Pascale Sykes Foundation Commits $1,000,000 to The African American Chamber of Commerce of New Jersey and New Jersey Community Capital to Expand Entrepreneurship Opportunities
The Pascale Sykes Foundation announces today its donation to New Jersey Community Capital (NJCC) and the African American Chamber of Commerce of New Jersey (AACCNJ) to support Black business enterprises (BBEs), which have historically faced challenges in the U.S. Through a $1,000,000 investment in the Equitable Small Business Initiative, the contribution will help create opportunities for BBEs in New Jersey seeking access to resources and support to establish, sustain, augment or expand business operations, as well as those economically impacted by the pandemic. Coinciding with Black History Month, the forming of this relationship is not only timely but symbolic.
This contribution from The Pascale Sykes Foundation and through NJCC and the AACCNJ will allow for pandemic relief loans ranging from $10,000-$75,000 and recovery loan sizes in yet-to-be-determined amounts.
In response to a call to action in Spring of 2020 by The Association of Black Foundation Executives (ABFE), a philanthropic organization that advocates for transformative investing in Black communities, a relationship formed between The Pascale Sykes Foundation and the AACCNJ.
The Pascale Sykes Foundation’s President Fran Sykes stated, “We’re honored to support initiatives like this. As sole proprietorships and family-run businesses primarily define the Black business community, they often require non-conventional loans and business guidance for sustainable growth. In collaboration with the AACCNJ and NJCC in this capacity, we can directly affect family-owned and -operated businesses, be more inclusive, and positively affect a greater number of people.”
In support for the wellbeing of the people and the businesses they operate, the Pascale Sykes Foundation champions the Whole Family Approach – a family-led strategy that provides families the tools they need to set goals together, create plans, and achieve those goals. In accordance with this, the foundation is better able to assist families and, in turn, their economic and financial development to improve their communities overall.
“Especially as this integral segment of our nation’s economy is being devastated by the pandemic, the relief this provides could not come sooner. I really believe it instills hope in so many.” says John E. Harmon, Founder, President & CEO at the AACCNJ. Wayne Meyer, President of NJCC adds, “Although our work at NJCC has always been rooted in racial, economic and social justice, it is incumbent upon us to ask what more we can do to promote opportunity and equality?’” The CEOs of both organizations appreciate the Pascale Sykes Foundation and its President for her vision and enthusiastic support of this partnership.
For additional information regarding loan programming inquiries, contact:
- Phillip D. Woolfolk, Senior Loan Administrator, African American Chamber of Commerce of New Jersey – Email: [email protected] | Phone: 609-610-6310
For information on The Pascale Sykes Foundation, its mission, grantees and programs, visit PascaleSykesFoundation.com.
ABOUT THE PASCALE SYKES FOUNDATION
The Pascale Sykes Foundation builds strong families by advocating for and funding innovative, holistic social and economic programs that transform the lives of working, low-income families. They envision a world where all working, low-income families can be self-sufficient and thrive. A world where all members of a family are able to identify and use all the tools and services they need so they can do more than just get by. A world where working families become economically stable and no longer live paycheck to paycheck. A world where they define, create and live the futures they dream of. For additional information visit PascaleSykesFoundation.com. For specific information about The Whole Family Approach, visit WholeFamilyApproach.org.
ABOUT THE AFRICAN AMERICAN CHAMBER OF COMMERCE OF NEW JERSEY
The AACCNJ performs an essential role in the economic viability of New Jersey. While providing a platform for New Jersey’s African American business community, to speak with a collective voice, the AACCNJ advocates and promotes economic diversity fostering a climate of mutual benefit and mutual value for its members, the community at large, its supporters and advocates. The chamber promotes business growth through major initiatives centering on education and public policy. The Chamber serves as a 501(c) 3 tax exempt, organization. Nationally the AACCNJ is a member of the National Black Chamber of Commerce. To learn more, visit www.aaccnj.com
ABOUT NEW JERSEY COMMUNITY CAPITAL
New Jersey Community Capital (NJCC) is a nonprofit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure that communities can thrive. To learn more, visit www.newjerseycommunitycapital.org and Twitter: @NJCLF.