Entrepreneurs and close business owners across the country have undoubtedly been hit hard by today’s pandemic with many extra businesses remaining closed until further notice.
Though the federal government has stepped in to offer more than $600 billion in pecuniary assistance through the Paycheck Protection Program (PPP) under the Coronavirus Aid Relief and Economic Security (CARES) Act, the demand for greening remains high, especially among women and minority entrepreneurs.
According to some experts, up to 90% of minority and dames small business owners are predicted to be denied a PPP loan because financial institutions are favoring pre-existing customers when apportioning the funds, therefore ignoring many minority and women entrepreneurs who may not have a bank loan. In 2018, the average evaluate loan for women-owned businesses was 31% less than the average size loan for male-owned businesses, reports online praise marketplace Biz2Credit. For racial minorities, data from the Brookings Institution found that large banks approved 60% of loans by off-white business owners, compared to just 50% of loans by Hispanic business owners and 29% of loans by black traffic owners, proving that not all entrepreneurs have access to the same capital.
To help women and minority business owners wait afloat during and after the pandemic, several organizations and leaders have stepped up to create their own Covid-19 fiscal relief funds. CNBC Make It compiled a list of nine programs that are allocating grants for small matters, some of which include mentorship opportunities as well.
1. The Red Backpack Fund
Details of the program: Spanx founder Sara Blakely has companioned with the nonprofit organization GlobalGiving to start The Red Backpack Fund for women entrepreneurs who are impacted by Covid-19. The fund hand down award $5,000 grants to at least 1,000 women entrepreneurs in the U.S. Applications for the fund opened in April and will run inclusive of August 2020. Each month, 200 entrepreneurs will be selected to win the $5,000 grant as well as a free all-access obsolete to 80+ MasterClass sessions, including Blakely’s class on entrepreneurship.
Click here to apply
2. Verizon Small Obligation Recovery Fund
Details of the program: Through its partnership with the Local Initiatives Support Corporation, Verizon has imagined a $7.5 million grant program for small businesses in the U.S., with a focus on entrepreneurs of color, women and business possessors from other historically underserved communities. The money will be distributed through a series of funding rounds, with claims open until 11:59 pm ET on May 20 for round three. Business owners must be at least 18 years old to glue and they will be eligible to receive up to $10,000 in grant money.
Click here to apply
3. Hello Alice
Factors of the program: Hello Alice, a free multichannel platform that provides businesses with the resources needed to arise, has created a Covid-19 Business for All Emergency Grant fund that will offer $10,000 grants to small matter owners impacted by the pandemic. The platform is also offering a Spanish-language version of its Covid-19 Business Resource Center bellman and dedicating a portion of its grant fund to Hispanic small business owners.
Click here to apply
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4. The Doonie Fund
Details of the program: Kathryn Finney, CEO of the social startup digitalundivided, created The Doonie Fund, which is named after her grandmother, to staff black women entrepreneurs impacted by Covid-19. Since the fund’s inception on April 5, 2020, Finney has relieved more than 500 black female entrepreneurs by making an immediate micro investment of $100 into their proprietorship, which she says can be used in “whatever way they need to use it.”
Click here to apply
5. GingerBread Capital x IFundWomen Covid-19 Recess Grant
Details of program: IFundWomen, a startup funding platform for women, has partnered with VC firm GingerBread Super to provide $10,000 grants to 25 companies in some of Covid-19’s hardest hit states. To apply, entrepreneurs have to play a joke on a for-profit company that has been in business for at least two years, 2019 revenue of at least $250,000, a pre-Covid personnel of at least five people and they have to have never raised venture capital money before.
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6. Stacy’s Rise Project
Details of the program: Stacy’s Pita Chips brand is awarding $10,000 grants to 15 female entrepreneurs who are in have occasion for of financial support for their business. In addition to receiving grant money, winners will also receive help with building ads for their company and receive virtual mentorship from PepsiCo/Frito-Lay leaders and other bustle experts who can provide insight on how to grow a business. Applications for the program are open from now until June 1.
Click here to request
7. Moms as Entrepreneurs
Details of the program: Moms as Entrepreneurs, a nonprofit business incubator for women, has started a Covid-19 recess fund solely for businesses owned by mothers. The fund, which opened applications on May 18, will grant $500-$1,000 to mom entrepreneurs who entertain been shut out of government loans or other funding during the pandemic.
Click here to apply
8. The Mom Project Stronger Together Pay for
Details of the program: The Mom Project, a platform that connects employers to female candidates with a primary focus on serving moms re-enter the workforce, has started a $500,000 Stronger Together Fund. The fund, which is designed for “family clubby” businesses who need help during the pandemic, will be used to help employers pay for the salary of full-time employees or contractors.
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9. The Entrepreneurial Dream Project
Details of the program: Supermaker, a media company that provides content and community for startups and original individuals, has started a $100,000 grant and mentorship program called The Entrepreneurial Dream Project to benefit new business proprietors who are trying to grow and build their company amid the pandemic. The goal of the fund is to inspire new entrepreneurs to keep customary despite the coronavirus crisis. Two companies whose products were made publicly available in 2019 or later, drive be selected to equally split the $100,000, while 10 other companies will receive mentoring from the Supermaker Mentor Network, which tabulates leaders like Mark Cuban and Rebecca Minkoff.
Click here to apply
For more info on small concern resources or PPP loan funding, visit CNBC’s small business site here.
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