Media mogul Sean “Diddy” Combs has launched a web platform to help minority entrepreneurs and small businesses access funds in the wake of the COVID-19 economic crash.
OurFairShare.com aims to provide access to the $30 billion in federal relief that’s been allocated to minority and community development financial institutions.
“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 in a statement. “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.”
Due to the initial round of the federal government’s Paycheck Protection Program (“PPP) dollars being disproportionately given to those with the right connection rather than the businesses with the greatest need, Our Fair Share was created, Combs said. This initiative will help minority-owned companies learn about the PPP and help get them connected to approved Small Business Administration (SBA) lenders that can process applications for these potentially business-saving loans.
Combs also announced a partnership with the National Bankers Association, the trade group representing minority-owned financial institutions. The association will 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.
The applications are connected to these approved PPP lenders: The Harbor Bank of Maryland, based in Baltimore; Liberty Bank and Trust, based in New Orleans; Carver State Bank, based in Savannah, GA; and Lendistry, an online small business lender based in Los Angeles.
To apply, visit OurFairShare.com. For a list of additional Black-owned lending institutions, visit the business section at CommunityVoiceKS.com