Black entrepreneurs are among those who can apply for new grants of up to $25,000 to help grow their businesses.
The grants are being offered to entrepreneurs of color and women business owners through a partnership between Hello Alice and the Global Entrepreneurship Network (GEN). Funding for the Small Business Growth Fund is from the Etsy Uplift Fund and Progressive Insurance.
Recipients will receive grants of $5,000 to $25,000 to advance their growth and achieve their goals this year. The Etsy Uplift Fund is an initiative of the global online marketplace, Etsy.
The fund is geared to support non-profits working to dismantle barriers to entrepreneurship. It too is designed to support entrepreneurs looking to gain economic independence as small and micro businesses.The initial round of applications is now open and runs through April 21. Per Hello Alice, grant applicants
must meet several criteria to be eligible. Grantees must be for-profit businesses in the United States, Puerto Rico, or the District of Columbia with under $1 million in 2022 revenue. They must have a commitment to their customers, community, and show how the funding will help them grow this year.The Etsy Uplift Fund was launched in 2021. According to its website, some barriers that entrepreneurs face include “lack of
digital education and training, access to capital, and insufficient access to benefits like health insurance and paid leave.” Further, the fund fosters equal opportunities for creative entrepreneurship.In a separate fund, called the Impact Investment Fund, Etsy has invested $30 million and plans to use capital to help foster economic empowerment and promote sustainability, The investments will help accelerate the development of the creative economy, support financially underserved communities, and promote environmental sustainability. Etsy reported the fund has been set up at City First Bank, one of the nation’s largest Black-led banks.
Chelsea Mozen, senior director of impact and sustainability at Etsy, said, “We look forward to seeing the Uplift Fund and Etsy’s Impact Investment Fund make a lasting, measurable impact on the lives of creative entrepreneurs, their communities, and beyond.”