Comcast Gives $350,000 Donation to Support Bay Area Small Businesses Owned by People of Color
October 12 2020 - 3:05PM
Business Wire
Comcast’s Cash and In-Kind Contribution to
Opportunity Fund Will Enable BIPOC-Owned Small Businesses to
Receive Microloans and Other Valuable Support
Comcast California is donating $350,000 in cash and in-kind
support to Opportunity Fund to provide microloans and wraparound
services such as marketing, branding and financial services for
BIPOC (Black, Indigenous, People Of Color)-owned small
businesses.
In addition to providing financial support for BIPOC small
businesses in the Bay Area, Comcast will produce PSAs (public
service announcements) to promote the fund and feature microloan
recipients. The PSAs will air on Comcast networks, including
Telemundo and NBC Bay Area. Small business owners will also receive
help building and improving their online presence, via experts who
can assist with digital infrastructure, e-commerce, social media
and other strategies.
The health crisis has disproportionately impacted people and
communities of color, and they are also suffering greater impacts
from the social injustice in our country. These challenges have
extended to BIPOC small business owners as well, in some cases
threatening their very survival. This is disturbing because small
businesses account for 44% of all U.S. economic activity, create
two-thirds of all net-new U.S. jobs and provide 49% of private
sector employment. (Source: Small Business Administration).
“Small businesses create jobs, drive innovation and fuel
competition. They are the lifeblood of the U.S. economy. And while
small business owners are among the most agile, tenacious and
resilient individuals out there, their businesses – their
livelihoods – have been challenged by the COVID-19 pandemic in
unprecedented, unimaginable ways,” said John Gauder, Senior Vice
President, Comcast California. “We have come to rely on these small
businesses for so much. Now, when times are tough, we want them to
know they can rely on us to get through this crisis.”
“Opportunity Fund has a proven track record of success, helping
small businesses by providing micro loans that generate macro
impact for over 25 years,” said CEO Luz Urrutia. “Our mission—to
drive economic mobility—is part of the fight against systemic
inequities, including racism. We must do that work with greater
speed, unyielding commitment, and increasing courage. And it will
take building partnerships on a massive scale. 2.2 million - 15% -
of the nation’s small businesses closed throughout the spring and
summer due to COVID19. Minority-owned businesses bore the brunt of
the pain, with more than 26% of Black, 19% of LatinX and 21% of
Asian-American-owned businesses closing, a reflection of
longstanding biases in our financial system, leaving minority-owned
businesses undercapitalized and with fewer resources. We are deeply
grateful to Comcast for supporting our efforts in California.”
BIPOC small businesses interested in learning more can visit:
https://www.opportunityfund.org/get-a-loan/ or call 888-720-3215
(English) and 888-648-7859 (Español).
For more information about Comcast in Northern California, visit
http://california.comcast.com/
About Opportunity Fund
Opportunity Fund, the nation’s leading nonprofit small business
lender, believes small dollar loans help hard-working entrepreneurs
make lasting change in their own lives and build stronger
communities by growing businesses and creating jobs. Opportunity
Fund’s community of donors and investors is creating an inclusive
financial system that empowers women, immigrant, and minority small
business owners. Our strategy combines microloans for small
business owners and New Markets Tax Credit investments in
high-impact community infrastructure projects. Since 1994,
Opportunity Fund has deployed more than $900 million and helped
thousands of entrepreneurs invest in their families’ futures. The
organization has committed to lending an additional $1.2 billion to
small business owners across the country and investing $174 million
in community real estate projects by 2023. Opportunity Fund has
earned the highest 4-star rating by Charity Navigator for trust and
transparency. To learn more, visit www.opportunityfund.org.
In March, 2020, Opportunity Fund and Accion, The US Network,
joined forces to establish Accion Opportunity Fund, the first
organization focused on a national microlending strategy to meet
the credit needs of small businesses – developing new products,
establishing new partnerships, promoting research and financial
education, and leveraging digital technologies to support
mission-driven lending.
www.us.accion.org/accion-opportunity-fund
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and
technology company with three primary businesses: Comcast Cable,
NBCUniversal, and Sky. Comcast Cable is one of the United States’
largest video, high-speed internet, and phone providers to
residential customers under the Xfinity brand, and also provides
these services to businesses. It also provides wireless and
security and automation services to residential customers under the
Xfinity brand. NBCUniversal is global and operates news,
entertainment and sports cable networks, the NBC and Telemundo
broadcast networks, television production operations, television
station groups, Universal Pictures, and Universal Parks and
Resorts. Sky is one of Europe's leading media and entertainment
companies, connecting customers to a broad range of video content
through its pay television services. It also provides
communications services, including residential high-speed internet,
phone, and wireless services. Sky operates the Sky News broadcast
network and sports and entertainment networks, produces original
content, and has exclusive content rights. Visit
www.comcastcorporation.com for more information.
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Joan Hammel Comcast 925-519-4874 Joan_Hammel@comcast.com
Caitlin McShane Opportunity Fund 415-225-8855
caitlin@emcstrategies.com
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