The Pascale Sykes Foundation donated $1,000,000 to New Jersey Community Capital (NJCC) and the African American Chamber of Commerce of New Jersey (AACCNJ) to support Black business enterprises (BBEs), which have historically faced challenges in the U.S. Through this investment in the Equitable Small Business Initiative, the contribution will help create opportunities for BBEs in New Jersey seeking access to resources and support to establish, sustain, augment or expand business operations, as well as those economically impacted by the pandemic. Following Black History Month, the forming of this relationship is not only timely but symbolic.
This contribution from The Pascale Sykes Foundation and through NJCC and the AACCNJ will allow for pandemic relief loans ranging from $10,000-$75,000 and recovery loan sizes in yet-to-be-determined amounts.
In response to a call to action in Spring of 2020 by The Association of Black Foundation Executives (ABFE), a philanthropic organization that advocates for transformative investing in Black communities, a relationship formed between The Pascale Sykes Foundation and the AACCNJ.
The Pascale Sykes Foundation’s President Fran Sykes stated, “We’re honored to support initiatives like this. As sole proprietorships and family-run businesses primarily define the Black business community, they often require non-conventional loans and business guidance for sustainable growth. In collaboration with the AACCNJ and NJCC in this capacity, we can directly affect family-owned and -operated businesses, be more inclusive, and positively affect a greater number of people.”
In support for the wellbeing of the people and the businesses they operate, the Pascale Sykes Foundation champions the Whole Family Approach – a family-led strategy that provides families the tools they need to set goals together, create plans, and achieve those goals. In accordance with this, the foundation is better able to assist families and, in turn, their economic and financial development to improve their communities overall.
“Especially as this integral segment of our nation’s economy is being devastated by the pandemic, the relief this provides could not come sooner. I really believe it instills hope in so many.” says John E. Harmon, founder, president & CEO at the AACCNJ. Wayne Meyer, president of NJCC adds, “Although our work at NJCC has always been rooted in racial, economic and social justice, it is incumbent upon us to ask what more we can do to promote opportunity and equality?’” The CEOs of both organizations appreciate the Pascale Sykes Foundation and its President for her vision and enthusiastic support of this partnership.
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