Small businesses owned by minorities, women, and veterans could pocket $10,000 in grants through Citizens Bank. The moneys will come from the bank’s annual Small Business Community Champion Award contest.
Offering a total of $300,000 in grants, the contest is geared to identify small businesses that have an uplifting impact in their communities. The Providence, Rhode Island-based bank stated that $10,000 each will be awarded to 30 small businesses that are either Citizens business banking account holders or based in selected states.
It will provide funding to 10 minority-owned, including Black, businesses and 10 women-owned businesses. Five grants will go to veteran-owned and other qualifying companies for the first time this year. Potential recipients should act fast, however, as the deadline for application is 5 p.m. ET on February 1, 2024.
Now in its seventh year, Citizens’ small-business program is part of the bank’s ongoing commitment to strengthen local economies and communities. To
date, it has been reported that over $1.2 million has been awarded, with 112 small businesses expanding their operations and boosting community growth. Citizens is part of Citizens Financial Group Inc.And the funding is needed. Lack of capital is one of the most significant operating obstacles for emerging and mature small-business owners alike. A recent report showed that 76% of Black entrepreneurs reported that access to capital was a challenge. Based on those who have never earned money for their business, about 80% stated they could not find the proper support or pay for services connecting them to the capital.
Previous awardees consisted of minority-owned businesses, including those listed here.
New applicants must explain how they would use the money to strengthen and sustain their business as well as support their community’s growth and evolving needs and behaviors.
Mark Valentino, head of business banking at Citizens, stated, “When a small business chooses to bank
with Citizens, they select a partner committed to helping them achieve their goals and impact the community. We strive to be our client’s trusted advisors, delivering personalized insights and innovative financial solutions that will give them an edge, help them meet challenges head-on, and enable them to succeed.”Go here to learn more about the program, gain eligibility details, and apply.