Thank you, Don for that wonderful introduction.
I really enjoyed connecting with Marc recently, and I’m so glad that we have the chance to work together today. The National Urban League is such a crucial partner in our efforts to work toward equity and lift up our underserved small business owners. Thank you for the work that you all do to fight for economic empowerment, equality, and social justice for all people.
The COVID pandemic has been devastating for Black-owned small businesses, it’s estimated that 40 percent of Black-owned businesses have shut their doors.
Black-owned restaurants and other food and beverage businesses have been particularly hard hit – they were among the first to close and likely will be the last to reopen. Yet, Black small business owners -- particularly Black women – are the fastest growing group of entrepreneurs.
The entrepreneurial spirit is so strong in the Black community, it is our job at the SBA to give Black entrepreneurs the support and resources they need to recover and rebuild from this pandemic so they can scale and grow.
My message to all the Black food and beverage entrepreneurs listening today is that help – customized for you -- is here.
Thanks to the American Rescue Plan, passed by Congress and signed into law by President Biden, we’re giving out $28.6 billion dollars in targeted relief – through grants – not loans – to restaurants and other food and beverage businesses. And the grant application portal will be available starting Monday, May 3rd.
Across all of our programs and policies, I want the SBA to be as entrepreneurial as the businesses we serve – just like all of you who have adapted to consumer needs and pivoted all year to serve your clients..
So we’ve designed the application for the Restaurant Revitalization Fund with restaurants and food and beverage businesses, you the end-users, in mind, paying particular attention to your reality over the past year and how you’ve been running your businesses in this new marketplace.
My team will walk you through all the great features of this program in a few minutes so I’ll just share a couple of them with you now.
We’ve designed the RRF program to be tech smart. It has walk me through type assistance throughout the application – guidance as you go and the application should take about 25 minutes.
We know so many businesses have adopted technology at high rates during the pandemic - so we are integrating technology partners to increase your entry point options.
In addition to offering a direct application at sba.gov, we’ve partnered with point-of-sale vendors to help you apply or get connected to the SBA portal where you are already doing business… right now we’re partnering with Clover, Aloha, Square, and Toast and we’ll be adding new partners as we go.
And we’ve eliminated bureaucratic requirements that don’t make sense for your industry.
We know that our smallest and underserved businesses -- especially those owned by people of color -- have suffered the most from the pandemic and yet many have been unable to access relief.
Congress understood this when they included language in the American Rescue Plan that mandated a 21-day priority period for restaurants, food and beverage businesses owned by women, veterans, and socially or economically disadvantaged people.
As Black entrepreneurs, that means that you will be given priority access to these funds from May 3 to May 24. And since this is a first-come, first-serve program, it is important that you put your application in as soon as possible.
And, they directed us to ensure a broad range of restaurants and food and beverage businesses are eligible for the Fund -- food trucks, food carts, breweries, taprooms and many more are all included.
Our focus on reaching our smallest and underserved businesses is in line with the Biden-Harris administration’s emphasis on equity – a vision that I’m committed to at the SBA. We know that ALL our small businesses must be supported and given opportunities to succeed if our nation is going to thrive and retain our global competitiveness.
And we know it’s not just the design, but also the implementation and outreach which is why today’s event is so important and why we are prioritizing accessibility. The Fund’s online application portal will be available in English and Spanish (a first for the SBA) with translation in 8 additional languages and support in up to 17 languages.
Our live customer service line in multiple languages is open from 8am to 8pm EST Monday through Friday … and businesses without Internet access can apply over the phone.
We are committed to bringing this customer-first approach, technology and equity to all of our programs at the SBA so all of our small businesses can recover, start, grow and build resilience. So know that SBA has offerings fit for your business beyond the Restaurant Revitalization Fund.
This pandemic will end one day soon. Thanks to the American Rescue Plan, the Biden-Harris administration’s shots in arms campaign – and the dedication of healthcare workers on the frontlines -- half of all adults in the U.S. have received at least one dose of the vaccine.
We know that you want to reopen fully and safely.
At the SBA, we’re committed to making that happen. We’re here to help you get back on your feet – and ensure that our restaurants and local food and beverage establishments can survive this pandemic and beyond.
I take my role as the voice of America’s small businesses to heart. I know the impact small businesses have on our communities and on our economy, and I want them all - to feel like the giants you are in our economy.
So, thanks again to ACE …
and thank YOU ALL for everything that you do for your communities, your employees and our nation’s economy.
I’ll now turn it over to Stephanie DeVane, the National Urban League’s vice president for entrepreneurship and business development, who will introduce Nicola Montogna, one of the key members of my Office of Capital Access team, which is a group of dedicated and passionate people that has been working so diligently to deliver the Restaurant Revitalization Fund to all of you. She will personally walk you through the nuts and bolts of the program and answer your questions so you are ready to apply when the application portal opens on Monday.
Thank you and keep up hope. We’re here to help!