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Black Business Accelerator
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Access to capital and resources has been one of the biggest hurdles for Black entrepreneurs. Thankfully, Amazon is looking to change that. According to a press release, Amazon Web Services (AWS) Inc. — the cloud-computing unit of the retail giant — has pledged over $30 million to roll out an accelerator program centered on assisting underrepresented founders. Additionally, it will be a three-year commitment to assist startups that have Black, Latinx, LGTQ+, and women leaders.
PepsiCo and the National Urban League (NUL) are teaming up to provide financial support for Black-owned restaurants. According to a press release, the global food and beverage (F&B) leader has formed a partnership with the NUL to launch their Black Restaurant Accelerator Program, which has pledged to give 500 Black restaurant owners in 12 U.S. cities a total of $10 million over the next five years. Both entities’ support comes about following a tumultuous year for small Black-owned businesses that were impacted by the pandemic. “As the pandemic exposed existing disparities many minority business owners face, we saw a fundamental threat that could erase the decades of progress Black-owned restaurants have made,” C.D. Glin — Vice President, Global Head of Philanthropy at The PepsiCo Foundation — said in a statement. “This investment will help Black restaurateurs not only recover from the pandemic but set them on a path to long-term economic resilience. We are inspired by the progress...
Amazon is announcing an ambitious plan that aims to drive economic equity for Black entrepreneurs across America. The tech giant has shared that it’s launching its own Black Business Accelerator (BBA) — in partnership with the Amazon Black Employee Network (BEN) and a coalition of strategic partners — to target the barriers created by systemic racism that prevent access, opportunity and advancement for Black business-owners in the U.S. According to a company blog post, the $150 million initiative strives to both generate sustainable equity and promote growth for these Black-owned businesses over the next four years by providing financial assistance, business education, mentorship as well as marketing and promotion of their brands as third-party sellers in their online store. “Selling online, particularly through Amazon, is a powerful economic opportunity for entrepreneurs,” Brandi Neloms — Manager at Amazon — said to Small Business Trends. “This program unlocks the full opportunity...