Over 50% of Black and Minority owned small businesses closed their doors in 2020 as a result of the Corona pandemic.Since the inflation beginning in March 2022. sparked by the war in the Ukraine, over 25% of Black/Minority small businesses have closed their doors. During the pandemic, only 14% of Back owned businesses received aid from the government legislated CARES Payroll Protection Program because of de-banking in underserved communities leaving too many small Black and Minority businesses with no secure banking relationship.
Only 4.3% of America’s 22.2 million business owners are Black owned. Black-owned businesses launch with about a third less capital than their White peers and have difficulties raising private investments from mainstream investment systems. While 7% of White business owners get a loan in their first year of business, only 1% of Black business owners do so. This has to stop, Black families need to create generational wealth that stays in the community! Racial inequality has severe implications for Black communities where barriers to access for capital and AI create an uneven playing field with non-minority businesses that clearly have greater access.
Over 95% of Back owned businesses are sole proprietorships with no employees. Increased sales and partnerships can turn many of these into employer businesses and grow sorely needed wealth within Black/Minority communities.
Finally, crowded out by urban music and diminishing jazz radio stations everywhere in the US, there is little support for young up and coming black jazz musicians who need scholarships to pursue their craft.
Black Businesses Matter LIVE AID™ Concert produced by Shop Black Enterprise®LLC (SBE) shopblackenterprise.com will raise money for small to medium Black and Minority owned businesses both new entrepreneurial ventures and already established businesses. SBE will establish a 501(c)(3) charitable organization to provide capital for growth and sustainability to help stabilize Black and Minority communities and its tax base.
The charitable concert will be live at State Farm Arena, Atlanta GA and virtual SORCradio.com over a two day weekend with Saturday afternoon and Saturday evening concert sessions and also Sunday afternoon and evening concerts. 16-20 top tier artists (bands) will perform. Our goal is to raise over $10 million dollars for Back/Minority entrepreneurs and artist/musicians.
The accounting for revenue from the concert, expenses, and payments to artists and the 501(c)(3) charitable trust for the benefit of Black/Minority artists and entrepreneurs will be supervised by Weseley Blakesley, JD CPA
The money will be distributed to musicians/artists in the form of scholarships for music projects and to Black entrepreneurs who have a business venture that makes sense with a high degree of potential success. Alternatively a Black/Minority business that has been in business for less than 2 years and may be encountering unanticipated financial headwinds or they may want to acquire AI or merge or expand their business to be competitive. A board of 7 Shop Back Enterprise Cooperative Association Merchant Members including two in the music industry who will review applications, request a business plan be submitted and the funds will be allocated as a zero interest loan with a one year moratorium before repayment begins so as not to burden the artist/musicians or entrepreneurs any further.