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Big new$ for $mall businesses


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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.

The $20 million Beyond Open initiative will be funded by Wells Fargo and will focus primarily on businesses located in or near Charlotte’s six “corridors of opportunity.”

Details are expected later this morning.

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.


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