban League’s 12 Entrepreneurship Centers are located — minimum revenue standards and other prerequisites will be factored into applications as well.
To learn additional information about BRAP, click here.