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Last year, small Black-owned and minority-owned businesses were reported as being denied access to PPP funding to help keep their businesses afloat. In an effort to change that, Black-run website BlackBusiness.com and a reputable community lender have partnered together to launch PPPLoans.com — a new initiative to specifically help more Black-owned businesses apply for and qualify for these business funds, Black Enterprise reports. According to Black News, the Paycheck Protection Program has officially reopened with more than $280 billion in funding, and will initially only be available to community financial institutions that offer this capital access to small businesses in underserved and underprivileged communities. Several initiatives have already been put in place to ensure Black and other minority business owners get a fair chance to secure these loans who couldn’t during the previous rounds of PPP lending or weren’t able to apply. In addition to launching this platform,...
Business tycoon, Earvin “Magic” Johnson, will allocate $100 million in federal loans via his insurance company, EquiTrust , to businesses owned by women and people of color as part of the governmental Paycheck Protection Program (PPP). According to Black Enterprise (BE), Johnson was inspired to participate in the PPP after reading about Black-owned small businesses being unfairly passed over for PPP funds and several major organizations such as the Los Angeles Lakers returning their PPP funds to the federal government. “We knew why the money was gone and couldn’t trickle down to small businesses, especially small minority businesses, because they didn’t have those great relationships with the banks. So this was easy for us to understand,” Johnson told the Wall Street Journal. Johnson is the owner of the nation’s largest minority-owned insurance company, according to BE. The insurance company will collaborate with the Latino-owned company, MBE Capital Partners, in order to allocate...
For many minority and Black business-owners, stimulus funds have been a grave concern. However, Black-owned banks in America are making sure that small businesses will receive their fair share of funding from the Paycheck Protection Program (PPP). We Buy Black reported that OneUnited Bank announced it’ll be using its platform to assist Black entrepreneurs affected by COVID-19. “Most of our customers who filed PPP applications with other institutions during the first round were not funded,” said Teri Williams, president and COO of OneUnited Bank, owner of the largest African American-owned bank in the country. “We’re proud that OneUnited can step up to provide Black businesses with better access to stimulus funding.” The bank recently launched its Small Business Administration (SBA) PPP to offer loans to new and existing customers across the country, through their online and mobile banking platforms. Additionally, We Buy Black also reported other banks such as Industrial Bank in...
Media mogul and entrepreneur Sean “Diddy” Combs has launched a new platform dedicated to helping minority entrepreneurs and small businesses remain afloat amid the changing economy brought on by the coronavirus pandemic. Launched in partnership with The National Bankers Association, “ Our Fair Share ” was created to simplify the application process for the next round of Paycheck Protection Program (PPP) funding, according to the company’s press release. Combs announced the big news yesterday via Instagram. https://www.instagram.com/p/B_VvoJYnpFE/?utm_source=ig_web_copy_link “COVID-19 is devastating our communities and without access to stimulus funding we risk losing critical businesses that create jobs and help build opportunities and wealth in our communities,” Combs said. “I created Our Fair Share to help entrepreneurs play on an even playing field and give them a chance to survive with the hope to thrive.” The initial round of PPP funding was unfairly distributed to “to those...