The Black Business Equity Fund (BBEF) was established in response to the racial unrest following George Floyd’s death that prompted outcries across the United States. Seattle based Tabor 100, one of Washington State’s largest minority business advocacy organizations, founded the Fund and announced it is now being used to support Black business owners impacted by the COVID-19 pandemic.
The black community has been particularly hit hard by COVID-19, as 41 percent of Black businesses were shuttered over the 18-month period following the start of the pandemic. The Fund is serving as a timely economic grant funding source for black economic empowerment, assisting black enterprises to grow their businesses as support for African American communities.
Ollie Garrett, Tabor’s President and CEO, has donated more than $460,000 in grants to 26 businesses via BBEF. Now in the spirit of Black Philanthropy Month, Tabor 100 is raising additional funds for BBEF throughout August. All of the raised funds will be used to fund black businesses and assist in the creation of jobs.
“Tabor has a rich history of creating and supporting Black businesses, not just in the Puget Sound region, but across Washington State,” said Ollie Garrett, the President and CEO of Tabor 100. “We encourage our allies and business partners’ to take this opportunity during Black Philanthropy Month – to give to our BBEF, so we can ensure those businesses thrive after COVID-19.”
Tabor views the pandemic relief efforts led by government agencies and many of the government grant and loan initiatives as falling short in meeting the funding needs of Black entrepreneurs and Black small business owners. BBEF wants to “level the playing field” as much as possible by giving Black businesses another option to raise capital and grow their businesses.
“Black Philanthropy month feels like a culmination of the year-long efforts of the Washington Build Back Black Alliance (WBBBA) and Tabor 100 to encourage state and local investments in creating generational Black wealth,” said Paula Sardinas, the President and CEO of FMS Global Strategies. “We also acknowledge today is Black Women’s Equal Pay Day — and the contribution black women have made to both Washington state and the country”.
The BBEF will continue forward since the impact of COVID-19 will be felt by small businesses for years to come. Tabor 100 has set a goal of raising a minimum of $1.5 million per year over the next three years. Of the funds raised BBEF plans to allocate $750,000 to seed a new cash grant program to support Black-owned businesses and the other $750,000 to fund training, technical assistance, programming, and build organizational capacity for Tabor 100 and the Tabor Economic Development Hub.
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