*San Francisco will divert $3.75 million from its law enforcement budget to programs assisting the city’s Black-owned businesses.
As reported by The Washington Examiner, The Office of Economic and Workforce Development will distribute funding to 17 community organizations. The goal of the initiative is to preserve small businesses in historically black neighborhoods.
“This funding is part [of] our efforts to undo the harm of generations of disinvestment and economic inequities,” Mayor London Breed said. “As we work to recover and make San Francisco a better place to live, work, and do business, we have to invest our resources in a way that lifts up and supports African American small businesses.”
Mayor Breed made the announcement in a statement Wednesday (May 5) saying, “Across this country, and in our city, we’ve seen how the Black community’s economic growth and prosperity has historically been disrupted and marginalized.”
According to the report, the 17 Black-serving community organizations set to receive funding are tasked with providing “services and achieve improved economic development outcomes for African American businesses, entrepreneurs, and the African American and Black communities in San Francisco more broadly. Investments focus on helping African American small businesses and entrepreneurs in San Francisco start, stabilize, or grow their businesses.”
“This funding represents an investment in the community and addressing the wealth and opportunity gaps created by years of biased policies and approaches,” said Sheryl Davis, Executive Director of the San Francisco Human Rights Commission.
“There is tremendous talent and potential that has been stifled by our biased policies and strategies, through this process we will see the implementation of creative and innovative programs that have the potential to support and benefit all of San Francisco and not just the Black community,” she continued.