ABFE Funder Briefing: COVID-19 Relief for Black Businesses
12:00pm EST
Dear ABFE Member,

ABFE has developed a set of recommendations for foundation and donor considerations relative to the impact of COVID-19 on Black communities. Emerging national data indicates that the pandemic is disproportionately harming our community relative to the number of cases and death. Why is this the case? The dominant narrative is that health disparities (increased rates of diabetes, heart disease, cancer, etc.) that existed before the outbreak is why the virus is hitting us harder; while that is true, it is important to note these conditions “pre-existing” conditions are the symptoms of a much larger problem – structural racism and inequity.
Black business ownership is critical to the health and well-being of our community. Join this call to hear about two relief efforts to support Black businesses. Funders and donors will have the opportunity to hear from two national leaders in the field with track records in supporting Black businesses and opportunities for relief efforts in this area.

  1. Black Vision Fund PanLiquidity Program. Gary Cunningham, President and CEO, Prosperity Now. The Black Vision Fund (BVF) is a bold initiative to build a $80 million debt/grant fund to provide financing tools for Black-led CDFIs to invest in the expansion of Black businesses. Given the COVID-19 crisis, The Fund proposes to design and manage the Pandemic Liquidity Grant Program (PanLiquidity) for any certified Black-led CDFI that specializes in financing Black-owned businesses (including Black-led and focused non-profits). PanLiquidity will approve and make grants to any Black-led CDFI that has been managed well and financing Black-owned businesses for 3 years or more. These grants will be awarded to offset shortages in both funding and revenues of applicants that are rated well in their documentation of prior year loan originations to Black-owned businesses, planned 2020-21 increased originations and new product innovation
  2. MainStreet RISE COVID 19 Small Black-Owned Business Relief Program. Connie Evans, President and CEO, Association for Enterprise Opportunity (AEO). COVID-19 has disproportionately crippled small Black business owners. These businesses which are critical to the well-being of the Black community are on life support and in urgent need of financial support and help. The coronavirus economic relief packages are overlooking millions of micro- (less than five) and Main Street businesses (up to ten) employees—this includes 96% of all Black-owned businesses in this country. These businesses which are critical to the financial well-being of the Black community, hit by COVID-19, are now on life support. MainStreet Rise relief for Black-owned businesses has several components. The first is the Buy Now. Shop Later™ program provided by Fanbank which enables the business owner to generate revenue during the shutdown by selling store credits—similar to what we have come to know as gift cards. It is the key to our comprehensive revenue solution. The second component is access tools and resources to achieve success which helps Black business owners to recover faster and fight back against competitive and technical forces including digital products, bookkeeping and mentoring services and coaches.
Please register here. After registering, you will receive a confirmation email containing information about joining the webinar.

See you on May 7th!

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