The Oakland Black Business Fund (OBFF) was established to support California Black-owned brick and mortar businesses in eligible locations to mitigate the adverse effects of the Coronavirus (COVID-19) on their businesses.
It is important to note that In addition to the cash grant, technical assistance and payment of rental debts will be awarded to successful applicants. Funding is intended to support repairs, equipment purchases, and protection expenses. Grants must benefit businesses in the city of Oakland.
Oakland Black Business Fund is reimagining a system of capital deployment to create possibilities for Black economic growth that defy the confines of systemic racism.
The fund targets Black-owned brick and mortar businesses as the foundation for economic activity and the future of the Black economy. While Black businesses already lead in innovation, culture and resiliency, the capital deployment ecosystem has failed to provide a path to sustainability and scale that actualizes potential into economic empowerment.
COVID-19 and the resulting economic collapse exacerbates those circumstances, putting our best ideas, entrepreneurs, and the future of our Black economy at risk.
In collaboration with elected officials and local organizations, this comprehensive effort aims to deploy a multi-million dollar funding strategy to stabilize Oakland’s Black business ecosystem, providing critical infrastructure for future investment and growth, while paving the way for Black entrepreneurs to lead Oakland’s new economic paradigm.
Grants will award Immediate response funds for repairing damages, providing storefront protection, and replacing equipment losses as a result of protests and looting. repair, replacement, and protection costs associated with protests in May and June of 2020.