H&R Block is Providing Direct Relief via Grants for Black Business Owners Disproportionately Impacted by the Pandemic

Rhea-AI Summary

H&R Block has partnered with the Urban League of Greater Kansas City to launch a small business program that provides micro-grants to Black-owned businesses. The initiative aims to support these businesses in overcoming challenges exacerbated by the pandemic. Five businesses are receiving grants to assist with specific operational needs. The program aligns with H&R Block's goal to assist 500,000 small business owners by 2025, focusing on improving financial management and enhancing business owners' confidence in securing financial capital.

Positive

• Partnership with Urban League enhances community support and engagement.
• Program contributes to H&R Block's goal of assisting 500,000 small business owners by 2025.
• Micro-grants directly aid five Black-owned businesses, fostering economic growth.

Negative

• Black-owned businesses reported a revenue decrease of 50% or more, highlighting ongoing economic challenges.

The company funded micro-grants for Black-owned businesses participating in its new small business program in partnership with the Urban League of Greater Kansas City

KANSAS CITY, Mo., Oct. 28, 2021 (GLOBE NEWSWIRE) -- H&R Block, Inc. (NYSE: HRB) and The Urban League of Greater Kansas City announced today the distribution of five micro-grants among the first cohort of Black business owners participating in the first year of the new small business program provided in partnership by the two organizations.

The program supports Black-owned businesses, helping them survive and thrive as part of H&R Block’s goal of reaching and supporting 500,000 small business owners by 2025. Block Advisors small business certified tax pros provide free one-on-one coaching designed to improve financial management, tax compliance, bookkeeping and payroll; ultimately increasing business owners’ confidence when seeking financial capital and helping to foster equitable communities. The Urban League also provided free credit-building services and other business coaching, as needed.

The five business owners who are receiving micro-grants that align with their personalized, business coaching goals are:

• 5515 LLC Roofing & Construction, to purchase new equipment for roof inspections.
• Anna's BLD Restaurant & Catering, to purchase new kitchen equipment.
• Arthur's Hometown Sausage & Barbecue, to purchase necessary marketing materials for a new food truck.
• GiGi's Bait & Tackle & Restaurant, to purchase a new point-of-sale system and restaurant seating.
• Magnolia's Catering, to manage marketing and promotional expenses.
  

According to data from Block Advisors’ ongoing “Small Business Recovery Series,” Black-owned businesses are seeing a disproportionate impact from pandemic-related factors, including more than half of Black business owners reporting a revenue decrease by 50% or more compared to only 37% of white business owners since March 2020. With nearly half (47%) of small business owners not optimistic about success in 2021, Block Advisors is doubling down on its small business focus through its partnership with the Urban League of Greater Kansas City to improve financial management and confidence among Black small businesses.

Business owners can learn more about the program by contacting Urban League of Greater Kansas City at www.ulkc.org.

About H&R Block

H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation, financial products, and small-business solutions. The company blends digital innovation with the human expertise and care of its associates and franchisees as it helps people get the best outcome at tax time and better manage and access their money year-round. Through Block Advisors and Wave, the company helps small-business owners thrive with innovative products like Wave Money, a small-business banking and bookkeeping solution, and the only business bank account to manage bookkeeping automatically. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.

About the Urban League of Greater Kansas City

The mission of the Urban League of Greater Kansas City is to enable African Americans and other disadvantaged populations to secure economic self-reliance, parity, power, and civil rights. The Urban League provides programs and services to:  ensure that youth are educated and equipped for economic self-reliance; help adults attain economic self-sufficiency through jobs, entrepreneurship, and wealth creation; assist in ensuring access to quality, affordable healthcare; remove barriers to equal participation in the economic mainstream; and advocate for racial equity and social justice. 

For Further Information

Investor Relations:	Michaella Gallina, (816) 854-3022, michaella.gallina@hrblock.com
	Jordyn Eskijian, (816) 854-5674, jordyn.eskijian@hrblock.com
Media Relations:	Angela Davied, (816) 854-5798, angela.davied@hrblock.com

FAQ

What is the purpose of H&R Block's partnership with the Urban League of Greater Kansas City?

The partnership aims to provide support and micro-grants to Black-owned businesses, helping them thrive post-pandemic.

How many micro-grants were distributed by H&R Block in their new business program?

H&R Block distributed five micro-grants to Black-owned businesses participating in the program.

What is H&R Block's goal for supporting small businesses by 2025?

H&R Block aims to support 500,000 small business owners by 2025 through various initiatives.

What specific needs are the micro-grants from H&R Block addressing?

The micro-grants are intended for purchasing equipment, marketing materials, and covering operational expenses for the businesses.

What challenges are Black-owned businesses facing according to H&R Block's data?

More than half of Black business owners reported a revenue decrease of 50% or more due to pandemic-related factors.