We’re excited to announce that we’ve been awarded $500,000 in unrestricted funding by the Citi Foundation to scale our work serving small businesses owned by people of color across California.
The small businesses that line our streets, employ our neighbors, provide the goods and services we rely on everyday, and generally serve as the foundation of our economy, are starting to bounce back – but not all of them. We know that throughout the pandemic, small businesses owned by people of color were closing at disproportionate rates compared to their white counterparts. According to the National Bureau of Economic Research (NBER), Black-owned businesses were closing at more than twice the rate of white-owned businesses, and more recent NBER data shows that Black-owned businesses also experienced the most significant drop in sales.
In an effort to support minority-owned businesses as they navigate the continued economic impacts of COVID-19, the Citi Foundation awarded 50 organizations, including PCV, a total investment of $25 million – to scale our work in helping to build back our communities. The recipients are local, community-based change agents that have the expertise, experience and relationships to provide tailored, on-the-ground support that meet the specific needs and goals of these affected businesses and the communities they serve. By providing change agents the flexible support we need to further our work, the Citi Foundation is helping to empower the recovery and rebuilding of stronger and more equitable communities across the U.S.
To learn more about all 50 organizations awarded, please visit the Citi Foundation website.