Money Moves September 08, 2021 at 04:00 pm

Nonprofit founder to give away $50,000 twice a month for the next 100 years

Abu Mubarik September 08, 2021 at 04:00 pm

September 08, 2021 at 04:00 pm | Money Moves

Niamkemudera Muhammad, founder and CEO of The B Network Group Inc. Photo: The B Network Group

Niamkemudera Muhammad is the founder of The B Network Group, a family-owned company that seeks to among other things make more Black entrepreneurs successful. The company is seeking to give $50,000 twice per month for the next 100 years to Black entrepreneurs with solid business plans.

The firm is not seeking corporate backing, celebrity support, or sponsorships to make the project work but wants the support to come from the American people. “A mere sacrifice of not hanging out and a donation of $50, The B Network Group feels the company would be on its way to becoming financially independent and in a position to help individuals that are helping the community,” the company says, according to Black News.

The B Network Group says it believes there are hundreds of thousands of African-American people with great ideas that can help and support the Black community but have no finance to get started. Therefore, it wants to fund these ideas that will also encourage millions of people to go after their dreams and live their best life.

The $50, 000 funding support will be given to anyone who has a business plan that has the potential to create jobs and industry in African American communities across the globe. Muhammad plans to choose one company, corporation, or non-profit a year to give $500,000 that aligns with his company’s goals, principles, and advocations.

“We are simply asking four million people to donate $50. This small one-time donation will provide generational wealth and motivate millions to become entrepreneurs. We believe if we can show the world that by giving up one night of partying, we can provide one hundred years of financial independence. That will be a great start and a true sign of community maturity,” Muhammad says.

According to The B Network Group, if four million people donate $50, $200 million will be raised to fund African-American entrepreneurs. In the spirit of transparency, The B Network Group has broken down the allocations in this manner: $120 million will be allocated to the company’s $50k giveaways while $50 million will be allocated to the annual $500,000 grant.

Muhammad has worked for over 10 years in finance for companies like Rolls Royce and the Discovery Channel, according to his nonprofit’s website. The nonprofit says that Muhammad utilized his accounting degree for years before going back to his other love — cutting hair. He opened his own barbershop while maintaining a 10-year contract as the barber on base for the United States Coast Guard.

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