Business owner
Hennessy launched Unfinished Business, a $3M small business recovery initiative that will help African American, Asian American, and Latinx small business owners power through immediate financial challenges of COVID-19. Photo by Tamarcus Brown on Unsplash

According to CBS News, roughly 95% of Black-owned businesses, 91% of Latino-owned businesses, and 75% of Asian-owned businesses stand close to no chance of receiving a PPP loan through a mainstream bank or credit union. As a way to offset critical gaps in government funding, Hennessy launched the Unfinished Business initiative to provide immediate financial relief and long-term support to communities hit hardest by COVID-19.

Beginning in June, the platform will donate to support small business entrepreneurs, with a vision to continuously replenish funds so that this first donation is not the last. In addition to capital, the initiative will also provide access to information, educational content and other assets to help safeguard continuity during and after the COVID-19 crisis.

"Hennessy has always valued the spirit of resilience and this is what these small businesses represent. We do not want these pillars of the community to succumb to the current global pandemic and are offering our support to help them continue pushing forward," said Laurent Boillot, Chief Executive Officer, Hennessy.

In order to provide immediate relief, Hennessy has enlisted three national organizations already working to support businesses in their respective communities. Unfinished Business will provide funds to One Hundred Black Men, the Asian American Business Development Center, and the Hispanic Federation to ensure support is distributed directly at the community-level among those who need it the most.

"Built for the community by community, Unfinished Business is an extension of our legacy supporting multicultural consumers and underscores our 'Never stop. Never settle.' ethos," said Giles Woodyer, Senior Vice President, Hennessy US. "We want to do all that we can to help the small businesses survive the current crisis and pledge resources for the long term; as long as they have unfinished business to settle, so do we."

"COVID-19 has had a devastating effect on the nation's small business community, and in many cases, Unfinished Business will provide much-needed support and assistance. The Founding Chapter of One Hundred Black Men applauds Hennessy for recognizing that small businesses are the soul of America," stated Michael J. Garner, President, Founding Chapter, One Hundred Black Men of New York.

"Small businesses represent the economic hope and promise of Latino neighborhoods. We are proud and grateful to join Hennessy in this groundbreaking effort to bring much-needed financial relief to businesses that are essential to restoring the economic well-being of our community," said Frankie Miranda, President, Hispanic Federation.

There will always be Unfinished Business – long after the quarantine is over, informing Hennessy's commitment to work with partners to sustain the initiative. In times of crisis and beyond, direct support won't just reach small business: it will also strengthen surrounding communities through employment, positive role-modeling, and an inflow of economic and cultural vibrancy.

"The Asian American Business Development Center, along with the Hispanic Federation and One Hundred Black Men, is honored to stand in solidarity with Hennessy to support small business," said John Wang, President, AABDC.

As part of Unfinished Business, Hennessy will offset the impact of COVID-19 on the hospitality industry with a pledge of $750,000 to an organization in support of bartenders and hospitality workers.

© 2024 Latin Times. All rights reserved. Do not reproduce without permission.