When a group of more than 150 Black-owned hair salons and barbershops in the region found themselves struggling during the pandemic, especially in obtaining Paycheck Protection Program loans. They realized that it would be easier for Black businesses to figure things out together, writes Jeff Blumenthal for the Philadelphia Business Journal.

Black-owned firms were five times as likely to get none of the Paycheck Protection Program funding. 

As a result, they formed the Pennsylvania Professional Image Alliance, a personal services advocacy and education organization, and began assisting Black businesses in navigating the pandemic aid.

This is just one of the plethora of initiatives that have emerged during the pandemic to help Black businesses survive these challenging times, from both the private and public sectors.

However, many agree that while this has helped, it is just a start.

“The federal government money seems like a lot and it is,” said Marla Hamilton, director of client engagement and business support at Philadelphia Industrial Development Corp. “Then you look at how quickly that money was exhausted and the need is still remaining. It gives you a feel for the gap, how bad the disinvestment has been and the amount of capitalization needed.”

Read more about the initiatives in the Philadelphia Business Journal.