Black businesses are the backbone of many communities, and thanks to a big investment they’ll continue to be a pivotal part many lives.
Financial services company Synchrony announced a $100 million commitment in Ariel Alternatives’ Project Black, an initiative that aims to scale sustainable minority-owned businesses and position them as leading suppliers to Fortune 500 companies.
“Building a more equitable, inclusive economy is a business imperative,” said Brian Doubles, President and CEO, Synchrony in a news release. “Our investment in Ariel and Project Black will help give Black, Hispanic and women entrepreneurs the support they need to grow long-term. Synchrony is committed to providing the resources and expertise to advance equity for diverse businesses and communities.”
As pointed out by Synchrony, Fortune 500 companies directed an average of two percent ($125 billion) of their total spend to minority-owned businesses, yet many have pledged to dramatically increase their spend.
Project Black invests in middle-market companies to provide capital, resources and minority executive talent to position them to grow into fortune 500 companies.
“Synchrony’s partnership will help fuel widespread corporate vendor and supply chain diversity,” said Leslie A. Brun, Chairman and CEO of Ariel Alternatives. “With their support, we look forward to creating consequential middle-market businesses, changing the perception of what it means to be a minority-owned enterprise in the United States,”We are delighted and honored to have Synchrony as an investor in Project Black.”