Black investment bank’s Clear Vision Impact Fund to begin giving loans to BIPOC small businesses

Black investment bank, Siebert Williams Shank & Co’s Clear Vision Impact Fund said on Thursday that it is set to begin giving loans to small businesses that are either minority-owned or small businesses that serve communities of color.

The Clear Vision Impact Fund was launched last year and has received capital commitments from big companies including Apple, Microsoft, Constellation Brands, Comcast, and eBay. Each company has individually committed to supporting black businesses financially to end racial inequity and promote economic opportunities.

The funds will be channeled to small businesses that serve minority and underserved communities. This move will help businesses in these communities grow successfully by partnering with them with their communities and also help to grow them from the closest proximity to them.

Chief financial officer of Comcast Mike Cavanagh said in a statement that the Clear Vision Impact Fund has provided a too-good opportunity to pass up. He commended the SWS team for their efforts to support minority-owned and operated businesses in underserved communities in such a “critical time.”

“We hope that our $25 million investment in the Clear Vision Impact Fund and ongoing great partnership with Siebert Williams Shank & CO. will have a meaningful impact on diverse communities nationwide, as our company continues to accelerate its efforts to address systemic inequality and create a more equitable society.”

The racial inequity faced by entrepreneurs of color was exacerbated by the coronavirus pandemic. During the early rounds of the Paycheck Protection Program, research showed that Black businesses received lower loans although they were the hardest hit by the pandemic. CNBC reported that at least 41 percent of Black-owned businesses shutdown between February and April 2020.

To help narrow inequity, corporations like Siebert Williams Shank & Co., have made financial commitments to help minority businesses.

Chairman of SWS, Christopher J. Williams said the fund will be instrumental in preventing more Black and Brown businesses to shut down by providing them with economic resources.

“The members of the Siebert Williams Shank and Clear Vision Impact Fund teams are gratified to have received the support and confidence of these industry-leading corporate partners that have enabled this important mission,” Williams said. “We look forward to enhancing the economic prospects for the diverse community members that will benefit from the economic growth that is made possible through this critically important investment initiative.”

Small businesses can apply for a grant @ clearvisionimpact.com