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“Coalition to Back Black Businesses” by American Express Starts Today.
American Express (NYSE: AXP), in collaboration with the U.S. Chamber of Commerce Foundation, announced today the formation of the “Coalition to Back Black Business” with a $10 million commitment to fund a grant program and support Black-owned small business recovery in the U.S. over the next four years.
From now through September 21, eligible Black small business owners can apply for a $5,000 grant to assist them in their recoveryApply for Grant
The disproportionate impact of COVID-19 on Black communities has become apparent as U.S. Black-owned small businesses were twice as likely to close during the early months of the pandemic.
“According to NBER 41% of Black-owned businesses have shuttered due to COVID-19. -440,000 Businesses.”
CJsGo Editorial Staff
Whoa. According to NBER 41% of Black-owned businesses have shuttered due to COVID-19.
-440,000 Businesses. pic.twitter.com/X5A40NjgTi
— CjsGo News (@CjsgoNews) September 11, 2020
“Small businesses play a crucial role in our communities, and when the pandemic hit, Black-owned small businesses were hit the hardest,”
“The Coalition is aimed to provide eligible Black-owned small businesses with much-needed capital to help recover from the devastating impacts of the pandemic and help them rebuild their businesses.”
Anré Williams, Group President, Global Merchant & Network Services, American Express.
- Must be a Black small business owner with between 3-20 employees.
- Your business must be in an economically vulnerable community. This is defined as being located outside of the 20% most prosperous zip codes in the U.S. as ranked by the Distressed Communities Index.
- Must have been negatively impacted financially by the COVID-19 pandemic.
National Black Chamber of Commerce
“This is going to create opportunity and in fact level the playing field for many of our members,” said Harry C. Alford, President and CEO, National Black Chamber of Commerce. “Access to capital has always been the missing link in regard to small business growth – we are now about to address that.”
Harry C. Alford, President and CEO, National Black Chamber of Commerce
“Black entrepreneurs have been hit the hardest by the pandemic, coupled with historic levels of Black business closures and unemployment,”
“We applaud American Express and the Coalition to Back Black Businesses for committing to fund a $10 million grant program for Black businesses affected by the pandemic.”
Ron Busby, President, U.S. Black Chambers