Corporation Invests $122 Million to Support Black Businesses

 

The Local Initiatives Support Corporation (LISC) has invested $122 million to support the growth of Black-owned banks and businesses.

LISC announced the investment that was closed through LISC’s Black Economic Development Fund (BEDF). The massive funding came from major companies, including Netflix, Paypal, Square, HubSpot, Aflac, Costco, Dicks Sporting Goods, ThermoFisher Scientific, Wayfair, McKinsey & Co., and Dupont.

Beyoncé Now Helping Black-Owned Businesses

The star has teamed up with the NAACP to found the Black-Owned Small Business Impact Fund.

Beyoncé has launched a new fund to give Black-owned businesses grants through her BeyGOOD foundation.

The fund has been started in collaboration with the National Association For The Advancement Of Colored People (NAACP).

The Black-Owned Small Business Impact Fund will provide grants of $10,000 (£7,923) for business owners “in select cities to help sustain business during this time”.

Beyoncé to give $5,000 grants to families facing eviction

 

The “Drunk In Love” singer and her philanthropic organization, BeyGOOD, are awarding $5,000 grants to families or individuals who are facing eviction and/or foreclosure as the housing moratorium is set to end this month.

“When the pandemic hit, we helped organizations across the country that were aiding and assisting people with basic needs like food, water, household supplies and COVID testing. We also provided mental health support,” read a press release. “We then launched our BeyGOOD small business impact fund and to date, over 250 small businesses have received $10K grants.”

“This holiday season while many are stressed with what they will do next regarding their housing, we are proud to share some GOOD news,” the press release continues. “Beyoncé is giving $5K grants to individuals and families facing foreclosures or evictions.”

Anyone who wants to apply to receive the grant is asked to send their application to the NAACP. The online application process is set to open on Jan. 7 and 100 recipients will be chosen. The grants will be sent out later that month. Round two of the applications will open in February.

Get Your Idea Funded

Do you want to gain more equity? From projects that increase access to capital to resources that increase disaster preparedness and relief, the Minority Business Development Agency is in search of innovative ideas that will benefit minority-owned businesses and will award up to $11.65 million in grants to fund and implement the projects across the country.

This year, the MBDA is including categories for formerly incarcerated persons and research projects to quantify and address the needs and challenges of minority businesses. “Recognizing the critical role of entrepreneurship in reducing recidivism and unemployment for released prisoners, the Agency saw an opportunity to support the Department of Commerce’s efforts to reduce crime, enhance public safety and improve the lives of all Americans through educational entrepreneurship programs,” MBDA said in a news release.

“We are excited to begin this year’s application process and look forward to receiving the proposals,” said Acting National Director Edith McCloud. “Minority-owned businesses contribute greatly to our economy, and through the BAA, we can work to meet the needs of this community with the ultimate goals of continued expansion, growth and job creation.”

Through its Broad Agency Announcement (BAA), which is designed to solicit proposals, the search is open to for-profit entities including sole-proprietorship, partnerships, limited liability companies, and corporations), non-profit organizations, institutions of higher education, commercial organizations, individuals, state and local government entities, or Indian Tribal governments.

The focal points of the BAAs are aligned with the Agency’s key priorities in support of minority-owned businesses. Priorities include:

Access to Capital American Indian, Alaska Native, Native Hawaiian Entities and/or Initiatives
Aquaculture
Disaster Readiness
Disaster Recovery
Entrepreneurship Education Program for Formerly Incarcerated Persons
Global Minority Women Economic Empowerment Initiative
Historically Black Colleges & Universities Initiative
Inclusive Infrastructure Initiative
Research
Space Commerce
Sustainable Business Model
Technology Transfer and Commercialization
Virtual Business Centers
Two pre-application teleconferences to educate potential applicants about the federal funding opportunity announcement are scheduled for June 18 and 21 from 2:00 – 3:00 p.m. eastern time. Applicants are encouraged to attend at least one of the pre-application teleconferences.

Deadline to submit completed applications for the broad agency announcement ends July 11 at 11:59 p.m. For more information and to register for a pre-application teleconference visit

www.mbda.gov/page/2018-mbda-broad-agency-announcement or www.mbda.gov

Rihanna and Jay-Z Invest in Vegan Cookie Company

After the push from BLM in 2020, many expect 2021 to be the year of immense growth in communities that are predominantly black and brown. The reasoning is that many businesses and corporations started to look within to see if they were being as diverse with their hiring and lending as they should be. The events of 2020 have also influenced many prestigious people to contribute to black-owned businesses.

Also See: Everything You Need to Know About Vegan Fashion

Partake foods, a vegan and allergy-friendly food company, saw a generous investment from Jay-Z last year. Now, it appears that Partake was able to amass a decent amount of funding from a long list of reputable stars, including Rihanna. It is her first investment outside of her own lines, such as Savage x Fenty. Rihanna continues to expand her business ventures while making fans wait for new music. However, it's hard to argue with Rihanna's business mindset; she's been killing it.

Partake completed a $4.8 million Series A funding round in late December, led by investors including Rihanna, Kevin Johnson's Black Capital, Seattle Seahawks’ Bobby Wagner, Black Star Fund, Once Upon a Farm CEO John Foraker, CircleUp Growth Partners, FF2032 and Marcy Venture Partners.

What Happened to Cross Colours Clothing Brand

 

Cross Colours became a cultural phenomenon in the early ‘90s. The company sought to break down racial barriers one brightly piece of clothing at a time. But after a few years, Cross Colours lost appeal and faded into obscurity. 

Kanye West Donates $2 Million Dollars

E! News confirms West donated $2 million in relation to the deaths of George Floyd, Ahmaud Arbery and Breonna Taylor and has been donating to several black-owned businesses in his Chicago hometown.

Kanye West, a father of four, also set up a college savings fund to cover tuition for Floyd's 6-year-old daughter, Gianna. Floyd died on May 25 after police officer Derek Chauvin pinned Floyd to the ground using his knee on Floyd's neck during his arrest. Chauvin and three other officers involved in Floyd's arrest and resulting death have since been fired, arrested and charged in a criminal case.