Target to spend more than $2B at Black-owned businesses

Target will spend a total of more than $2 billion at Black-owned businesses by 2025 as part of its effort to advance racial equity. That’s a significant increase in overall spending on Black-owned businesses, according to Target, though it declined be more specific Wednesday. The Minnesota-based retailer will add a broad spectrum of products from more than 500 Black-owned businesses and will increase its spending at more Black-owned companies, from marketing to construction. It will also introduce new resources, like a dedicated team to help Black-owned suppliers scale their businesses to work with mass chains. The Forward Founders program builds off Target’s accelerator program that helps entrepreneurs.

AP