PepsiCo is teaming with the Multicultural Foodservice & Hospitality Alliance (MFHA) and the minorities-focused business growth firm 4thMVMT for a partnership to increase business ownership opportunities for African Americans in the franchise restaurant industry.
The new Pathways to Black Franchise Ownership program will provide personal development training initiative designed to prepare potential restaurant entrepreneurs with the skill set to operate high-performing businesses. PepsiCo noted recent data that found only 8% of restaurants are owned by African Americans. The program is aiming to create 100 Black-owned franchise restaurants by the end of 2022.
PepsiCo has committed $2.5 million over the next five years to finance the program. The MFHA will focus on a strategic alignment with the National Restaurant Association and outreach to restaurant company CEOs. The program will begin accepting applications in the first quarter of 2021.
“As part of our initiative to support Black-owned restaurants, we’re proud to partner in unlocking access to ownership, recognizing it can have a massive positive ripple effect benefiting Black communities,” said Scott Finlow, chief marketing officer at Purchase-based PepsiCo Global Foodservice. “We hope our investment will create a ripple effect of its own, inspiring more companies to get involved.”
“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,” said Karim Webb, CEO of 4thMVMT and a Buffalo Wild Wings franchise owner. “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.”
