The New York Urban League today announced a $250,000 grant from PayPal to establish a Small Business Support Center to serve the critical needs of Black-owned small businesses in the five boroughs who have been negatively impacted by COVID-19. The NYUL Small Business Support Center, powered by PayPal, will serve those businesses geographically located in the five boroughs that meet the Small Business Administration definition.
The primary objectives of the Center are to: (1) provide counseling and coaching/mentoring (2) develop and expand e-commerce activities (3) provide financial literacy workshops/training (4) provide a platform for communicating and exchanging COVID-19 information, resources and strategies for small businesses to pivot and grow and (5) help meet the capital needs of Black businesses by providing loans and grants. Participating businesses must: be 50 percent owned by a minority; have 50 percent ownership by a New York City resident; and, have 50 percent of gross receipts from conducting business in New York City.
“Small businesses are the life blood of New York City,” says Arva Rice, CEO of the New York Urban League. “Of the approximately 220,000 businesses located in the City, 98 percent are small (fewer than 100 employees), and 89 percent are very small (fewer than 20 employees). We must invest in these businesses if we are to survive the economic impact of COVID-19. We are very grateful to PayPal for its vision and dedication to helping assuage this systemic issue.”
“During a year of challenges and uncertainty, the determination and resilience shown by so many entrepreneurs and small business owners is truly inspiring. Small businesses are the heartbeat of our communities, and their survival and growth is be essential to building an inclusive recovery. PayPal is proud to work with the New York Urban League to extend our support of Black-owned businesses and continue to do our part to help close the racial wealth gap,” says Dan Schulman, President and CEO of PayPal.
PayPal has taken a leadership role in addressing racial inequity and social justice through its $535 million commitment to empower and support Black-owned and underrepresented businesses and create equitable access to economic opportunity. In recognition of PayPal’s commitment and record of addressing racial equity and economic empowerment across the Greater New York area and throughout the country, Mr. Schulman will receive the Frederick Douglass Medallion at the March 16th Centennial Gala.
NYUL created the Small Business Support Center in response to the need for small businesses to have a consistent and trusted source of support. Black- and Latinx-owned businesses continue to struggle to access federal aid efforts. As a result, restaurants and other small businesses have had to finance social distance standards and requirements while creating websites and other communications tools to meet or build demand for their services. NYUL’s Small Business Center will provide real-time support and resources to help businesses get back on track and re-enter the marketplace with improved and enhanced abilities to meet customer demand.
Founded in 1919 to provide opportunities for Blacks migrating from the rural south to New York City, NYUL has helped workers and families gain access to jobs, schools, and hospitals for more than 100 years. NYUL has opened the ranks of many industries to Black workers and helped thousands of African American students become first generation college students. Central to NYUL’s work is the core belief that inequality is unacceptable. To that end, the organization focuses its efforts on education programs with a focus on STEAM and college access, employment and advocacy. The flagship affiliate of the National Urban League, NYUL is one of New York’s oldest civil rights organizations.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 375 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.