Help Local Businesses
We are creating a fund to support our local African American small businesses severely impacted by the pandemic. And now we are asking our supporters to match our initial investment in our community. Your contributions will go a long way to extend our effort to support local businesses that need help now. We are seeking donations that start at $500.00, but no contribution is too small. Donations of $2500.00 or more are tax deductible.
The Branch has so far been able to provide fund to nine local small businesses, Perry’s Joint, The Little Red Hen, LeBerry Bakery, Ray & Ray’s Lemonade, Pasadena Journal, Laurence & Colbert, Shepherd’s Door, Hurry Halal/Jenna Juice, and Lake Avenue Preschool. This is a start, and our goal is to extend our support to additional small businesses.
Your support to the fund at this time is critically important. We have reached the point where collective support of each other is vital. Our African American business community needs your support now more than ever. Thank you.
Apply for Assistance
If you are a local business that would like to apply for assistance through this COVID-19 Local Black Business Stimulus Fund, please click on the button below to submit an application.
Facts About Black-Owned Businesses
The economic impact of the COVID-19 pandemic has hit minority-owned businesses particularly hard. The number of working Black business owners plummeted more than 40% as the COVID pandemic shut down the American economy, compared to 22% of total active business owners. By April, the U.S. had lost an estimated 450,000 Black business owners amid the pandemic.
- Black people represent 13.4% of the U.S. population but account for only 4.3% of the nation’s 22.2 million business owners.
- Black-owned businesses are less than half as likely to get financing as white-owned businesses.
- Black-owned businesses are nearly three-times more likely to have profits negatively impacted by a lack of capital.
- According to research from Brookings, Black-owned businesses start with three times less capital than white-owned businesses. Moreover, the research found that only 1% of Black business owners are able to secure the loans in their first year compared to 7% of their white counterparts.
- The Brookings research also found that highly-rated businesses in Black-majority neighborhoods experience lower revenue growth than poorly rated businesses in neighborhoods that are less than 1% Black.