Program Also Supported an Additional 400
Black-Owned Eateries with Training, Mentoring and Support That
Helped the Businesses Obtain $1.6
Million in Contracts and Financing
While Progress Has Been Made, Many Black
Restaurateurs Across the Country Are Still Struggling to Survive,
Underpinning a Call for More Support
NEW ORLEANS ,
May 2,
2022 /PRNewswire/ -- The Black Restaurant Accelerator
(BRA), a joint initiative of the National Urban League and the
PepsiCo Foundation, today marked the milestone of its first 100
grant recipients with the soft opening of a new restaurant, made
possible by the program. Part of PepsiCo's $400 million Racial Equality Journey commitments,
the BRA is a five-year, $10 million
investment from the PepsiCo Foundation in partnership with the
National Urban League to preserve and support Black-owned
restaurants.
![Black Restaurant Accelerator Program Black Restaurant Accelerator Program](https://mma.prnewswire.com/media/1808908/Black_Restaurant_Accelerator_Program.jpg)
The program has been a lifeline for many across the nation who
continue to experience the impact of the pandemic. A shining
example of the progress that grant recipients in 11 other cities
have made with the BRA's support, Vaucresson Sausage Co.
– which has operated throughout three generations in the
historic 7th Ward since 1899 and is the last remaining
food vendor to have served the inaugural New Orleans Jazz &
Heritage Festival – will launch Vaucresson Creole Café &
Deli. This business expansion breathes new life into a century
and a quarter of New Orleans'
Creole tradition. Fellow
Louisiana establishments include
Addis Nola, Beaucoup Eats, Ray's
on The Avenue and Taste & See Personal Chef
Services. Nationwide, 100 restaurateurs used the
$10,000 grants to:
- Save more than 60 jobs and hire staff
- Expand their businesses by opening new locations
- Grow their businesses with by taking actions like upgrading or
procuring delivery vehicles, investing in kitchen equipment,
setting up outdoor seating amid COVID regulations, launching
marketing efforts including digital platforms to reach more
consumers
In addition to supporting 100 restaurants with grants, 400
additional Black-owned restaurants were provided with support
including:
- 1,150 counseling and 1,185 training sessions to provide
resources needed to grow their businesses
- Approximately $1.6 million of
financing and contract opportunities
- Creating 14 new business ventures
"Black-owned businesses are the beating heart of our
communities. We've supported small businesses for decades and
watched how they create jobs, inspire new enterprises, and
establish legacies for generations," said Marc H. Morial,
President & CEO, National Urban
League. "While the pandemic has deepened
disparities that hinder our communities, the impact of this program
is a testament to the resilience we can foster when we provide the
right support. And we need other members of the business community
and policymakers to step up, join us and act with urgency to ensure
these entrepreneurs have equitable access to critical
resources."
The pandemic hit Black-owned businesses the hardest, with 58
percent already facing financial distress. According to a
University of California, Santa Cruz
study, 41% of Black-owned businesses have shuttered since
February 2020 compared to just 17% of
white-owned businesses.[1] In New Orleans, many had to make
difficult decisions about the future of businesses that have been
in their families for generations.
"Investing to ensure Black-owned restaurants survive is critical
to enabling communities to thrive," said C.D. Glin, Vice
President of the PepsiCo Foundation and Global Head of
Philanthropy, PepsiCo. "Our partnership with the National Urban
League and its Entrepreneurship Centers provides comprehensive
support in that it provides more than just access to capital but
also essential support services that help them reimagine their
businesses and make them sustainable for generations."
"As we welcome back tourists against the backdrop of the
cultural events returning to the city, it's essential to preserve
institutions like the Black-owned restaurants," said
Judy Reese Morse, President &
CEO, Urban League of Louisiana. "The Black Restaurant
Accelerator is key to addressing some of the historical challenges
and turning the tides as we seek to preserve the businesses that
feed the soul of New Orleans."
As one of the world's leading convenient food and beverage
companies, PepsiCo recognizes the importance of combatting
deep-rooted inequity and creating long-term economic opportunities
for Black communities. In 2020, PepsiCo launched its Racial
Equality Journey, which focuses on three pillars: People,
Business, and Communities. More information can be found
here.
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion
times a day in more than 200 countries and territories around the
world. PepsiCo generated more than $79
billion in net revenue in 2021, driven by a complementary
beverage and convenient foods portfolio that includes Lay's,
Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and
SodaStream. PepsiCo's product portfolio includes a wide range of
enjoyable foods and beverages, including many iconic brands that
generate more than $1 billion each in
estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in
Beverages and Convenient Foods by Winning with PepsiCo Positive
(pep+). pep+ is our strategic end-to-end transformation that puts
sustainability at the center of how we will create value and growth
by operating within planetary boundaries and inspiring positive
change for planet and people. For more information, visit
www.pepsico.com.
About The PepsiCo Foundation
Established in 1962, The PepsiCo Foundation, the philanthropic arm
of PepsiCo, invests in the essential elements of a sustainable food
system with a mission to support thriving communities. Working with
non-profits and experts around the globe, we're focused on helping
communities obtain access to food security, safe water and economic
opportunity. We strive for tangible impact in the places where we
live and work—collaborating with industry peers, local and
international organizations, and our employees to affect
large-scale change on the issues that matter to us and are of
global importance. Learn more at
www.pepsico.com/sustainability/philanthropy.
About National Urban League
The National Urban League is a historic civil rights organization
dedicated to economic empowerment in order to elevate the standard
of living in historically underserved urban communities. The
National Urban League spearheads the efforts of its 90 local
affiliates through the development of programs, public policy
research and advocacy, providing direct services that impact and
improve the lives of more than 2 million people annually
nationwide. Visit www.nul.org and follow us on Twitter
and Instagram: @NatUrbanLeague.
[1] University of California, Santa
Cruz, 2020
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