In light of the COVID-19 pandemic and the nationwide protests following the death of George Floyd, a new term is being used to define the current plight of black-owned businesses. “Dual pandemics” refers to the compounded effects of racism and COVID-19 related financial hardship . More than ever, black-owned small businesses and startups are in need of financial backing. As government funding slows, foundations across the country continue to assist–often in the form of grants. Here are some grants offering great opportunities for entrepreneurial empowerment.
Beyonce’s BeyGOOD Foundation is continuing the music icon’s goal of inspiring black women worldwide by collaborating with the NAACP to establish the BeyGOOD Black-Owned Small Business Impact Fund. The fund will provide a $10,000 monthly grant to selected black-owned small businesses on the 15th of every month this year. Grants of the sort have proved especially effective in combating the harmful effects of racism and COVID-19 on black-owned small businesses. Given the severity of both throughout this tumultuous year, supporting black-owned businesses will prove vital to their survival moving forward. Qualifying businesses and entrepreneurs can apply here.
In a similar vein, Daymond John–of Shark Tank fame–has promised $175,000 in grants to seven up-and-coming black entrepreneurs through the NAACP Powershift Entrepreneur Grant. The $25,000 grants to each business are not all John is offering. Selected entrepreneurs will be able to showcase their business with John on live television for Black Entrepreneurs Day. Additionally, those receiving grants will receive mentoring from the FUBU CEO and Shark Group founder. Qualifying entrepreneurs can apply here.
Hello Alice, in partnership with the NAACP, has also committed itself to keeping black business owners informed throughout the COVID-19 pandemic as well as the current election cycle. Furthermore, Hello Alice is powering the Business for All Grant, awarding up to $50,000 to qualifying businesses alongside entrepreneurial mentorship. Qualifying businesses can apply here.
For regularly updated information on resources best suited to empowering black-owned small businesses in the time of dual pandemics, visit the Black-Owned Business Center here.
 – “The Twin Pandemics of Racism and COVID-19,” Psychology Today, 16 Jun 2020 https://www.psychologytoday.com/us/blog/psychoanalysis-unplugged/202006/the-twin-pandemics-racism-and-covid-19, Accessed 7 Oct 2020.