NAACP is partnering with the parent company of Baskin-Robbins and Dunkin’ Donuts to increase the number of franchises owned by African Americans. Today the National Association for the Advancement of Colored People announced an agreement with Dunkin’ Brands Inc. to create the Diversity Franchising Initiative, according to a posting on Dunkin’ Brands website.
“Franchising can be a powerful economic tool that further enables the African American community and others to realize the American dream of business ownership,” said Cornell William Brooks, President and CEO of the NAACP.
“We are proud to launch this partnership with the NAACP. Working together, our goal is to increase African-American participation in the franchise industry, not just with Dunkin’ Donuts and Baskin-Robbins, but across a wide spectrum of franchising concepts available in the marketplace,” said Grant Benson, CFE, vice president of global franchising and business development, Dunkin’ Brands.
Top food franchises have stiff financial prerequisites. A Dunkin’ Donut franchise requires $250,000 minimum liquid assets and at least $500,000 net worth. Baskin-Robbins franchise money requirements are $125,000 in liquid assets and a net worth of $250,000.
Through the new partnership, the NAACP and Dunkin’ Brands will join forces to provide “people of color in-depth franchising education and training as well as assistance in overcoming the financial challenges” of owning a franchise. The Diversity Franchising Initiative was announced at the 105th Annual NAACP convention in Las Vegas.