EY groups up with NYC to supply professional bono recommendation to Black companies
Consulting firm EY has partnered with New York City as part of the community’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 free advice and support to 500 black entrepreneurs doing business in the five boroughs. The experts at EY advise you individually on topics such as 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 targeted startups, mentoring and marketing.
“New York City prides itself on providing free, world-class professional services to the next generation of black businesses that keep our city alive and drive our economy forward,” said Mayor Bill de Blasio.While the black community makes up 22% of NYC’s population, only 3.5% of the city’s businesses are owned by black entrepreneurs. Fewer than 40% of these entrepreneurs said they had adequate access to mentors and counselors in running their business.
The economic challenges of the pandemic have only exacerbated the historical troubles black companies face, including limited access to capital and credit, and a lack of banking relationships.
“Black-owned companies have struggled to keep their doors open and serve their local communities – and SBS will continue to be a trusted partner to them,” said Jonnel Doris, SBS commissioner. “We are excited to work with EY to provide access to a robust professional network and their advisory services. As the city continues to make great strides towards recovery, the program will enable black entrepreneurs to adapt their businesses to the city’s most pressing needs and continue to contribute to our economic recovery. “
Marcus Odedina, EY’s global customer service partner in the US, added, “Black entrepreneurs add so much to our city with their innovation and vision. But all too often they lack access to the resources they need to thrive. By working with BE NYC, our goal is to help black entrepreneurs across New York grow their businesses and reinvest in their communities. ”
EY’s Corporate Responsibility Program, EY Ripples, was launched in September 2020 and aims to “make a positive impact on one billion lives by 2030”. The program focuses EY’s resources on supporting the next generation of workers, working with impact entrepreneurs, and accelerating environmental sustainability.
