NY Mayor de Blasio unveils new commitments to invest in Black entrepreneurs

The Mayor of New York City, Bill de Blasio, has announced new commitments to further invest in Black entrepreneurs in all five boroughs.

According to the Mayor, the BE NYC initiative is a first-of-its-kind model, which aims to increase the number of Black-owned businesses in New York City.

While disclosing this on Friday August 21, 2020, Blasio noted that the initiative will focus on growing businesses in high-growth industries.

He added that it is a part of the City’s commitment to close the racial wealth gap and support Black-owned businesses.

The Department of Small Business Services is releasing the landmark Black entrepreneurship report and using its partnerships to launch four new programs for Black business owners.

“Black entrepreneurs built New York City.

“This historic public-private partnership will ensure we can come together to support them, and give them the recognition they have deserved for so long,” said Mayor Bill de Blasio.

J. Phillip Thompson, Deputy Mayor for Strategic Policy Initiatives and Co-Chair of the Racial Inclusion and Equity Taskforce, acknowledged that the Black-owned businesses are certainly struggling.

He said that helping them grow is part of the broader struggle for racial justice.

“The commitments made today will provide significant opportunity for these small business owners to grow in new economies and lay the foundation for a more equitable future,” he said.

Deputy Mayor for Housing and Economic Development, Vicki Been, explained that NYC-based businesses form the backbone of the city’s economy.

Been commended SBS for this important initiative.

“Thank you to Mastercard, Ernst & Young, and Brooklyn Navy Yard for contributing resources that foster Black entrepreneurship and business ownership in our communities,” Been said.

“Black entrepreneurs are an essential part of the fabric of New York City, and equity and opportunity are at the core of the work we do at SBS.

“These values lay the foundation for BE NYC,” said Jonnel Doris, Commissioner of the Department of Small Business Services.

The blueprint for Investing in Black-owned businesses released by SBS.

According to the blueprint, more than 1,500 current and aspiring Black entrepreneurs, business leaders, community leaders and advocates in all five boroughs will benefit from the initiative.

The blueprint highlights the challenges Black entrepreneurs face when starting and growing their businesses and offered recommendations in four key areas.

The initiative will provide equitable access to financing. It will strengthen connections within NYC’s Black entrepreneurial community.