Submitted by PepsiCo
October 21, 2020 /CSRwire/ - This week, the Multicultural Foodservice & Hospitality Alliance (MFHA), 4thMVMT, and PepsiCo announced a formal collaboration to provide leadership development and increase business ownership opportunities for Black people in the restaurant industry. Together, they are launching the Pathways to Black Franchise Ownership program, an innovative personal development training initiative that equips potential business owners to operate high-performing businesses.
Recent data shows that only eight percent of restaurants are owned by Black people. The program's goal is to create 100 Black-owned franchise restaurants by the end of 2022 and to continue growing that number.
In alliance with the MFHA, the Pathways to Black Franchise Ownership program will be conducted with 4thMVMT, a social equity organization that vets, trains, facilitates funding, and 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 program. The alliance aims to catalyze additional franchises and companies to join the effort.
"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," said 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," said Karim Webb, CEO of 4thMVMT. Webb is also a Buffalo Wild Wings franchise owner.
"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, PepsiCo Global Foodservice. "We hope our investment will create a ripple effect of its own, inspiring more companies to get involved."
To learn more about the Pathways to Black Franchise Ownership program, visit MFHA.net. The program will begin accepting applications in the first quarter of 2021.
About the Multicultural Foodservice & Hospitality Alliance
Founded in Minneapolis in 1996, the Multicultural Foodservice & Hospitality Alliance (MFHA) has steadfastly made the business case for diversity and inclusion in the industry for nearly 25 years. Since its founding, MFHA's mission has evolved from advocating for career opportunities for people of color to the need to build Cultural Intelligence and promote the business case for diversity and inclusion. MFHA is now an affiliate the National Restaurant Association. The Association's mission includes strengthening operations and developing talent and workforce for the restaurant and foodservice industry.
4thMVMT is a Los Angeles based firm that invests in Black and Latino people who have an incredible tenacity for entrepreneurship but lack the access to capital, operational resources, and networks required to start and grow a competitive business. Using a proprietary trauma-informed leadership development program, they equip would-be entrepreneurs with practical tools for overcoming obstacles, then indefinitely support each individual by providing a best-in-class supply chain, cutting-edge technology, and back-office solutions. Entrepreneurship is the most effective vehicle for Black and Latino people to gain economic equity in America. By removing barriers, we can close the Nation's wealth, health, and achievement gaps, changing society for the better.
The firm's Founder and CEO is Karim Webb, a successful Buffalo Wild Wings franchisee and entrepreneurial activist who serves on the Boards of the Los Angeles World Airport Commission, the California Community Foundation, and Co-Chairs Mayor Garcetti's RENEW (Race & Equity) task force.
www.4thmvmt.com | @4thmvmt
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $67 billion in net revenue in 2019, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. "Winning with Purpose" reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of the business. For more information, visit www.pepsico.com.
PepsiCo products are enjoyed by consumers one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $66 billion in net revenue in 2014, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
At the heart of PepsiCo is Performance with Purpose - our vision to deliver financial performance over the long term by integrating sustainability into its business strategy, leaving a positive imprint on society and the environment. We do this in part by offering a wide range of products; increasing the number of our nutritious foods and beverages; reducing our environmental impacts; and supporting our employees and the communities where we do business; all of which will help position the company for long-term sustainable growth. For more information, visit www.pepsico.com.
More from PepsiCo