On Thursday (April 23), REVOLT Media & TV Chairman Sean “Diddy” Combs launched www.OurFairShare.com, which is a brand new platform that’s mission is to assist minority entrepreneurs and small businesses connect to much-needed and hard-to-find capital, while the economy is continuing to be negatively affected by Coronavirus.
The first cycle of Paycheck Protection Program (“PPP) funds disproportionately went to business owners who had the right connections instead of those who were in greater need of the money. Our Fair Share will aid minority-owned companies by educating their leaders about the PPP, as well as help them get connected to approved Small Business Association (SBA) lenders who can then process their applications for these potentially business-saving loans.
“COVID-19 is devastating our communities and without access to stimulus funding, we risk losing critical businesses that create jobs and help build opportunities and wealth in our communities.” said Combs. “I created Our Fair Share to help entrepreneurs play on an even playing field and give them a chance to survive with the hope to thrive.”
The businessman went on to announce a “partnership with the National Bankers Association, the trade group representing minority-owned financial institutions, to connect minority-owned banks and financial technology companies to the Our Fair Share platform and enable these banks to originate PPP loans from applicants that utilize the site,” a press releases reads.
It adds that Combs’ new platform was built to “help ensure diverse small businesses, independent contractors and nonprofits understand that they are eligible and how to apply for PPP...The applications are connected to approved PPP lenders.”
The lead institutions are as followed: The Harbor Bank of Maryland, based in Baltimore, MD; Liberty Bank and Trust, based in New Orleans, LA; Carver State Bank, based in Savannah, GA; and Lendistry, an online small business lender based in Los Angeles, CA.
“It is inspiring to see a cultural icon like Sean Combs partnering with minority banks and others to ensure economic opportunity for minorities in this program,” says Kenneth Kelly, Chairman of the National Bankers Association. “Our leaders in economics, politics, and culture must unite because the COVID-19 healthcare and economic impacts on our communities are interrelated. We can help our communities weather this storm if we work together.”
Combs is also welcoming any and all major financial institutions that would like to partner with Our Fair Share with open arms.
“Minority businesses have always struggled to access the capital they need to thrive. Now is the time to show commitment to the communities being hit the hardest by the COVID-19 pandemic. I look forward to working with the institutions that want to help,” said Combs.
Head to www.OurFairShare.com to learn more.