NAACP Launches $200M Fund to Support Black Businesses – Because of Them We Can

It’s a part of their economic justice initiative! The NAACP has announced a new $200 million fund aimed at supporting Black businesses, Black Enterprise reports. The NAACP Capital Fund is a targeted investment effort focused on closing the racial wealth gap and addressing funding inequities that Black-owned companies face. According to a 2024 U.S. Census Bureau report, while 10% of all businesses in the nation are Black-owned, those businesses receive less than 1% of venture capital funding. The new NAACP initiative hopes to change that, bridging the gap in financial funding as an extension of the organization’s commitment to economic justice.  “As an ever-evolving legacy organization, the NAACP knows that innovation is borne out of inclusivity. Impact investing has the power to drive historic financial returns and uplift overlooked communities. Right now, deeply entrenched systemic barriers are curtailing the innovative progress necessary to breed healthy competition in a global economy. We’re seeking to change that,” said Derrick Johnson, NAACP President and CEO.  The new initiative will offer funding to businesses led by Black founders and entrepreneurs. In addition to financial investment, the Capital Fund will also offer business development services, including mentorship and networking opportunities, to help them navigate the...