8/18/2023 0 Comments Small vs big business![]() “By directing our largest multi-year grant yet to support Black-owned small businesses, we hope to invest in neighborhoods that have been most impacted by COVID-19 and systemic racism, as well as open new opportunities for Black businesses to grow and thrive.”Īs a data and analytics company focused on the media industry, Nielsen has insights and services that can help minority-owned small businesses thrive. economy,” says Andrea Bertels, president and executive director of grantmaking at the Nielsen Foundation. “Small businesses are the backbone of our local communities and the U.S. The grant to LISC continues the Foundation’s focus on fostering and growing diverse entrepreneurship, including the TechDiversity Accelerator at Tampa Bay Wave for early-stage tech companies. This grant money has been used to help support Black-owned businesses throughout their process to reopen and ideally come back stronger than before. This commitment supports the Local Initiatives Support Corporation, which distributes grant funds to business owners and their economic ecosystems in historically disinvested neighborhoods around the country. In recognition of the acute challenges faced by small businesses as a result of the COVID-19 pandemic and social unrest during 2020, the Nielsen Foundation (a private foundation originally funded by Nielsen) also committed $1 million to support Black-owned small businesses over the course of three years. “At the end of the day, fostering diversity, equity, and inclusion isn’t just a good thing to do-it’s crucial to the success of our business and all business.” When we operate in a culture that is diverse, equitable, and inclusive, innovation flourishes, our clients win, and employees are engaged and collaborate to bring the best that Nielsen can offer to the communities we measure,” says David Kenny, chief executive officer of Nielsen. ![]() “Diversity, equity, and inclusion are essential to everything we do at Nielsen. Nielsen firmly believes that supporting diverse voices-including the small business leaders with which it engages-leads to the success of employees, clients, and communities. Additionally, Nielsen is committed to encouraging diverse voices across the company, from recruiting efforts to day-to-day operations, business diversity, and diverse spending. The company’s mission-creating a better media future for all people-starts with creating a diverse and inclusive company culture and internal values of inclusion, growth, and courage that radiate out through employee volunteering and outreach programs. Nielsen has a longstanding commitment to corporate citizenship, with a focus on diversity, equity, and inclusion (DE&I) for its employees and the communities it serves. To hear both of these companies dive deep on their small business support initiatives, join us for the webinar Supporting Diverse Small Business on Decemat 12pm ET.įinancial support for small business and beyond Here, we look at how Nielsen and Fiserv work to sustain small businesses in underserved communities, in order to offer diverse entrepreneurs the resources they need to thrive. Many companies have adapted their community involvement programs to help support small business owners and the outsized barriers they might face. Researchers estimate that in the months following the start of the pandemic, active business ownership by Black Americans declined 41%, Latinx business owners fell by 32%, Asian business owners fell by 26%, women-owned businesses declined by 25%, compared to an average failure rate of 22%. Unfortunately, small businesses are also the most at risk for failure-20% fail in the first year and 50% in the first five years. Small businesses account for nearly half of all private sector employment in the U.S., and those companies are increasingly being run by women and people of color. Now, corporate community involvement programs are stepping in with critical resources to help level the playing field. While the recent economic downturn following the COVID-19 pandemic impacted virtually all small businesses, evidence suggests that those owned by women and people of color have been disproportionately affected.
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