The National Urban League and PepsiCo have partnered to create the Black Restaurant Accelerator, which will help approximately 500 Black-owned businesses over the next five years. The PepsiCo Foundation is providing a $10 million grant to fund the program, which will provide current and aspiring Black restaurateurs with access to capital, training, mentorship, and other support services necessary for business success.
"This is a game changing program that will provide Black restaurateurs with access to business-building resources tailored to meet their specific needs," said Marc H. Morial, president and CEO, National Urban League, in a statement. "Our understanding of the local business environment and community paired with subject matter expertise from PepsiCo team members will give business owners a leg up as they look to grow."
"This is a key component of the broader investments we're making to bolster Black-owned restaurants and small businesses, which has never been more critical," said Jon Banner, executive vice president, PepsiCo Global Communications and president, PepsiCo Foundation, in a statement. "We're honored to build on the important work the National Urban League is doing to diminish the barriers that limit possibilities for Black-owned foodservice businesses and create economic mobility that propels individuals and communities."
National Urban League will begin accepting applications for the program in the first quarter of 2021.
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