New York – Chiggopay a black-owned business management company in the United States co-founded by an immigrant, Christian Jonathan Nwachukwu and Gina Onyiuke today announced a $1,000,000 business support initiative on Chiggopay for black and minority service-based entrepreneurs in the United States. This initiative would help in alleviating Covid-19 losses occasioned by the pandemic. This initiative was founded on the rationale that before Covid-19, blacks were still yet to bridge the racial wealth gap. Unfortunately, as a result of the pandemic nearly half of black small businesses had been wiped out as the pandemic devastated black and minority communities unequally.
There are 30.2 million small businesses in the U.S. sadly, only a fraction of them survive. Twenty percent of small businesses fail by the first year, 30% by the second, 50% by the fifth, and the numbers of failed businesses only increase as time lapses. Regrettably, for minorities, the numbers can be even more disheartening. Eight out of 10 black businesses fail within the first 18 months. Covid-19 has intensified some of the issues facing the Black community. African American entrepreneurs have had to close their doors at twice the rate of their White counterparts. Besides, black-owned businesses declined by 41% between February and April 2020, compared with a 17% decline among White-owned businesses.
“This business support initiative targeted at about 3000 black and minority service-based entrepreneurs will enable them to resuscitate their service-based businesses for the next 12 months,” said Chiggopay CEO Christian Nwachukwu. “We will keep creating business initiatives that will benefit both black and minority service-based entrepreneurs,” he added.
Founded in 2020, Chiggopay is a black-owned business management technology company. Chiggopay is an all-in-one business management software designed to help service-based freelancers and entrepreneurs save time and focus on their passions rather than paperwork. Whether you are just getting started or your company helps you build, manage, and grow your business. It’s a one-stop-shop that manages projects, finance, people, and everything in between from interactive proposals and automated invoicing to time-tracking and task monitoring.
To learn more about Chiggopay, its product roadmaps, mission, vision and business initiatives, visit https://chiggopay.com/