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Brooklyn Nets owners will use character, not credit scores, for $2.5 million loan program that helps Black businesses

 

Brooklyn Nets owners Joe Tsai and Clara Wu Tsai are taking the next steps to distribute money from a $50 million commitment to help minority communities.

The sports owners created a $2.5 million loan program that targets Black-owned businesses impacted by Covid-19. The money derives from the Tsai foundation’s Social Justice Fund, which was established last year, and aims to combat economic inequality in Black communities.

 

The new loans are part of the “EXCELerate” program and catered to owners with credit scores 620 or below. But though applicants will not be judged on the scores, business owners need to be “character-based” eligible. Hence, they’ll need to have good references to secure their loan.

There are two loan types. The “rapid recovery” loan offers immediate funds up to $15,000 and no interest attached. These loans are for businesses that stayed open during the pandemic but need...

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Kyrie Irving Announces Consulting Firm To Mentor Underrepresented Businesses

black-owned business May 11, 2021

Brooklyn Nets star Kyrie Irving has announced the launch of his new consulting firm, KAI Eleven Consulting, LLC (KAI 11 Consulting), which aims to assist underrepresented entrepreneurs across industries, including Black and women-owned businesses.

According to a press release, KAI 11 Consulting — in partnership with KAI Family Foundation and Lockstep Ventures — will provide programs and mentoring services to offer business owners access to “development coaches, area managers, and growth groups that offer roadmaps to scaling and cultivating efficiencies.”

The consulting firm will also make it a point to provide resources to help close the financial gap across various communities.

 

“We must give our people the proper resources and stewardship for them to win beyond traditional investment vehicles,” founder Irving said in a statement. “This is not only essential to closing the wealth gap, but it also fosters...

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