The PepsiCo Foundation has announced a $10 million grant in support of Black restaurateurs.
Created in partnership with the National Urban League, the Black Restaurant Accelerator will provide Black restaurateurs with access to capital, training, mentorship, and other supports focused on helping them develop actionable plans for growth. The National Urban League will begin accepting applications for the program in the first quarter of 2021, with the goal of assisting approximately five hundred Black-owned businesses over the next five years. Funding awarded through the initiative is part of a five-year, $400 million commitment made by PepsiCo to advance racial equity that includes initiatives such as Pathways to Black Franchise Ownership and Black Restaurant Week.
"This is a key component of the broader investments we're making to bolster Black-owned restaurants and small businesses, which has never been more critical," said Jon Banner, PepsiCo Foundation president and executive vice president, PepsiCo Global Communications. "We're honored to build on the important work the National Urban League is doing to diminish the barriers that limit possibilities for Black-owned food-service businesses and create economic mobility that propels individuals and communities."
(Photo credit: PRNewsfoto/PepsiCo)