New Partnership With Black Future Co-op Fund, UW Foster, & Bank of America Invests in Washington Black-Led Businesses & Nonpr...
June 15 2021 - 03:00PM
Business Wire
The Black Future Co-op Fund, University of Washington Foster
School of Business’ Consulting and Business Development Center
(CBDC), and Bank of America today announced a new partnership to
build generational sustainability of Black-led businesses and
nonprofits across Washington state.
“Black businesses and organizations have long been vital
contributors to Washington state, yet purposeful and persistent
anti-Blackness has undermined their opportunity to thrive,” says
Angela Jones, J.D., Fund architect and Washington STEM CEO.
“Through this partnership, we’re intentionally investing in Black
well-being and building the infrastructure for generational
wealth.”
With support from the Black Future Co-op Fund and a $500,000
grant from Bank of America, the CBDC is working with Black-led
businesses and organizations across Washington to provide tailored
technical assistance, leadership development training, financial
management guidance, and help accessing funding.
“The CBDC was founded 26 years ago by the first Black tenured
faculty member at the Foster School and the first Black Dean of the
Foster School,” said Frank Hodge, Orin and Janet Smith Endowed Dean
of the UW Foster School of Business. “This partnership with the
Black Future Co-op Fund and Bank of America will enable us to take
the next big step in removing systemic barriers and creating
opportunities for wealth creation in Black-owned businesses. The
initiative also brings crucial support to Black-led organizations
that are leading powerful work to enrich Black generational
prosperity and well-being.”
A recent listening tour conducted by the Black Future Co-op Fund
identified more than 500 Black-owned business and Black-led
organizations across Washington, and found at least 65 of
identified businesses have closed in the last six months.
The Fund interviewed Black business owners who shared they have
been hard hit by the Covid-19 pandemic and resulting economic
recession. Most are under-resourced and operating with little to no
profit margin. Black-owned businesses also face significant hurdles
accessing resources, such as small business grants, loans, or lines
of credit, or culturally informed technical assistance.
While Black small business owners in particular have been
disproportionally impacted during the pandemic, recent research
from Bank of America based on a national survey of 300 Black
business owners found those still in operation remained resilient
and flexible as they navigated through an evolving and uncertain
business landscape. In response to the impacts from the pandemic,
48% of Black entrepreneurs reported retooling their operations –
double that of the national average. However, Black business owners
have overcome numerous obstacles with 82% reporting that they have
worked harder to achieve success than their non-Black
counterparts.
In response to the Black community’s feedback, this partnership
is working to build the kind of support that will bolster Black
prosperity over generations.
As part of this initiative, CBDC is expanding its board fellows
program. Black graduate students at the UW will be matched with
Black-led nonprofits for a 9-month board placement, bringing new
skills and building the next generation of Black nonprofit board
leaders.
Artists in Activism in Snohomish County and Takeall Foundation
in Spokane are two of the Black-led organizations recently paired
with graduate students. Both organizations are also working with
the CBDC to strengthen their financial management and operations
through the newly-formed partnership.
“Pervasive economic and social disparities only intensified
during the global health crisis, and we see a clear and urgent need
for intentional investment in and resources directed to Black
businesses and nonprofit organizations,” said Jeremey Williams,
market executive, Bank of America Seattle. “This investment is a
further demonstration of Bank of America’s commitment to build
local partnerships that help foster job creation, economic growth,
and stability for Black-led Washington businesses that contribute
so much to our community and economy.”
Bank of America’s contribution is aligned to the company’s
$1.25-billion, five-year commitment to advance racial equality and
economic opportunity. This commitment builds on steps the company
has already taken, including program support for nonprofit
community partners and lending assistance for small and
minority-owned businesses through community development financial
and minority depository institutions. Bank of America also recently
increased its goal for equity investments in minority-focused funds
to $350 million, including an equity investment in Portland-based
Elevate Capital, which will put capital to work supporting minority
and women entrepreneurs with early-stage funding across the Pacific
Northwest and beyond.
ABOUT THE BLACK FUTURE CO-OP FUND Created by and for
Black Washingtonians, the Black Future Co-op Fund is a new paradigm
for philanthropy to ignite Black wealth, health, and well-being
over generations. Through intentional investment, the Fund works to
connect Black communities for collective power, promote a truthful
Black narrative, and uplift Black-led solutions that foster Black
generational prosperity. For more, visit: blackfuturewa.org.
ABOUT UW FOSTER CONSULTING AND BUSINESS DEVELOPMENT
CENTER UW Foster is a world-class business school in a
pioneering city perched on the Pacific Rim. The world’s best and
brightest leaders are here, applying ingenuity to better humanity.
The Consulting and Business Development Center, now in its 26th
year, advances student careers and grows businesses and jobs in
communities where they’re needed the most with a core focus on
supporting the growth of businesses owned by people of color. For
more, visit: foster.uw.edu/consult.
ABOUT BANK OF AMERICA At Bank of America, we’re guided by
a common purpose to help make financial lives better, through the
power of every connection. We’re delivering on this through
responsible growth with a focus on our environmental, social and
governance (ESG) leadership. ESG is embedded across our eight lines
of business and reflects how we help fuel the global economy, build
trust and credibility, and represent a company that people want to
work for, invest in and do business with. It’s demonstrated in the
inclusive and supportive workplace we create for our employees, the
responsible products and services we offer our clients, and the
impact we make around the world in helping local economies thrive.
An important part of this work is forming strong partnerships with
nonprofits and advocacy groups, such as community, consumer and
environmental organizations, to bring together our collective
networks and expertise to achieve greater impact. Learn more at
about.bankofamerica.com, and connect with us on Twitter
(@BofA_News).
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version on businesswire.com: https://www.businesswire.com/news/home/20210615006004/en/
Kara Palmer, Pyramid Communications (for the Black Future Co-op
Fund) 206.948.9822 (mobile) kpalmer@pyramidcommunications.com
Andrew Krueger, UW Foster 206.697.1073 (mobile)
krueger6@uw.edu
Britney Sheehan, Bank of America 425.466.0378 (mobile)
britney.w.sheehan@bofa.com
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