Pepsi introduces Pepsi Dig-In to support black-owned restaurants
Multinational beverage corporation, Pepsi has announced that the company is set to launch Pepsi Dig-In; an initiative established to support black-owned restaurants by providing training, business growth opportunities, and raising visibility for the industry as part of PepsiCo’s $50 million commitment dedicated to strengthening Black-Owned small businesses.
Black-owned businesses have been disproportionately affected by the economic impact of the pandemic, and as a result of this development, several large corporations and racial justice organizations are donating funds and launching several initiatives to support Black-owned businesses.
As the effect of the covid-19 pandemic continues to cripple the world’s economy, black owned businesses are bearing the impact of the recession more than their white counterparts. According to a recent study for the National Bureau of Economic Research by Robert Fairlie at the University of California at Santa Cruz, the number of black business owners actively working fell 41% from February to April—representing a massive loss of 440,000 black business owners. The number of black business owners who were working in April was 640,000, down from 1.1 million. Active white business owners dropped 17%.
Earlier in June, the company announced its plans to invest more than $400 million over five years to lift up Black communities and increase Black representation at the company and its host communities, specifically in leadership roles. Ramon Laguarta, Chief Executive Officer, PepsiCo also explained that it is a holistic effort for PepsiCo to walk the talk of a leading corporation and help address the need for systemic change.
According to Pepsi, more information will be announced on the launch of the Pepsi Dig-In initiative
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