Black-owned restaurants in D.C. will have access to a new business accelerator program starting next year.
PepsiCo and the National Urban League this week announced plans for a Black Restaurant Accelerator, which looks to support existing and emerging Black restaurateurs in 12 cities, including the District and Baltimore.
The program, supported by a $10 million grant from the PepsiCo Foundation, will offer training, mentorship, access to capital and other services, according to the announcement.
The accelerator aims to focus on 30 to 40 businesses per city, according to a spokesman.
The program comes as Black business owners, who already face systemic hurdles including greater challenges with landing loans and financing, are also confronting the effects of the novel coronavirus outbreak. Black-owned businesses have been hit harder by the pandemic: a recent University of California, Santa Cruz study found 41% of Black-owned businesses have closed since February of this year, compared…
Read the full story from the Washington Business Journal.