EY teams up with NYC to offer pro bono advice to Black businesses

30 August 2021 Consulting.us 2 min. read
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Consulting firm EY has partnered with New York City on the municipality’s “Black Entrepreneurs (BE) NYC Access: Consulting” program.

Through the NYC Department of Small Business Services (SBS) program, EY will provide up to four hours of pro bono consulting and guidance to 500 Black entrepreneurs operating businesses in the five boroughs. EY’s experts will provide tailored advisory support on topics including access to capital, financial management, and customer acquisition.

BE NYC Access: Consulting is part of a city initiative to invest in the economic viability of Black businesses. Previous programs launched since 2020 have targeted startups, mentorship, and marketing.

“New York City is proud to marshal free, world-class professional services for the next generation of Black businesses that will keep our city vibrant and move our economy forward,” said Mayor Bill de Blasio.EY teams up with NYC to offer pro bono advice to Black businessesWhile the Black community makes up 22% of NYC’s population, only 3.5% of businesses in the city are owned by Black entrepreneurs. Of those entrepreneurs, less than 40% said they have adequate access to mentors and advisors in operating their business.

The economic challenges of the pandemic have only compounded the historical difficulties faced by Black businesses, including limited access to capital and loans, as well as a lack of banking relationships.

“Black owned businesses have been fighting to keep their doors open and serve their local communities — and SBS will continue to be a reliable partner for them,” said Jonnel Doris, SBS commissioner. "We are thrilled to work with EY to provide access to a robust professional network and their consulting services. As the City continues to make great strides toward recovery, the program will enable Black entrepreneurs to adjust their businesses to meet the City’s most pressing needs and continue to contribute to our economic recovery."

Marcus Odedina, EY US global client service partner, added, “Black entrepreneurs, with their innovation and vision, contribute so much to our city. Yet they too often lack access to the resources needed to thrive. By teaming with BE NYC, our goal is to support Black entrepreneurs across New York as they scale their businesses and reinvest in their communities.”

EY’s corporate responsibility program, EY Ripples, was launched in September 2020 and aims to “positively impact one billion lives by 2030.” The program focuses EY resources on supporting the next generation workforce, working with impact entrepreneurs, and accelerating environmental sustainability.