TikTok Announces New Funding and Training Initiatives to Provide Support for Black-Owned …

TikTok has announced that it’s now accepting applications for the next cohort of its ‘Support Black Businesses’ program, which aims to provide Black small business owners with critical skills training and resources to help them recover from the impacts of the pandemic. As explained by TikTok: “We recognize that small business owners are recovering and rebuilding after a year like no other and that Black-owned businesses have been disproportionately impacted. More than half of all Black-owned businesses saw their revenue drop during the pandemic compared to 37% of white-owned businesses.” Various research reports have indicated the same – minority-owned businesses, and in particular, Black-owned SMBs, have been disproportionately impacted by the pandemic. Indeed, Facebook-commissioned research has also shown that Black-owned businesses closed at twice the rate of other small businesses over the past year. Given this, TikTok has been working to provide more support, with a new Black Creatives program to foster talent, and a new online hub to provide Black business owners with support and education to help maximize sales, along with its Support Black Businesses funding initiative. This next round of funding in the program comes in partnership with Vimeo, and will provide the chosen participants with the tools and resources…
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