The National Black Chamber Of Commerce And humble ventures Are Providing $150,000 To Black-Owned Bars And Restaurants
Accepting Applications Now
Early-stage effects of COVID-19 and lockdowns have disproportionately hit minority businesses. Analysis from the National Bureau Of Economic Research reveals 41% of Black business owners disappeared in April. Additionally, according to a Global Strategy Group survey, just 12% of Black and Latino business owners who applied for aid received what they had asked for. Twenty-six percent said they received only a fraction of what they had requested. Half say they anticipate closing in the next six months.
“Supporting Black-owned restaurants is one practical, actionable way to stand in solidarity with the Black community now, and always.”- Bon Appetit
Only 130 Black-owned restaurants received PPP loans over $150,000, according to a report by Restaurant Business Online. The data highlights the systemic neglect of minority business owners and the dire situation many are facing alone, which is why the National Black Chamber of Commerce (NBCC), in partnership with humble ventures, is announcing financial relief assistance to Black-owned bars and restaurants.
Together, we will be awarding $150,000, in total, to Black-owned businesses through the program/application process outlined below:
NBCC and humble ventures will be supporting Black-owned bars and restaurants impacted by COVID-19. Two levels of approvals will review completed applications before being accepted and awarded the amount.
Eligible businesses must be at least 51% Black-owned, registered with a physical United States address, have a bank account that accepts electronic payments, and have been in business for at least two years.
Applicants will be required to complete a form (one per business) requesting specific information including, but not limited to, ethnicity, contact information, and supplemental documents for proof of work. Acceptable award expenses will go towards payroll, personal protection equipment (PPE), PPE training and materials, technology upgrades, mortgage or rent payment, and operating expenses.
The donations will be dispersed immediately upon acceptance. The awards (lump-sum up to $2,000) will be sent electronically to the awarding business.
Application Submission Timeline
- August 18 — August 28, 2020
National Black Chamber of Commerce
The National Black Chamber of Commerce® is the largest Black business association in the world. It is dedicated to economically empowering and sustaining African-American communities through entrepreneurship and capitalistic activity within the United States.
The NBCC is a nonprofit, nonpartisan, nonsectarian organization dedicated to the economic empowerment of African American communities. One hundred forty affiliated chapters are based throughout the nation as well as international affiliate chapters in Bahamas, Brazil, Colombia, Ghana, Kenya, France, Botswana, Cameroon, and Jamaica.
humble ventures is a venture development firm that drives innovation forward through collaboration and partnerships with startups, investors, and established organizations.
We focus on diverse entrepreneurs and those building solutions for diverse audiences.