Golden Gate City small Black-owned businesses are going to be getting a financial boost. This boost is thanks to a big donation that will help them prosper.
Golden Gate City African-American Entrepreneurs
Moreover, getting loans that are interest-free for one year, is what African-American entrepreneurs would qualify for. They would get them through the city after a contribution from the CEO of the company ‘Workday.”
In fact, the dollar amount will be decided on a case-by-case basis. Yet, certainly, any help will be welcome.
Hopeful about this renewed opportunity is Hudari Murray is the owner of Newbill Barbershop.
He previously applied for three grants but didn’t hear back, yet has had to pay for rent throughout the pandemic.
There are almost 200 Black-owned businesses in the city. This is what the San Francisco African-American Chamber of Commerce has estimated.
James White say his business is fairly new. He is the owner of Shop Repair on Bush Street. White said he was expecting to make a decent profit in 2020. Moreover, when COVID-19 hit, he said it was like starting all over again.
Golden Gate City: Long-Standing Systemic Discrimination
The problem is coupling with long-term system discrimination. It makes it hard for Black business owners to get access to loans. Though, many others have suffered hardships brought on by the pandemic. Moreover, Mayor London Breed and interim VP of the San Francisco Foundation said.
Invest in Your Capacity to Thrive
“This fund says we see you and we want to invest in your capacity to thrive,” Eric McDonnell, interim senior director said. “In fact, to have access in this case to the particular kind of resources that have traditionally been excluded to have access.”
Along with Main Street launch, the San Francisco Foundation, the African American Chamber of Commerce, and the city of San Francisco are partnering to provide $1.5 million in interest-free loans.
Getting up to $50,000 to help pay, each business can help pay for anything from rent to creating an online presence, which could prove helpful during the COVID-19 pandemic.