Even during good times, women in the United States earn an average of 82 cents for every dollar that a man earns. Now, with COVID-19 and an ongoing global pandemic, those inequities are likely to be exacerbated. Sectors that tend to employ more women — restaurants, the travel industry, beauty salons — are being hit particularly hard with closures and business models that may be affected for the long haul. Plus, with childcare needs increasing, that burden will likely fall disproportionately on women, making it difficult for them to work at pre-virus levels.
With the female unemployment rate reaching 15.5% in April (compared to 13% among men), commenters have coined the term “shecession” to categorize the current economic downturn. Further, women of color have been particularly hard hit with the jobless rate reaching 20.2% for Hispanic women and 16.4% for African-American women in April 2020. Overall, women accounted for 55% of the more than 20 million jobs lost in April, according to the Bureau of Labor Statistics.
Those grim statistics are a sign of our times. But we wanted to do something positive to add a flicker of light in the economic darkness. To that end, our nonprofit, FoundersFirstCDC, has established The Kitty Fund to help moms who are running employer-based businesses. I’ve personally donated $5,000, and along with a matching grant from Impact Seat, we’ve raised approximately $13,000 to help 51 moms.
I launched the Kitty Fund to pay forward the same support I received from my mom, Catherine “Kitty” Abrams Tadlock Webster, who passed away in March of this year. The fund will make micro investments to moms who are running employer-based small businesses to use in whatever way they need to use it — like seeking professional assistance with preparing documents to qualify for the PPP or other emergency funding.
The Kitty Fund celebrates business-owner moms for the power and greatness they display every day in raising their families and leading their employer-based companies in these challenging times. Stay in the game, ladies. We have your backs! You’re leading the fight to improve the quality of life for your family, your business, and your communities. All of us at FoundersFirstCDC salute you!
I’m thankful for the overwhelming response we’ve received at The Kitty Fund’s inception. We plan to continue it year after year. To learn more and donate, click here.
With the assistance of a generous matching grant from Impact Seat, we’ve raised approximately $13,000 to invest in 51 employer-based businesses led by moms.
Kitty Fund Recipients (As of June 19, 2020)
Strut Hair Solutions
Little Sprouts Play Cafe LLC
a3+oag
Invest Sou Sou
The Outrage
Evelyn G. Ascough DDS Inc
Gymboree El Cerrito
The Labz
Fuse.it
Taproot Health Inc
GoNanny, Inc
H3 Heroes Helping Heroes 4 Life
Lewis Clark Trucking, LLC
The Event Industry
RegAlytics
Little Sprouts Play Cafe North LLC
Strata
Career Minhle, Inc.
LAMIK Beauty
Joyal Law
Film Connx
Safe Sand Company
Bond Creative Advisors
Hafta Have
Mom Your Business
Slinky Cat at Home
The Swann School of Protocol
Revela Retreats
Elidah
Wright Consulting Group
My Good Life
Catherine Cheung DPM
Portable Provisions, LLC
Zen Path, LLC
Wild Willett Food Inc.
Alley to the Valley
Heroclip
XplorStem LLC
LEARN Academy
Sylvan Learning
Supermoon Art Space
Cyber Warfighters Group, Inc
WeSpire
California Perfect Cleaning Services
Mars Hair Studio
Ivy Street LLC
CEOMom Empire LLC
Virtuous Styles By Q
Whole & Free Foods LLC
Fund Duel Inc
Sequella, Inc.
Kim Folsom is the founder and CEO of Founder’s First Capital Partners, LLC and the FoundersFirstCDC nonprofit.
