” Today, African-Americans constitute approximately 2 percent of loan approvals in the SBA’s 7(a) program – its most common loan program – versus 5 percent for Hispanic, 23 percent for Asian, and 70 percent for white borrowers. ”

JP Morgan Chase

“ Looking at just firms that were approved for at least some financing, when comparing minority– and nonminority–owned firms with good personal and/or business credit scores, 40% of minority–owned firms received the full amount sought compared to 68% of nonminority–owned firms. ”

Federal Reserve Bank of Cleveland

“ In the previous five years, 46% of white-owned businesses with employees accessed credit from a bank, and 6% accessed credit from a credit union. During that same time, just 23% of Black-owned employer firms accessed credit from a bank.”
These disparities put them at a distinct disadvantage when accessing PPP funds through banks. ”

Center for Responsible Lending

“ According to research by theUniversity of California Santa Cruz, there were 1 million black-owned businesses in the U.S. in February.By mid-April, 440,000 black businesses closed for good.
That’s a 41 percent plunge.Compared to white-owned businesses, 17 percent closed during that
same time period. ”

Fox 13 Memphis

The COVID Resurgence Program is a segment of the Save My Business Project that was created in response to the severe economic downturn caused by COVID.  The program offers nonrepayable grants to businesses owned by black fashion designers, retailers, and marketers that have experienced a sudden loss of cash flow, so they can continue to serve the fashion industry, and also support and help to revitalize local communities.

  • Relief Funds aid African American owned fashion businesses and their employees that are experiencing COVID-19 economic hardships that hinder them from in meeting their sustenance of life obligations.

Funds will be directed to service providers to assist with covering rent/mortgage, utilities, food, and medication-related expenses. 

 

 

Because funds are limited, only completed submissions will be considered.  Grants will be offered on a first-come, first-serve basis to qualifying applicants for a relief subsidy of up to $1200.

 

Application Opens:         Thursday, August 6, 2020, at 12:01 am

Application Deadline:   Monday, August 31, 2020, at 11:59 pm

 

Apply here.

 

Program Parameters

– The applicant has minimal reserves and is unable to meet personal financial obligations to maintain their livelihood [rent, mortgage, utilities, food, and medications].
– The applicant must be an African American fashion business owner, independent contractor, or employee of a black-owned fashion business that has experienced substantial financial setbacks related to the onset of the COVID-19 health, economic and social crisis.

Who may apply?

– Fashion Designers
– Fashion Retailers
– Fashion Marketers
– Fashion Photographer
– Fashion Model
– Fashion Costume or Wardrobe Stylist
– Fashion Journalist
– Makeup Artist, Cosmetologist or Barber servicing the Fashion Industry (photoshoots, fashion shows, etc.)
– Brand Influencers/Bloggers

Application Requirements

– Completed BFW Foundation COVID Relief Grant Application
– Picture ID
– Birth certificate
– Social Security Card
– Last two pay stubs or payroll records from a qualified employer identifying the applicant as an employee before March 1, 2020.
– If you are self-employed, an independent contractor or freelancer provide support of gainful fashion business activity Portfolio of Work, Photographs, Website links, Letters on Letterhead.
– Unemployment benefits statement (if applicable).
– Personal bank statements (most recent three consecutive months in 2020).
– Personal delinquent notices (rent statements, utility statements, etc.).

Notes:

Additional documentation may be requested to adequately underwrite applicant submissions.

For any additional questions, please send your email to COVIDrecovery@ blackfashionworld.org.