Less than two years ago, Kevin Hart’s Gran Coramino Tequila announced a program, in partnership with the Local Initiatives Support Corporation (LISC), that would help fund Black and Latinx small business owners and entrepreneurs, The Coramino Fund. It was recently revealed that more than $1 million in grants were given to 100 small businesses during that time to create jobs and help grow businesses in their communities.
The comedian and entrepreneur introduced the fund in November 2022 with his business partner, Juan Domingo Beckmann. Since then, The Coramino Fund received more than 35,000 grant applications from various businesses within retail, transportation, food services, educational services, and more. Most recently, the fund has awarded $10,000 in grants to 50 small companies. Of those receiving funds, 52% are Black-owned, 36% are Latinx-owned, and 12% are Black and Latinx-owned. 67% of them are women-owned businesses.
incontent-custom-banner ampforwp-incontent-ad2">“As an entrepreneur myself, I’ve seen how early financial support can impact the long-term success of the business. The Coramino Fund was created to provide support to some of the hardest-working people out there—entrepreneurs and small business owners,” said Kevin Hart in a written statement.
The Coramino Fund supports underserved small business owners and entrepreneurs in Mexico with local impact partners.
“Small businesses are the economic backbone of communities,” said Michael T. Pugh, LISC president and CEO, “but many owners lack fair access to the capital and services they need to grow. We are grateful to Gran Coramino Tequila for recognizing the systemic barriers that impact the success of underrepresented entrepreneurs and developing a give-back strategy to help address them. When we invest in these businesses,” he added, “we are also investing in the well-being of the communities where they operate.”
Hart was recently honored by the John F. Kennedy Center for the Performing Arts as the 25th recipient of the Mark Twain Prize for American Humor. The program, which took place on March 24, 2024, will premiere on Netflix on Saturday, May 11, 2024.