Applications are available through Sept. 6 in a collective effort to drive meaningful change within the Black business community by delivering much-needed short-term relief and supporting the long-term success of Black-owned small businesses and the communities they serve.
08/31/2022 1:00 P.M.
2.5 minute read
The Coalition to Back Black Businesses, a multi-year grantmaking and training initiative to help support Black-owned small businesses as they recover from the COVID-19 pandemic, has grant applications available through Sept. 6.
The $5,000 grants are the start of the Coalition to Back Black Businesses’ efforts to support Black-owned small businesses. The grant program will involve three additional steps to invest in the long-term success and resilience of the Black small business community, according to the coalition’s website.
The coalition is a collective effort to drive meaningful change within the Black business community by delivering much-needed short-term relief and supporting the long-term success of Black-owned small businesses and the communities they serve.
The coalition and its partners, American Express, Cummins, Optimum, Shopify, Stanley Black and Decker, the National Black Chamber of Commerce, National Business League, U.S. Black Chambers, Inc., Walker’s Legacy, and the U.S. Chamber of Commerce Foundation, are working to provide over $14 million in grants, training and resources to empower Black-owned small businesses in distressed communities that have long been struggling with economic growth.
From 2020 through 2023, the coalition will distribute $5,000 grants to applicants each fall, followed by mentorship and training, and a select few will receive $25,000 enhancement grants the following summer.
Eligible businesses must:
- Meet the criteria for being a Black-owned enterprise in a qualifying industry, available here in FAQs under “Who is eligible to apply?”
- Employ between three and 20 people, including the owner and any full-time employees, part-time employees, or individuals working under a 1099 or similar contractual agreement.
- Be located in an economically vulnerable community, according to the Distressed Communities Index.
- Have been harmed financially by the COVID-19 pandemic.
- Enter the zip code associated with your business on the coalition’s application webpage (as listed on your W9 Form) to see if you are eligible.
The grant program will involve three additional steps to invest in the long-term success and resilience of the Black small business community.
- Each grantee will receive exclusive access to a mentorship program, conducted in partnership with Ureeka, to help grow their business with advice and guidance from industry- or subject-specific mentors.
- Enhancement Grants. Each summer following the distribution of the $5,000 grants, the coalition will offer competitive $25,000 enhancement grants to those most promising grantees. Four percent of the grantees in each annual cohort will receive these funds to help take their business to the next level.
- Online Resources. The coalition’s website will serve as a central hub featuring resources for all Black-owned small businesses. By working with its extensive network of partners, the coalition will collect a strong library of programs and educational materials to help the Black small business community in their recovery and growth.
If eligible for a grant, randomly selected finalists and those on a waitlist will be asked to complete a full grant application in late September.
In mid-October, grantees will be notified with instructions on how to join Ureeka’s coaching platform and receive their $5,000 grant.
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