Gabrielle Union is awarding $75,000 in business grants to Black women-owned companies

Actress and entrepreneur Gabrielle Union is set to award three $25,000 grants to Black women-owned businesses in fashion, skin care and hair accessories.

Gabrielle Union is awarding $75,000 in business grants to Black women-owned companies

A total fund of $75,000 is being offered in honor of International Women’s Day, with the Bring It On and Bad Boys II star teaming up with celebrity hairstylist Larry Sims for the initiative. The pair previously co-founded hair care brand Flawless by Gabrielle Union, and are now partnering with LinkedIn to offer these grants alongside mentoring sessions.

$75,000 in business grants to black women-owned companies

Closing the gap

The grant initiative was inspired by the “remarkably wide” gap in access to capital, experience and opportunity for black women entrepreneurs. According to data published by CNBC, black business owners typically receive less than 2% of total funding each year. The 2021 data also showed that black female entrepreneurs received only 0.34% of the total venture capital spent in the United States.

Black entrepreneurs have also experienced a disproportionate decline in venture capital funding. At the end of 2022, adverse market conditions led to a 36% decline in venture capital (VC) spending overall, while black entrepreneurs experienced a much larger decline of 45%.

Lift as we rise

In a statement on the Black Enterprise website, Union said: “We are so grateful to have a platform to support other black female entrepreneurs.”

Sims added: “We want to give those individuals the tools they need to succeed in a crowded space. Financial support, as well as one-on-one mentoring sessions with some of our incredible partners, aim to give recipients the opportunity to experience being seen, supported and uplifted.”

The online announcement also explains the grant process, saying: “Black female entrepreneur applicants will have the opportunity to win $25,000 each through the inaugural grant. In addition to financial support, the Lift As We Rise Grant will offer a one-year LinkedIn Premium membership and a mentoring session to help raise your LinkedIn profile.”

A panel of judges will select the selected recipients with two names already confirmed on the panel; “B. Pagels-Minor of Dvrgnt Ventures, the first black trans-VC founder, will act as an expert judge for the initiative and offer mentoring sessions to the winners,” the statement said. The second confirmed judge will be Antoine Gregory, who founded the Black Fashion Fair.

Grant Eligibility Requirements

To apply for a Lift As We Rise grant, applicants must be at least 18 years old, plus the business must be based and operating in the United States, as grants are only available to US residents and US-based brands. As previously mentioned, eligible businesses must also be in the fashion, skin care or hair accessories and tools industries.

In addition, eligible businesses must have an existing company website and social media presence once the company has passed the idea stage with a fully developed product or service with customers, or at least ready for customers. Finally, eligible businesses cannot have products in the distribution of major retailers.

Eligible applicants can apply on the Flawless Curls website for more information on the Lift As We Rise grant.

Follow us on Google News for the latest information.


More Small Business Grants

Source link