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The NAACP has launched a “fund of funds” to scale impact within communities of color. According to a news release, NAACP Capital was formed with the support of Kapor Capital, the Kapor Center, and nine venture fund managers. It seeks to raise $200 million to fulfill its goal of investing in fund managers connected to sectors such as education, healthcare, and finance, with a focus on supporting underserved communities. Beyond capital, the initiative aims to close racial equity gaps and increase diversity within the tech industry. As part of this mission, resources and support will be provided to fund managers and founders. “As an ever-evolving legacy organization, the NAACP knows that innovation is borne out of inclusivity. Impact investing has the power to drive historic financial returns and uplift overlooked communities,” NAACP President and CEO Derrick Johnson said in a statement. “Right now, deeply entrenched systemic barriers are curtailing the innovative progress necessary to...
Lyft is continuing its decade-long mission of eliminating barriers that hinder people from getting to the polls on Election Day . On Nov. 5, the rideshare service will offer 50% off ride codes (up to $10) nationwide for all transportation options — including bike or scooter — using the code VOTE24. The promotion is valid from 5 a.m. to 10 p.m. in every time zone, making it easier for voters to reach polling places despite logistical challenges. “Lyft has always believed in removing barriers to transportation, and voting access is no exception,” Heather Foster, Lyft’s senior director and head of global public policy, told AFROTECH™. “This election is further heightened due to the ongoing challenges many communities face in getting to the polls and is more important than ever as new barriers to voting have emerged.” According to Lyft , there are currently 100,000 fewer polling places available than in the 2020 election, representing a 50% decrease since 2018. As a result of...
Pharrell Williams’ action of clearing student debt has contributed to a good cause. As AFROTECH™ previously told you, the record producer and philanthropist surprised five NAACP student leaders with the news at the start of the Something In the Water Festival in Washington D.C. on June 17, 2022. Among the recipients at the time were Robyn Hughes, a junior at Southern University; Damarius Davis, an alumni of North Carolina A&T; Jamie Turner, an alumni of Norfolk State University; Channing Hill, a senior at Howard University; and Devan Vilfrard, a senior at Florida A&M University. Breaking: #SomethingInTheWater just announced they’re paying the student debt of all 6 panelists/NAACP members! #CancelStudentDebt pic.twitter.com/BqBS9AqIoc — NAACP (@NAACP) June 17, 2022 “Throughout my 3 years at Howard University I had personally accumulated over $18,000 in student loan debt and that figure becomes multiplied when you add on the loans my parents have accumulated,” Hill wrote in her...
Five NAACP students will be leaving college debt-free, thanks to Pharell Williams. The iconic record producer and philanthropist kicked off his Something In the Water Festival in Washington D.C. on Friday, June 17. Just hours before the musical event began, Williams surprised the student leaders with the groundbreaking news during a panel pertaining to the Black student debt crisis at the St. Regis hotel in D.C, ABC 7 News reports. “For all of you on the stage, we are clearing your current student loan debt,” said a moderator during the event. Breaking: #SomethingInTheWater just announced they’re paying the student debt of all 6 panelists/NAACP members! #CancelStudentDebt pic.twitter.com/BqBS9AqIoc — NAACP (@NAACP) June 17, 2022
The NAACP, VistaPrint, and the Boston Celtics Shamrock Foundation announced the second cohort of recipients from the Power Forward Small Business Grant. This shared commitment of $1 million was designed to create a lasting impact through the economic empowerment of Black-owned small businesses across New England. Featuring grants of $25,000 and the opportunity to be featured on national co-branded platforms, recipients also receive design and marketing assistance customized to their specific needs. The second group of grant recipients consists of 13 small businesses from the Boston metropolitan area, Western Massachusetts, Rhode Island, and Connecticut representing a variety of industries including health and wellness, fashion, food service, journalism, and consulting, among others. Recipients of the Power Forward Small Business Grant were notified with a mix of surprise in-person and virtual visits from Celtics players Aaron Nesmith and Grant Williams; Head Coach, Ime Udoka,...
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...
Today, beauty giant L’Oréal USA announced the launch of its new Inclusive Beauty Fund, a grant program created in partnership with the nation’s largest civil rights organization, the NAACP. According to a press release, this inaugural round of funding will award 30 one-time only grants valued at $10,000 to selected small Black-owned businesses, entrepreneurs, and professional services that span all areas of the U.S. beauty industry. As a result of the devastating impact from the COVID-19 pandemic, small businesses all over America faced the wrath of economic fallout, with Black-owned businesses being hit the hardest of them all. To combat this, L’Oréal USA decided to team up with the NAACP to identify the most promising Black-owned small businesses and entrepreneurs in the beauty industry greatly in need of investments. “As the leading beauty company in the United States, we believe that we have a responsibility to invest in the small business owners and entrepreneurs who are the...
