National Urban League, PepsiCo join forces to support Black-owned businesses
Black Restaurant Accelerator program powered by $10M grant from PepsiCo Foundation
The National Urban League and PepsiCo, Purchase, N.Y., joined forces to create the Black Restaurant Accelerator, which will boost approximately 500 Black-owned businesses over the next five years. The PepsiCo Foundation is providing a $10 million grant to fund the program, which will provide current and aspiring Black restaurateurs with access to capital, training, mentorship and other support services that are necessary for business success.
Black entrepreneurs have long faced systemic barriers to growth, including access to loans and capital, biased community perceptions and gentrification challenges. These hurdles have been compounded by the COVID-19 pandemic, as demonstrated by the 41 percent of Black-owned businesses that have shuttered since February 2020 compared with just 17 percent of white-owned businesses, citing 2020 data from the University of California – Santa Cruz.