The Multicultural Foodservice and Hospitality Alliance (MFHA), 4thMVMT and PepsiCo have joined forces to increase business ownership opportunities for Black people in the US restaurant industry, and provide leadership development.
Together, they have launched the Pathways to Black Franchise Ownership programme. This “innovative” personal development training will “equip potential business owners to operate high-performing businesses”. Recent data shows that just 8% of restaurants are owned by Black people. The programme’s goal is to create 100 Black-owned franchise restaurants by the end of 2022 and grow that number.
In alliance with the MFHA, the programme will be conducted by 4thMVMT – a social equity organisation that vets, trains, facilitates funding. It also partners with individuals from underserved communities to own and operate competitive businesses. As part of the company’s commitment to advance racial equality, PepsiCo is the founding sponsor committing $2.5 million over the next five years to build and sustain the programme. The alliance aims to catalyse additional franchises and companies to join the effort.
SIGNIFICANT BARRIERS
“While the restaurant and foodservice industry is one of the most diverse industries in the economy, we know Black people are underrepresented in the ownership category. Training and access to capital remain significant barriers for Black women and men who want to own their own restaurant,” stated Gerry Fernandez, President & Founder of MFHA. Fernandez is a 40-year industry veteran who will focus on strategic alignment with the National Restaurant Association as well as outreach to restaurant company CEOs.
“Through this collaboration, we’ll help hundreds of people become business owners who otherwise, in all likelihood, wouldn’t have had the resources to do so. These folks will experience improved outcomes for themselves and their families, enabling them to become civically engaged leaders in communities across America. This growth will benefit us all,” confirmed Karim Webb, CEO of 4thMVMT Webb and franchise owner of Buffalo Wild Wings.
INSPIRING DIVERSITY
“As part of our initiative to support Black-owned restaurants, we’re proud to partner in unlocking access to ownership, recognising it can have a massive positive ripple effect benefiting Black communities,” said Scott Finlow, Chief Marketing Officer of PepsiCo Global Foodservice. “We hope our investment will create a ripple effect of its own, inspiring more companies to get involved.”
The programme will begin accepting applications in the first quarter of 2021. To learn more about the Pathways to Black Franchise Ownership programme, click here.
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