Comcast’s Cash and In-Kind Contribution to Opportunity Fund Will Enable BIPOC-Owned Small Businesses to Receive Microloans and Other Valuable Support
LIVERMORE, Calif.--(BUSINESS WIRE)--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.