Sean ‘Diddy’ Combs announced on Friday the launch of his new platform, Our Fair Share. According to the Entrepreneur and Media Mogul, Our Fair Share is a platform built to help minority entrepreneurs and small businesses access to much-needed funding amid the economic devastation caused by COVID-19.
The platform’s debut comes just days after the Senate passed $484 billion in new pandemic relief funds to provide additional funding to the Paycheck Protection Program (PPP) small business aid program, pay for coronavirus testing and help hospitals deluged by sick patients. The approved package will provide $320 billion to allow the PPP to take new applicants for the program, which provides forgivable loans to small businesses that keep employees on the payroll for eight weeks. In addition, $30 billion of the PPP loan funds are set aside for banks and credit unions with $10 billion to $50 billion in assets, and another $30 billion is set aside for even- smaller institutions.
Our Fair Share will also serve as an outlet to help businesses to gain access to the second round of PPP funding. The platform will help the businesses learn more about the PPP loans and get connected to approved Small Business Association (SBA) lenders that can process applications for these potentially business-saving loans. While sharing more details about the platform, Combs declared:
“COVID-19 is devastating our communities and without access to stimulus funding we risk losing critical businesses that create jobs and help build opportunities and wealth in our communities. I created Our Fair Share to help entrepreneurs play on an even playing field and give them a chance to survive with the hope to thrive.”
Combs further revealed that he has teamed up with National Bankers Association, which is a trading group that represents minority-owned financial institutions, to connect minority-owned banks, and fintech companies to the Our Fair Share platform, as well as enable the banks to originate PPP loans from applicants who are utilizing the site. Combs added:
“Minority businesses have always struggled to access the capital they need to thrive. Now is the time to show commitment to the communities being hit the hardest by the COVID-19 pandemic. I look forward to working with the institutions that want to help.”
