According to a survey by the International Franchise Association, black franchise owners only make up 8% of the total market. To create more wealth and economic opportunity for members of the black community, Pepsi has allocated $ 2.5 million to build a new wave of black franchise owners across the country.
The Pathways to Black Franchise Ownership program was launched in collaboration with the Multicultural Foodservice & Hospitality Alliance (MFHA) and 4thMVMT, an organization based in Los Angeles to promote social change for blacks and Latinx in the USA. Earlier this year, Pepsi announced it would provide $ 400 million to the Black Community.
"The food service industry is one of the most diverse, drawn from so many cultures and backgrounds, but that diversity is not reflected in corporate responsibility," said Scott Finlow, global CMO of PepsiCo Food Service BLACK COMPANY by email. "Franchises are a growing segment of the restaurant industry. We therefore believe it is important to target this area as well as independent restaurants."
He went on to say that the rationale behind the new program is "to create more opportunities for franchise owners that can ultimately have positive effects for black individuals, families and communities."
Finlow said that a number of franchises have shown interest in the program and that the company hopes to “build and sustain the program, catalyze positive change, and motivate others to join us in our goal of 100 blacks Companies to create franchises by the end of 2022 – and keep expanding that number. "
Potential applicants can apply for the new program from early 2021.