By: Michael Mandarino, Follow South Jersey Managing Editor
TRENTON, N.J. — The Pascale Sykes Foundation announced that it will hold a ceremony to commemorate its donation of $1,000,000 to New Jersey’s Community Capital and its African-American Chamber of Commerce.
The formal ceremony is currently slated to take place at the New Jersey African-American Chamber of Commerce’s headquarters in Trenton. The presentation is set to take place at 11 a.m. on Wednesday, March 10.
The donation was made with the intention of supporting Black-owned businesses throughout the state — some of which have struggled to survive due to the COVID-19 pandemic. This investment into New Jersey’s Equitable Small Business initiative will allow Black-owned businesses to gain access to resources and support that’ll help all business operations.
“We’re honored to support initiatives like this,” Fran Sykes, The Pascale Sykes Foundation’s President, said. “As sole proprietorships and family-run businesses primarily define the Black business community, they often require non-conventional loans and business guidance for sustainable growth. In collaboration with the AACCNJ and NJCC in this capacity, we can directly affect family-owned and -operated businesses, be more inclusive, and positively affect a greater number of people.”
Because of this donation, working capital relief and recovery loans ranging from $10,000 to $75,000 will be awarded to Black-owned businesses throughout the state.
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