A $1,000,000 donation from The Pascale Sykes Foundation to the New Jersey Community Capital and the African American Chamber of Commerce of New Jersey was made to support Black-owned businesses with pandemic relief loans from $10,000 to 75,000 and recovery loan sizes in yet-undetermined amounts.
The investment in the Equitable Small Business Initiative, announced Feb. 5, is intended to help Black New Jersey business owners access resources and support to establish, sustain, augment or expand business operations, as well as those businesses economically impacted by the pandemic.
The nonprofit formed a relationship with the AACCNJ after a call to action last spring by The Association of Black Foundation Executives, which advocates for transformative investing in Black communities, a relationship formed between The Pascale Sykes Foundation and the AACCNJ.
“As sole proprietorships and family-run businesses primarily define the Black business community, they often require non-conventional loans and business guidance for sustainable growth,” said President Fran Sykes. “In collaboration with the AACCNJ and NJCC in this capacity, we can directly affect family-owned and -operated businesses, be more inclusive, and positively affect a greater number of people.”
The Pascale Sykes Foundation champions the Whole Family Approach, a family-led strategy that provides families tools to set goals together, create plans, and achieve those goals. In accordance with this, the foundation is better able to assist families and, in turn, their economic and financial development to improve their communities overall.
“Especially as this integral segment of our nation’s economy is being devastated by the pandemic, the relief this provides could not come sooner. I really believe it instills hope in so many,” says AACCNJ President and Founder John Harmon.