The Coalition to Back Black Businesses Announces Additional $500,000 In Support

Small businesses are feeling the pressure of economic challenges, from navigating inflation to supply chain management and beyond, placing an increased need for financial relief.

According to a survey conducted in January 2022, Black-owned businesses hit record levels of lower sales, with more than half reporting lower sales than in the previous year.

To combat the issues experienced by their businesses, the Coalition to Back Black Businesses (CBBB) was established by American Express and the U.S. Chamber of Commerce Foundation in September 2020 to support the long-term success and resilience of Black-owned small businesses as they recover from the Covid-19 pandemic.

To date, the Coalition has awarded more than $6 million in grants to Black small business owners throughout the country. In addition to grants, the CBBB offers small businesses access to coaching and online educational resources.

Now it’s announced the next wave of support to businesses in economically vulnerable communities, awarding 20 Black-owned small businesses from its 2021 grant program an additional $25,000 enhancement grant.

“Employing nearly half of the U.S. workforce, the strength of small businesses is critical to the prosperity of our communities and our economic recovery,” said Carolyn Cawley, president of the U.S. Chamber of Commerce Foundation. “We’re committed to supporting the needs of Black small business owners in America through our Coalition to Back Black Businesses and equipping them with tools to thrive.”

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Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.

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