Looking to take a bite out of COVID-19 losses and reconstruct a suffering segment of the economy, the Inclusivity Project is expecting to secure $100 million for 1,000 Black-owned businesses, a news release said
Chris Horton, a financial specialist at Humboldt State University’s Northern California Small Business Development Center is spearheading the project to help Black small business owners — including restaurateurs in all categories — level the playing field when it comes to access to working capital by:
- Enrolling 1,000 new Black entrepreneurs for complimentary business counsel for life to begin or develop a business.
- Starting 100 new Black-owned businesses.
- Ensuring 25 of 100 new Black-owned businesses are owned by Black women.
- Funding $100 million in small business funding.
A combination of NorCal SBDC and other services, including coaching and mentoring, are accessible, the release said.
NorCal SBDC, which is partly financed by the U.S. Small Business Administration and the state of California, has been focused on constructing a cache of COVID-19 resources and acting as a go-to for loans and grants designed to endure the crisis. It’s projected that approximately 40% of the country’s Black entrepreneurs have been forced out of business by pandemic-related conditions, the release said.
“$100 million is a lofty goal, but the SBDC is pledged to economic diversity as it generates economic vitality, and I imagine we are up for the task,” Horton said in the release. “It’s my promise that this opportunity will bring needed attention to Black and minority-owned businesses and illustrate that the SBDC ecosystem serves all people and develops pathways for minority-owned businesses to financial platforms.”
For more information or to apply for services, go to TheInclusivityProject.com.