Sean "Diddy" Combs is putting his vast fortune and resources to work, all to help minority-owned small businesses.
Diddy has linked with The National Bankers Association to launch a new platform called "Our Fair Share" to help the business owners get access to the second round of Paycheck Protection Program Funding.
"COVID-19 is devastating our communities and without access to stimulus funding we risk losing critical businesses that create jobs and help build opportunities and wealth in our communities." Sean "Diddy" Combs told AllHipHop.com in a statement. "I created Our Fair Share to help entrepreneurs play on an even playing field and give them a chance to survive with the hope to thrive."
During the first round of funding, which was meant to bail out small businesses, publicly traded companies like Shake Shack and Ruth Chris sucked up over $500 million worth of loans, leaving many small businesses shutout of the first round of the $484 billion bail outs.
Through his connection with The National Bankers Association, the OurFairShare now movement will connect minority-owned banks with minority-owned businesses, who can originate PPP loans from the branch.
The lead institutions participating in the program with Diddy are The Harbor Bank of Maryland, based in Baltimore, MD, Liberty Bank and Trust, based in New Orleans, LA, Carver State Bank, based in Savannah, GA, and Lendistry, an online small business lender based in Los Angeles, CA.
Diddy also hopes the new platform will evolve into a larger platform to connect entrepreneurs looking for investment to capital providers who will serve the minority business community.
Diddy also sent an invitation to any institution that may want to get down with the program now:
"Minority businesses have always struggled to access the capital they need to thrive. Now is the time to show commitment to the communities being hit the hardest by the COVID-19 pandemic. I look forward to working with the institutions that want to help," Diddy said.