Red Bank-Based Foundation Pledges $1M To Aid Black Businesses

RED BANK, NJ - As part of an effort to assist Black-owned businesses in the state, Red Bank-based Pascale Sykes Foundation has pledged $1 million to the New Jersey Community Capital and the African American Chamber of Commerce of New Jersey.

The contribution is slated to open up access to resources and sustain or expand business operations as a function of the Equitable Small Business Initiative, according to the news release. The donation will specifically fund pandemic relief loans ranging from $10,000-$75,000 for business owners.

“We’re honored to support initiatives like this,” Foundation President Fran Sykes said. “As sole proprietorships and family-run businesses primarily define the Black business community, they often require nonconventional 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.”

The Pascale Sykes Foundation, started in 1992, aims to help low-income families by providing the tools and support network to cope with short-term stresses.

“Especially as this integral segment of our nation’s economy is being devastated by the pandemic, the relief this provides could not come sooner,” said African American Chamber of Commerce of New Jersey. founder and CEO John Harmon. “I really believe it instills hope in so many. 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.”