February 27th 2023.
The Coalition to Back Black Business declared that it has provided $5,000 grants to 324 Black small business proprietors from 40 states, the District of Columbia and the U.S. Virgin Islands, adhering to its mission of advancing the long-term success and resilience of America’s Black-owned small businesses.
The CBBB is an initiative that was initiated in 2020 by the U.S. Chamber of Commerce Foundation with a $10 million contribution from American Express to back Black small business owners and the areas they serve as they recover from the COVID-19 pandemic and map out a course of action ahead. The initiative is led in collaboration with four national Black business organizations: the National Black Chamber of Commerce; the National Business League; the U.S. Black Chambers, Inc.; and Walker’s Legacy.
“Powerful small businesses create strong communities, and we’re proud of the CBBB’s effect in helping them create jobs and opportunities,” stated Carolyn Cawley, president of the U.S. Chamber Foundation. “By combining grants, mentorship and long-term resources, CBBB is helping small business owners establish distinction from competitors, better meet customer demand, and stay up-to-date on business necessities such as rent, utilities, and payroll. We’re honored to be able to support their growth and resilience, now and in the long-term.”
How CBBB Grantmaking Assists
When asked how the $5,000 grant aided their businesses, this round of recipients shared that:
56% used the funds to invest in new marketing and advertising – at a time when 63% report an increase in competition
45% extended or replaced inventory
40% paid rent, and another 40% paid utilities and other bills
37% designated it to payroll
The Coalition to Back Black Business declared that it had presented $5,000 grants to 324 Black entrepreneurs across 40 states, the District of Columbia, and the U.S. Virgin Islands in an effort to promote the long-term success and endurance of America’s Black-owned small businesses. The CBBB, which was established in 2020 and is backed by the U.S. Chamber of Commerce Foundation with a $10 million commitment from American Express, is conducted in partnership with four national Black business organizations: the National Black Chamber of Commerce; the National Business League; the U.S. Black Chambers, Inc.; and Walker’s Legacy. Carolyn Cawley, president of the U.S. Chamber Foundation, commented, “Strong small businesses make strong communities, and we’re proud of the CBBB’s impact in helping them create jobs and opportunities. By combining grants, mentorship and long-term resources, CBBB is helping small business owners create distinction from competitors, better meet customer demand, and stay current on business necessities such as rent, utilities, and payroll. We’re honored to be able to support their growth and resilience, now and in the long-term.”
When asked how the $5,000 grant aided their businesses, this round of recipients stated that 56% used the funds to invest in new marketing and advertising – at a time when 63% reported an increase in competition, 45% expanded or substituted inventory, 40% paid rent, and another 40% paid utilities and other bills, and 37% used it for payroll.
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