PepsiCo Commits To 'Pathways To Black Franchise Ownership' Program

(RTTNews) - Food and beverages giant PepsiCo Inc. (PEP) has collaborated with Multicultural Foodservice & Hospitality Alliance and 4thMVMT to provide increase business ownership opportunities for Black people in the restaurant industry.

The collaboration are launching the Pathways to Black Franchise Ownership program, a personal development training initiative that equips potential business owners to operate high-performing businesses.

According to data, 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.

PepsiCo has committed $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.

"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."