Covid-19 dealt a heavy blow to Black-owned businesses: it is estimated that less than half will survive the crisis. In the wake of the Black Lives Matter movement, multiple banks and foundations have announced loans or grant funding explicitly focused on supporting and resourcing Black-owned businesses. This targeted support for Black-owned businesses is much overdue.
However, access to capital is not enough. To set up Black businesses for survival and long term success, they must also be provided technical assistance tailored to the needs of Black business owners and would-be entrepreneurs, connections to small business networks and re-imagined neighborhood infrastructure that emphasizes cooperation and collaboration.
The Together We Thrive: Black Business Network is a coalition that provides Access to Capital, Networks and Technical Assistance to support Survival, Success & Sustainability of Black-owned businesses. Unlike other loan or grant programs, this initiative provides wraparound services designed by and for Black-owned businesses while also strengthening the entire Black business ecosystem to promote self determination, generational wealth, and equitable neighborhoods.
The Coalition’s broad network is teaming up with culturally relevant technical assistance partners who can supply instructors, mentors, and peer advisors that understand and reflect the challenges, opportunities and pride of being Black-owned.
The organization recently showed their support for Fusion East Restaurant, a black owned establishment in East New York. See the video below with Fusion East owner, Andrew Walcott.