BLK, the leading dating and lifestyle app for Black singles, announced its “Break the Bank” initiative, which will tackle the negative impact of inflation.
The initiative coincides with National Black Business Month. As part of the campaign, BLK will sponsor a contest for BLK users where 40 videos will be selected. Each winner will receive a $250 gift card for a total of $10,000 to support a Black-owned business.
The “Break the Bank” initiative will also expand users’ access to financial education programs to narrow the racial gap in financial literacy. BLK will also spotlight Black business owners on their social channels throughout August.
“According to our recent survey, inflation is truly taking a toll on Black singles and Black businesses. At BLK, we understand that Black singles are craving true connection, especially during these tough economic times, ”Jonathan Kirkland, head of brand and marketing for BLK said in a statement. “Our ‘Break the Bank’ initiative will not only allow us to bring people together to build meaningful connections, but it also gives us an opportunity to support Black-owned businesses in our community. It’s truly a win-win situation.”
According to a recent survey of over 20,000 BLK users, 69% of Black singles agree that the recent increase in the cost of living is hurting their dating and social lives. Due to increases in gas and food, especially in restaurants, 66% of respondents said they are taking more time to get to know someone online before going on a first date.
Additionally, 50% of Black singles said they cannot afford to finance dates and other leisure activities due to rising inflation. In addition to Black singles feeling the brunt of inflation, Black-owned businesses are also feeling it as 60% of Black businesses have been forced to raise their prices to remain profitable.
BLK’s “Break the Bank” initiative is supporting both Black singles and Black businesses. The app has partnered with The Gathering Spot, a Black-owned networking collective, to provide BLK users with gift cards to fund dates and social outings at Black-owned businesses across the country.
To qualify for the gift cards, BLK users must share a video highlighting why they need the funds and how they plan to use the check to support their dating and social life. Additionally, BLK will highlight Black business owners to bring awareness and exposure to their businesses.
BLK and The Gathering Spot will also provide users and consumers with in-app push notifications with financial tips specific to the Black community, with topics ranging from “How Increased Rates will Affect Your Money Flow” to “Tips to Grow Your Small Business to the Next Level.”
BLK is also encouraging users to participate in The Gathering Spot’s #BlackSummerSpend. With the collective spending of the Black community valued at more than $1.6 billion, the two companies are urging consumers to keep their dollar in the Black community.
Throughout National Black Business Month, users will be encouraged to upload receipts from Black-owned businesses using a special frame – with a goal of spending $500,000 at Black-owned businesses.