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Foundation For The Carolinas is set to announce a new grant program that could help hundreds of “diverse-owned” small businesses buy capital assets.
Details are expected later this morning.
Stay informed with news and events that impact Charlotte’s Black communities.
Why it matters: Studies have shown that access to capital is one of the greatest needs faced by Black business owners.
One Yale University study found that while 11.6% of white workers are self-employed, only 3.8 percent of black workers employ themselves.
Beyond Open will make grants ranging from $5,000 to more than $250,000, depending on the stage and needs of the business.
Unlike loans, the grants will not have to be repaid.
Who qualifies: businesses owners who identify as women, minority, LGBTQ or veterans.
The goal of the program is to help recipients grow their businesses, build wealth and expand economic mobility in Charlotte-Mecklenburg, according to a statement.
Foundation for the Carolinas will lead the initiative.