The pandemic has hit the world economy hard and the US is no exception, a country where the economic recovery is also being uneven, widening the social gap in many states. A fact that confirms this situation is that 41% of African-American entrepreneurial businesses closed their establishments during the first months of the privacy although on the other hand the entrepreneurial spirit is being one of the highest in the last 25 years.
In recognition of this situation, Molson Coors Beverage Company has partnered with The Lonely Entrepreneur, a non-profit organization that helps business owners on their entrepreneurial journey by providing the tools entrepreneurs need to succeed through one-on-one coaching and mentoring within their community.
Michael Nordman, senior manager of community affairs for Molson Coors notes of this initiative that there is an opportunity here to make entrepreneurship an even bigger part of the black community while increasing jobs and local economies. “Entrepreneurship is difficult and the challenges of starting your own business are even greater because of COVID-19. When you’re a black entrepreneur, it’s even more complicated,” he adds.
The partnership currently provides support to 200 black entrepreneurs in Molson Coors’ home cities of Chicago, Denver and Milwaukee, as well as access to the Black Solo Entrepreneurship Initiative. Nearly 18,000 small business owners at all stages of the entrepreneurial journey are expected to benefit from this charitable initiative.
Michael Dermer, founder of Lonely Entrepreneur further adds, “There is so much talent in our black communities, but many black businesses lack access to the training and capital they need to succeed. The Black Entrepreneurship Initiative and our partnership with Molson Coors seek to change that.
According to several studies, eight out of 10 black-owned businesses fail in the first 18 months, compared to 30% overall. These are figures that Dermer’s organization seeks to improve.
Lonely Entrepreneur kicked off in 2016 and established the Black Entrepreneur Initiative in 2018. Since then, the Black Entrepreneur Initiative has benefited more than 18,000 users who have access to the entire Lonely Entrepreneur platform and hopes that another 100,000 black entrepreneurs will also gain access, in order to make a real impact in communities like Chigado, Denver or Milwaukee.
