Target commits $2 billion to support black-owned businesses through 2025

Retail giant Target last Tuesday announced to spend more than $2 billion on Black businesses through 2025.

The retailer said it will add more products to its shelves from over 500 Black-owned businesses and work with more Black retailers to ensure better retail operations and shopping experiences for customers. It said it will also increase its spend across more Black-owned companies such as marketing agencies, facilities maintenance, and construction companies; and introduce new resources to help Black businesses grow more successfully.

The resources include a new Target team called Forward Founders assigned to provide vendors with support and assistance and to help Black businesses grow their brand on a large scale. This team will engage Black founders at the early stage of their startups to help them through the critical stages such as product development, ideation, operations increase, etc.

“We have a rich history with diverse businesses, but there’s more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target,” said Christina Hennington, executive vice president and chief growth officer at Target, in a statement.

The bold actions we’re announcing today reflect Target’s ongoing commitment to advance racial equity for the Black community. They also represent significant economic opportunity for hundreds of new Black-owned companies, who we look forward to doing business for years to come.”

Target’s commitment to helping Black businesses grow shows its efforts to increase its diverse network of suppliers and boosts its support for Black businesses that already have products on its shelves.

The retail giant has existing opportunities such as Target Accelerators and events like the Black-Owned Business Vendor, through which it provides access to funding for diverse businesses that already have products for sale at retail. Target so far has 50 Black-owned and Black-founded brands and has plans to grow the number.

Tuesday’s announcement was part of Target’s commitment to fighting systemic racism and racial inequity in the U.S. Last year, the retailer created a Racial Equity Action and Change (REACH) committee which comprised of top leaders in the company across a diverse range of expertise and perspectives. This commitment follows the company’s previous commitments, including increasing its representation of Black team members by 20% within the next three years and committing $10 million to support nonprofit partners that strongly address systemic and structural barriers Black communities face, via the Target Foundation.

To apply visit: https://corporate.target.com/corporate-responsibility/philanthropy/grants-faqs

About Target

Target Corporation is a Minneapolis-based retailer that serves customers at more than 1,900 stores and its official website Target.com. Since its founding in 1946, the retail giant has given 5% of its profit for community development, which equals millions of dollars per week, today.