Alicia Keys Launches $1 Billion Fund for Black-Owned Businesses

(New York, NY) Entertainment: Grammy award-winning songstress Alicia Keys has launched a $1 billion endowment to support Black businesses and communities. The NFL will be among the first to contribute to the organization. 

Billboard reports the fund aims to support Black-owned businesses as the coronavirus pandemic restricts global economic markets and protests against police brutality have erupted around the country.

Keys said the fund originated from an idea to help evolve protests into tangible action and support for Black communities. The singer said she hopes to continue to develop the fund over the years, eventually exceeding the initial $1 billion endowment. Although none of the additional partners beyond the NFL have been announced, the “Underdog” singer intends to create a multi-sector partner pool for the fund.

“The initial goal of $1 billion is to ensure a substantial commitment,” Keys said. “Even with that it does not come close to closing the economic gap. The next steps are to reach out to different industries to invite them to invest in racial justice and create a multi-billion dollar endowment across business sectors.”

On Thursday, the singer announced the partnership with a performance of “Love Looks Better” to kickoff the NFL’s season.