Online Payment giant Paypal is teaming up with the New York Urban League to support New York City-based African American entrepreneurs. The $250,000 grant will establish a Small Business Support Center to serve the critical needs of African American-owned small businesses in New York City’s five boroughs that have been negatively impacted by COVID-19. The NYUL Small Business Support Center, powered by PayPal, will serve businesses in the area that meet the Small Business Administration definition.
“Small businesses are the life blood of New York City,” said Arva Rice, CEO of the New York Urban League. “Of the approximately 220,000 businesses located in the City, 98 percent are small (fewer than 100 employees), and 89 percent are very small (fewer than 20 employees). We must invest in these businesses if we are to survive the economic impact of COVID-19. We are very grateful to PayPal for its vision and dedication to helping assuage this systemic issue.”
The primary objectives of the Center include providing counseling and coaching/mentoring, develop and expand e-commerce activities, provide financial literacy workshops/training, providing a platform for communicating and exchanging COVID-19 information, resources, and strategies for small businesses to pivot and grow. The center will also provide funding for African American-owned businesses by providing loans and grants. Participating businesses must: be 50 percent owned by a minority, have 50 percent ownership by a New York City resident, and have 50 percent of gross receipts from conducting business in New York City.
“During a year of challenges and uncertainty, the determination and resilience shown by so many entrepreneurs and small business owners is truly inspiring. Small businesses are the heartbeat of our communities, and their survival and growth is be essential to building an inclusive recovery. PayPal is proud to work with the New York Urban League to extend our support of Black-owned businesses and continue to do our part to help close the racial wealth gap,” said Dan Schulman, President, CEO of PayPal.
For more information about the grant, visit the NYUL’s website.