Beyoncé’s nonprofit organization BEYGOOD and the NAACP partnered this summer to launch their ow n Black-Owned Small Business Impact Fund. Now after over 17,000 entrepreneurs have applied for the grant program, one lucky business has announced themselves as one of the recipients. In an announcement via Instagram, The Gift — a natural health and wellness company that was founded in 2018 — received a grant value of $10,000 from BEYGOOD and the NAACP’s joint venture. The wellness company shared the news in an Instagram Post where they explained how the generous grant will help them grow and expand their business. View this post on Instagram A post shared by The Gift (@completelygifted) “We are so humbled and grateful to be selected out of 17,000 applicants for a grant from the Queen Bee herself, Beyoncé and BeyGOOD in partnership with the NAACP!” the post stated. “The grant is helping us re-launch our new sustainable packaging, launch a new website, and our education platform...
Now more than ever we continue to see change sweep our country! According to Because of Them We Can , a predominantly Black city in Alabama just elected its first majority Black city council in the city’s 131-year history. Prior to last week, residents in Pleasant Grove, Alabama had never had a Black person elected to fill a council seat since the town was founded over 130 years ago. Today, three of the five city council seats are slated to be held by Black council members. This major win is a result of a lawsuit filed by voting rights attorney Jim Blacksher and NAACP Legal Defense Fund on behalf of two local voters against the city who worked to changed the town’s at-large voting method in elections. “[The lawsuit] was definitely a catalyst to get us to where we’re at right now,” said Kevin “K.D.” Dunn, one of the five candidates who won. “[I ran] not to create a historical moment [but] just to try to enhance the quality of the city. They wanted to see fresh blood, they wanted to...
Beyoncé and BeyGOOD initiative have teamed up with the NAACP to establish the Black-Owned Small Business Impact Fund, the organizations announced . The financial reserve will give $10,000 grants to small business communities directly impacted by the global pandemic. BeyGOOD announces The Black-Owned Small Business Impact Fund, administered by @NAACP assisting small business negatively impacted by recent events. https://t.co/cXwNUDOl7A pic.twitter.com/Ok1qPpEyGY — BeyGOOD (@BeyGood) July 9, 2020 “Over the last couple of months, the pandemic and outpours for justice throughout the Black community and across the country has been felt in every imaginable area of our lives, including in how our local businesses continue to operate,” the press release reads. “The challenges of Black business owners navigating in the climate cannot be understated, as the effects of uprisings across the nation have led to many businesses being placed in dire straits due to damages and other small business...
The inhumane murder of George Floyd and countless other Black citizens have ignited protests around the world as many demand the end of unjust treatment toward Black people. In the midst of calls for justice, some major organizations are doing their part to support the fight against police brutality. One such company is the online music platform, Bandcamp. The artist-centered retailer recently announced via a press release that the company will be donating 100 percent of their share of sales on June 19 to the NAACP Legal Defense Fund in honor of the Juneteenth holiday. Not only has the company vowed to commemorate this Juneteenth holiday by supporting the NAACP, but will continue to do so for every Juneteenth thereafter. Along with the Juneteenth funding, Bandcamp will also donate “an additional $30,000 per year to partner with organizations that fight for racial justice and create opportunities for people of color.” The NAACP Legal Defense Fund is a 501(c)(3) legal organization...
Rihanna is doing numbers, period. The songstress turned entrepreneur made history in 2019 becoming the world’s richest female musician surpassing Beyoncé, Madonna, and Céline Dion. However, don’t let her now $600 million empire fool you because her wealth didn’t come easy. The Barbados native used her voice, eye for fashion, business acumen, and bounce back mentality to grow her empire. In 2007, around the time Rihanna released the hit “Umbrella,” she had a net worth close to $50 million, according to Money Nation . Since then the singer has scaled her career to new heights via entrepreneurship despite bumps in the road along the way. In 2009, Rihanna was the victim of a domestic violence assault at the hand of her then-boyfriend, Chris Brown and nearly faced bankruptcy. Business Insider reports Rihanna started 2009 with $11 million in cash and ended the year with $2 million. Her fall in income was attributed to ill advice from her ex-accountant who she later sued for managing funds...
Tech giant, Google, commenced Black History Month with the airing of a commercial ad during this year’s Grammy Awards show, which has sparked conversation across social media outlets. Along with the debut of the ad, Google announced a $3 million Google.org grant to fund the NAACP’s Afro-Academic, Cultural, Technological and Scientific Olympics (ACT-SO) program which centers around providing Black youth an opportunity to pitch their ideas to a panel of mentors and judges for a chance to secure scholarship funding for their project. “NAACP ACT-SO is a program that prepares, recognizes and rewards students’ scholastic and artistic excellence. Google.org is proud to support @NAACP as they extend ACT-SO to even more future history makers,“ Google tweeted. NAACP ACT-SO is a program that prepares, recognizes and rewards students’ scholastic and artistic excellence. https://t.co/D84d9e0zeF is proud to support @NAACP as they extend ACT-SO to even more future history makers. Learn more →...