Let's Buy Black 365 Launches $1 Million Initiative to Boost the Black Economy
"What's exciting about this is that we're not just talking about doing business coaching, training or education. We will absolutely be surrounding the individuals with resources and sending in teams to directly implement the services their businesses need to be fully operational, efficient, and most importantly, profitable. We're talking about completely transforming their businesses by providing comprehensive services, such as accounting, marketing, operations, human resources, and administrative infrastructure."
The program provides qualified Black entrepreneurs with opportunities to access a portion of the $1 million-dollar pool of business growth resources. If accepted into the program, the business owners will be surrounded with all the management resources to stabilize its infrastructure, followed by a strategic accelerated growth plan. What's unique about this initiative is that when business owners apply for loans at other institutions, they typically must contribute anywhere from 20-50% and repay the funds. With the Let's Buy Black 365 1-Million-Dollar Initiative, business owners have an ability to scale six-figure and seven-figure revenues with as little as 5-10%. Repayment is also not required with this initiative; however the businesses must commit to helping its community with a percentage of their profits.
"We can only realize economic empowerment when thriving, committed, Black-owned businesses are in position to employ the best and brightest from our community, and when individuals are able to have unwavering faith in Black businesses for employment and protection."
According to blackdemographics.com (2018), approximately 95% of Black-owned business are sole proprietorships with no compensated employees. The annual sales for most of these businesses are below the individual poverty line. Consequently, even if Black consumers turn their attention to Black-owned businesses, the gaps remain wide.
This initiative was designed to provide a means to help Black entrepreneurs build sustainable enterprises that not only serve as sources of income for themselves and their families, but also that help contribute to the Black community over generations. Let's Buy Black 365 partnered with a Black-owned consulting firm on this project to help Black business owners achieve success, thereby giving them the ability to create jobs, stimulate economic growth, and build a legacy along with wealth.
"We decided to give away 1 million dollars in services instead of 1 million in cash for one reason. We want to avoid the "lottery-winner effect". This is when someone wins the lottery and then becomes broke again 6 months later. By providing direct infrastructure and management, the company is stabilized, the owner is acclimated to running a business, and the long-term potential is infinitely greater". - Nataki
Applications are being accepted for this program from existing business owners, organizations and first-time entrepreneurs. Individuals who desire more information can visit http://www.blackstarnews.com/
Page Updated Last on: Jan 15, 2018