Three Years After George Floyd’s Death, How Corporations Can Support Black Businesses
By: Tanya T. Morris, originally published in the Inquirer
Many corporations, foundations, and individuals were motivated by the death of George Floyd to take real action against systemic racism, for what felt like the first time in my lifetime. The amount of money that flowed toward this cause was mind-boggling.
According to reporting by the Washington Post, big businesses pledged nearly $50 billion for racial justice after the death of Floyd. Yet more than 90% of that amount — $45.2 billion — was allocated as loans or investments they could stand to profit from, more than half in the form of mortgages. Very little of the money went to grants to support organizations working toward criminal justice reform, the cause for which the money had been pledged.
Therefore, the big business pledge to fight for racial justice wasn’t about change or impact; it was about profits.
I know one way big business can do its part: by supporting Black-led organizations and businesses.
As the founder of a nonprofit organization, I quickly learned that fundraising is especially hard for Black-led organizations and businesses. And as the leader of Mom Your Business, an organization that raises funds to help Black female entrepreneurs, we are in the same position as those we serve.
In 2020, the bank we were using for our business checking and savings accounts was acquired. A colleague referred me to a member of the bank’s executive team who was in charge of outreach. I made contact, invited her to several events, and scheduled meetings regarding partnering and sponsoring events. They expressed interest and never followed through. All I got was the runaround.
