October 26, 2020
National Urban League Teams With Pepsi to Launch Black Restaurant Accelerator Program
Pepsi has announced that The National Urban League is launching the Black Restaurant Accelerator Program which is expected to boost approximately 500 Black-owned businesses over the next five years.
The PepsiCo Foundation is providing a $10 million grant to fund the program. The money will provide current and aspiring Black restaurateurs with access to the necessary capital, training, mentorship, and other services that are needed to run a successful business.
“This is a game-changing program that will provide Black restaurateurs with access to business-building resources tailored to meet their specific needs,” said Marc H. Morial, president and CEO of the National Urban League, in a written statement.
“Our understanding of the local business environment and community paired with subject matter expertise from PepsiCo team members will give business owners a leg up as they look to grow.”
Through National Urban League Entrepreneurship Centers in 12 different cities spread across the United States, the Black Restaurant Accelerator Program will help Black entrepreneurs gain access to loans and capital that are not typically available due to biased community perceptions and gentrification challenges.
“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, executive vice president of PepsiCo Global Communications and president of PepsiCo Foundation.
“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 foodservice businesses and create economic mobility that propels individuals and communities.”
Starting in the first quarter of 2021, the National Urban League will start accepting applications for the Black Restaurant Accelerator Program. Black restaurateurs who are interested in receiving updates for the program can go follow this link. You can learn more about Urban League Entrepreneurship Centers and other workforce development programs by visiting NUL.org.