SBS and Mastercard support Black biz | Queenswide
The city’s Small Business Services agency and the Black Entrepreneurs NYC program have partnered with Mastercard, a multinational financial services company, to support black-owned businesses throughout Black History Month.
The Shop Your City: BE NYC marketing promotion kicked off on Christmas Eve and aims to encourage New Yorkers from all walks of life to support the city’s black businesses as the National Retail Federation predicts an increase from 8.5 to 10, 5% of sales activity during the holiday months, according to SBS.
âThe past year has brought to light the lack of digitization, slow and inefficient payment methods, and limited access to working capital that many black-owned businesses struggle with in the United States,â said Miguel Gamino, Executive Vice President of Enterprise. Partnerships and the head of Mastercard’s Global Cities division, said in an email.
In 2020, retailers saw a 26.6% increase in online commerce, and Mastercard aims to strengthen the online presence of black businesses during the holiday season.
âSupporting black-owned businesses in our city advances our overall mission at SBS to provide good jobs, strong businesses and thriving communities,â SBS Commissioner Jonnel Doris said in a statement. “With this campaign, New York City continues to invest in the lifeblood of our communities and our great city.”
The black community makes up 22% (1.9 million) of the city’s population, but owns only 3.5% of businesses, according to BE NYC.
There are about 200,000 small businesses across town, according to Josh Jamieson, spokesperson for SBS. Of those, black and Hispanic New Yorkers own 19,000 small businesses.
Doris Encourages All New Yorkers To Add Their Favorite Black Owned Business To The Black Business Directory On ShopBlack.city ofnewyork.us.
“This campaign, which includes our online black business directory, will provide small business marketing support and an easy resource for New Yorkers who want to support black-owned businesses this winter vacation and beyond. “Kenneth Ebie, executive director and chief development officer for BE NYC, said in a statement. âWe are excited to continue working with Mastercard on this new campaign to showcase Black-owned businesses in our city during this important retail season. “
Arva Rice, president and CEO of the New York Urban League, said in a statement that black businesses must be included in the nation’s efforts to “build back better.”
âIt is essential that black businesses are an integral part of the plan,â Rice said. “We know this effort will garner the critical attention, support and patronage of physical businesses as well as Internet-based business-to-business enterprises.”
Build Back Better was President Biden’s government spending bill that aimed to help create jobs. The legislation was killed in Congress by 51 members of the US Senate, but progressives in the Democratic Party are pushing the president to use executive action to push it through.
Tax Policy Center analysts agreed that any inflation from Build Back Better would be modest and possibly short-term, as CNN first reported.
J. Phillip Thompson, deputy mayor for strategic initiatives, wants the initiative to help boost business activity as the city recovers from the pandemic.
“The Shop Your City: BE NYC holiday marketing campaign will provide a resource for New Yorkers to find and connect with black-owned businesses in our city during this important retail season,” Thompson said in a statement.