Pacific Community Ventures: Showing Up for Entrepreneurs of Color on Labor Day -- the Six-Month Mark of the COVID Crisis
Members of the PCV Small Business Support Circle are getting millions of dollars of free advice into the hands of job-creating small business owners to help them survive
OAKLAND, Calif., September 8, 2020 (Newswire.com) - Pacific Community Ventures, a 22-year-old impact investor, is bringing together companies and organizations invested in the success of small businesses across the United States to form The Small Business Support Circle.
Labor Day marks six months since the COVID pandemic began. In that time it’s estimated over 100,000 small businesses have closed forever, and close to one million more are at risk. The Federal response to COVID has fallen despairingly short, and despite the (flawed) Paycheck Protection Program, 54 percent of small business owners report laying off employees. In California, tens of thousands of small businesses have gone under, and an LA Times survey found 50 percent of the state’s businesses were in danger.
Small businesses are the backbone of our country and the culture-keepers of our communities. There are over 1.1 million minority-owned small businesses that employ more than 8.7 million workers. Now more than ever, small business owners need access to fair and affordable – if not free – capital. They also need free access to expert advice to pivot their business, try new things, and reopen safely for customers and workers.
The growing list of organizations that have joined the Small Business Support Circle is led by Kaiser Permanente. It includes ICIC, eBay, DoorDash, Union Bank, EBALDC, Wells Fargo, Bank of America, and Comcast NBC Universal. We’re also excited to partner with Black-led organizations like 1863 Ventures, Wisdom Fund, HOPE Credit Union, LISC, Appalachian Community Capital, the Western Regional Minority Supplier Diversity Council, and others to bring this pro bono service to small business owners of color nationwide.
Members of the PCV Small Business Support Circle are getting millions of dollars of free advice into the hands of job-creating small business owners by leveraging and scaling the unique BusinessAdvising.org pro bono advising platform.
“We are grateful to these organizations for showing up in this time of crisis for Black and entrepreneurs of color who have been the most disproportionately left out of federal support packages, and already face historical discrimination and systemic challenges,“ said Bulbul Gupta, President and CEO of Pacific Community Ventures.
“Kaiser Permanente's latest commitments are part of our pledge to address systemic racism and economic inequities that prevent communities from thriving,” said Bechara Choucair, MD, Chief Health Officer of Kaiser Permanente. “This work will help disrupt, dismantle, and recast the systems that have held back communities of color, especially Black communities, and fueled racial health and wealth gaps for far too long.”
Companies interested in learning more can visit https://www.pacificcommunityventures.org/sbsc and join us on 9/17 at 12:30pm PST (3:30pm EST) for a unique event launching the Small Business Support Circle. RSVP here.
Media Contact:
Patrick Duggan
415-442-4312
pduggan@pcvmail.org
Source: Pacific Community Ventures
