Facebook donates $2M to McBride Sisters fund for Black businesses
September 19, 2021 |
The McBride Sisters – owners of one of the leading Black-owned wine companies – have recently announced that they received $2 million from Facebook for their SHE CAN Fund. This Fund grants Black women entrepreneurs $20,000 in Facebook advertising credits and strategic guidance to help grow their business with Facebook Elevate through a six-week mentorship program.
“We understand firsthand the impact that Facebook Elevate can have on a small, Black-women-owned business, and the challenges that these businesses face in opening the doors that we ourselves found closed when we launched our own company,” said Andréa McBride John, co-founder, and CEO of McBride Sisters Collection, Inc. in a press release. “Moving the dial on race and gender inequality takes a village, a long-term commitment, and it requires the leaders in major industries to step up and address the inequities that Black business owners have faced, and continue to face, daily,” adds Robin McBride, co-founder and president of McBride Sisters Collection, Inc.
The SHE CAN Fund was originally established in 2019 to promote the professional development of women in the wine industry to help close the gender and race gap. Once COVID-19 hit last year, John and McBride decided to focus the Fund’s efforts on supporting Black-and-women-owned small businesses across various industries.
This year, scholarships will specifically support Black women entrepreneurs in the traditionally male-dominated fields of wine and spirits, hospitality and finance, and in the areas of career growth and professional advancement. This decision is based on statistics that show women-owned small and midsized businesses have been disproportionally affected by the pandemic.
According to Facebook’s latest Global State of Small Business Report, 20% of women-led small and midsized businesses reported being closed globally, versus 16% of those led by men.