Tapestry donates $2mn to support New York City small business
Mar 31, 2020
Tapestry Inc., the owner of Coach, Kate Spade and Stuart Weitzman, has announced that the Coach Foundation will donate $2 million to the NYC Department of Small Business Services (SBS) Small Business Continuity Fund to help businesses impacted by the Covid-19 outbreak.
The fund will offer financial assistance to small businesses in New York City, where each of Tapestry's brands were founded.
New York City mayor Bill de Blasio first announced that the city would provide relief for local small businesses impacted by the pandemic on March 8. To fund the loan program, the city has partnered with Tapestry as well as Goldman Sachs 10,000 Small Businesses; Goldman Sachs Foundation; and Pursuit Lending in a public-private partnership.
Since March 22, all of the city's workers in non-essential businesses have been ordered to stay home in accordance with a state-wide executive order from New York Governor Andrew Cuomo. The stay-home mandate, known as the 'New York State 'Pause' Executive Order,' was extended on Sunday until at least April 15.
“It is in times of uncertainty when large corporations can have the greatest impact on the communities in which we live and work," said Jide Zeitlin, chairman and CEO of Tapestry Inc. and chairman of the Coach Foundation.
"Now is an important moment for us to invest capital and our global insights into the city where each of our three brands were founded.
"Coach, Kate Spade and Stuart Weitzman were once small businesses here in New York City, and we are proud to partner with New York City and with Goldman Sachs through the Coach Foundation to help small businesses in our home city. We can help get them back on their feet during these extraordinary times.”
Applications for the NYC Small Business Continuity Loan Fund, which offers zero-interest loans of up to $75,000 to small businesses that have seen revenue decrease by 25% or more as a result of the Covid-19 outbreak, opened on March 27.
In addition to the $2 million donation, Tapestry's foundations will provide further aid during the Covid-19 pandemic by matching gifts made by Tapestry employees in North America to support qualified charitable Covid-19-related causes, for up to $10,000 per employee.
The Coach Foundation will also make an additional contribution to an organization crowd-sourced by employees in North America, the company said.
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