It is no surprise that the current COVID19 Pandemic has affected businesses of all sizes and circumstances. The urgent need for social distancing affects different types of services that require direct interaction between people. All nonessential businesses were ordered to close down due to stay-at-home orders during this pandemic. As a result of this drastic reduction in business operations and revenue, unemployment across the nation has been on a rampant increase.
This also includes, but is not limited to, Minority-Owned Business Enterprises. Smaller businesses have seen their customer base purchase less and monitor their budget closely since these are uncertain economic times. In response to these troubling economic trends, there have been many helpful resources such as the Paycheck Protection Program (PPP) from the federal government’s stimulus package. Another resource for small minority-owned businesses is that former NBA Star Magic Johnson, CEO of Magic Johnson Enterprises, partnered with MBE Capital Partners to offer $100 Million in loans to minority and women-owned business enterprises.
This initiative to provide support to MBE, WBE, and MWBEs is for businesses that have not received support from PPP funds and are impacted by the COVID19 Pandemic. Congress set aside the PPP funds but they were quickly depleted. Many Minority-Owned Businesses have not been able to receive support from the PPP funds due to the lack of relationship with bigger banks.
This is a helpful resource for the M/WBE Community nationwide. Supplier diversity helps diversify the source of our GDP but also provides opportunities to minority and immigrant communities from varying economic backgrounds. During these difficult times, it is important that our fellow M/WBEs take advantage of these business resources.
Compulink Technologies, Inc. is an MBE Certified in New York City, New York State, New Jersey, and Massachusetts. Even during these times, we have access to reserve IT stock for government agencies to remain operational during the pandemic. We remain supportive of our colleagues in the business community and from public institutions.