Diddy has created Our Fair Share, an initiative to help minority-owned businesses and entrepreneurs impacted by the coronavirus pandemic.
The hip-hop mogul revealed the news in a video announcement posted to Twitter on Thursday (April 23).
“To all my Black, small businesses, y’all know that this money is coming in this stimulus package. We have to get our fair share,” the 50-year-old said. “A lot of times, a lot of people don't know how to get to the loans so I’m launching something today, [Our Fair Share]...It’s gonna make the process easier for you. Nothing’s guaranteed, you know, but let’s at least get in the competition.”
“Most people don’t know how to do it, where to do it and who to do it with. This answers all of those questions,” the REVOLT Media and Bad Boy Records founder continued.
Through a partnership with the National Bankers Association, the initiative will help guide business owners, independent contractors, self-employed workers, non-profit organizations, and churches through the application process for the federal Paycheck Protection Program (PPP).
Additionally, the platform will connect them with other financial assistance options offered 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, according to REVOLT.
“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.” Diddy said in a statement provided to REVOLT. “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.”
(Photo: John Lamparski/WireImage)