Beyoncé Donates $1 Million to Help Black-Owned Small Businesses
Beyoncé has committed $1 million in additional funds to help assist Black-owned small businesses in their time of need.
Image via Getty/Brooks Kraft
Beyoncé announced through her BeyGOOD foundation Wednesday that she will be donating $1 million in additional funds to help Black-owned small businesses.
BeyGOOD teamed up with the NAACP in July to launch the Black-Owned Small Business Impact Fund, which aims to "help strengthen small businesses and ensure economic empowerment for Black businesses" by providing a number of $10,000 grants to businesses, specifically in Atlanta, Houston, Los Angeles, Minneapolis, and New York, that have been greatly impacted in recent months by the pandemic.
The Black-Owned Small Business Impact Fund helps provide much-needed financial assistance for a sect of business owners who were largely failed by the Paycheck Protection Program. According to the Small Business Association, 14 percent of businesses chose to identify race in their loan application. Of that group, a paltry 1.9 percent of loans were given to Black-owned businesses, as opposed to the 83 percent granted to those owned by a white person.
Restaurant Business reports that slightly under 49,000 restaurant companies received PPP loans of $150,000 or more. Only 130 are listed as Black-owned businesses.
Beyoncé also partnered with Twitter CEO Jack Dorsey's #startsmall initiative in April to pledge $6 million towards mental health services for essential workers in select cities. "In our major cities, African-Americans comprise a disproportionate number of workers in these indispensable occupations, and they will need mental health support and personal wellness care, including testing and medical services, food supplies and food deliveries, both during and after the crisis," BeyGOOD said in a statement.