Economic Development.
A chance to live the American Dream for all
Charles Johnson esq.
NAACP Mid-Manhattan Economic Development Chair
The mission of the economic development committee of the Mid-Manhattan Branch is to focus on improving the economic and financial lives of the African-American community and all communities of color.
We as a people have 90% of the wealth and resources of our white counterparts. COVID-19 has exposed us as so called essential workers and systemic racism has kept us over these many years at the very bottom of the economic and financial pay-scale.
The destruction of the wealthy black community in Tulsa, Oklahoma 99 years ago as well as similar riots of prosperous black communities including Rosewood, FL played a role in curtailing wealth in the black population. Wealth is passed from generation to generation so the destruction of our wealth early on plays a real role in the beginning of the wealth gap between black and white which exists today.
Today so many of us are unbanked. Today so many of us are living paycheck to paycheck.
Funding Opportunities for Small Business
The NAACP has partnered with BeyGOOD, Beyonce’s Foundation, to provide $10K grants for Small Businesses. The first round was announced on Tuesday 8/18, with 20 winners announced. Of those 20, the following are in New York City
Humble School of Martial Arts, Brooklyn - https://www.facebook.com/mastersabu
Curl & Co Hair Salon, Harlem - https://www.curlandco.studio/
Lee Lee Rugelah, Harlem - https://www.leeleesrugelach.com/
The full list of winners can be found here. Applications for the 2nd round of BeyGOOD and NAACP grants begin in September. Click here to learn more.
The NAACP is also working with Wells Fargo regarding a $400 million initiative they have rolled out. Local CDFIs such as LISC and others will be funded by Wells Fargo, who will in turn issue grants and loans to Small Businesses. More information to follow.
Small Business Administration
Economic Injury Disaster Loans (EIDL) are available to small businesses and non-profits. These 30-year, low interest loans (3.75% for profit businesses, 2.75% for non-profit) can be applied for by Corporations, LLCs, LLPs, Sole Proprietors, and Independent Contractors. If your information is entered correctly and you are organized prior to submission, you have a very good chance of approval. A $75K loan would be a repayment of approx. $365/month. Over 7M applications have been received, and 3.5M have been approved for over $136B. There is $164B remaining in funding for the EIDL loans.
The New York Loan Fund is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen. These loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
