Black Development: Pepsi Commits $2.5 Million To Create More Black Franchise Owners
According to a survey conducted by the International Franchise Association, Black franchise owners only account for 8% of the total market. To create more generational wealth and economic opportunities for those within the Black community, Pepsi has committed $2.5 million to establish a new wave of Black franchise owners across the country.
The Pathways to Black Franchise Ownership program was created in partnership with Multicultural Foodservice & Hospitality Alliance (MFHA) and 4thMVMT, an organization dedicated to advancing social change for Black and Latinx people within the U.S. based in Los Angeles. Earlier this year, Pepsi announced they would be committing $400 million to the Black community.
“The foodservice industry is one of most diverse, made up of so many cultures and backgrounds, but that diversity isn’t reflected in business ownership,” said Scott Finlow, Global CMO of PepsiCo Food Service, to BLACK ENTERPRISE via email. “Franchises are a growing segment of the restaurant industry so we think it’s important to address this space as well as independently owned restaurants.”
He went on the say that the reason behind forming the new program was to “create more opportunities for franchise ownership, which can ultimately lead to positive impact for Black individuals, families, and communities.”
Finlow went on to explain that a number of franchises have already expressed interest in the program and says that the company hopes “to build and sustain the program will catalyze positive change, motivate others to join us in reaching our goal of creating 100 Black-owned franchise businesses by the end of 2022 – and continue growing that number.”
Potential applicants can apply for the new program starting in early 2021.
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