The Power Forward Small Business Grant: Helping Black-Owned Businesses Grow
As the United States faces a historic reckoning with racial disparities, many organizations have committed to supporting black-owned businesses. The NBA’s Boston Celtics have partnered with marketing services firm VistaPrint and the NAACP to create the Power Forward Small Business Grant. This program seeks to provide financial assistance to small black-owned businesses in New England and help them expand their operations and make a lasting impact on their communities.
How the Program Works
The Power Forward Program has already awarded grants to 39 black-owned small businesses across many industries, including events and entertainment, food and beverage, health and wellness, and transportation. The fourth round of funding, totaling $500,000, is now open for applications from eligible businesses in six states: Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, and parts of Connecticut. Twenty black-owned small businesses can apply to receive grants of $25,000 each to invest in their business, grow, and gain additional resources.
The application process is handled by the NAACP civil rights group in partnership with the Hello Alice technology platform. Small business owners must be able to demonstrate the impact their business has on their community and explain how they plan to use the grant. Eligible businesses include new or existing black businesses headquartered and operating in all six states with up to 25 employees.
Why the Grant is So Important
In 2022, 41% of Black small business owners were reported to be more likely than the average 32% of small business owners to seek more funding to address challenges facing their businesses. The lack of access to funding has been a significant obstacle for black-owned businesses, as minority entrepreneurs often don’t apply for small business loans out of fear of rejection or the unfortunate circumstance that they could receive lower amounts and higher interest rates if approved.
Emily Whittaker, VistaPrint’s Executive Vice President of Commerce and Marketing, said that accessible resources help create equitable opportunities for historically underrepresented entrepreneurs, including African-American small business owners. VistaPrint aims to provide grant recipients with personalized design and marketing assistance to help expand their business, in addition to the funding.
Ted Dalton, Director of Partnerships for the Boston Celtics, said that “Like all programs in our Boston Celtics United for Social Justice initiative, we remain focused and committed to addressing the systemic sources of inequities in our community.” The Power Forward Small Business Grant is just one of many programs that organizations are implementing to close the racial wealth gap and support black-owned businesses.
An Engaging Perspective
The Power Forward Small Business Grant is a valuable program that aims to provide much-needed financial assistance to black-owned businesses in New England. However, it is important to acknowledge that systemic racism and inequality have long hindered black entrepreneurs’ ability to access capital and grow their businesses. As people across the country work to address these issues, it is crucial for organizations to continue creating new initiatives that support black-owned businesses.
One way to further advance economic empowerment and address racial disparities is to address the need for financial education and support in low-income communities. Providing resources and education on financial literacy, business development, and access to funding would help individuals build the skills necessary to start and grow their own business. Additionally, including positive representations of black-owned businesses in media and advertising could help reduce the stigma and discrimination that black entrepreneurs often face.
The Power Forward Small Business Grant is a step in the right direction towards supporting black-owned businesses, but there is still much work to be done. By continuing to create programs and initiatives that address the systemic barriers faced by black entrepreneurs, we can improve economic opportunities and create a more equitable society for all.
Summary
The Power Forward Small Business Grant, created by the NBA’s Boston Celtics, VistaPrint, and the NAACP, provides financial assistance to black-owned small businesses in New England. The program aims to help businesses grow, invest in their operations, and gain additional resources. The fourth round of funding is open for applications from eligible businesses in six states, with twenty businesses able to receive grants of $25,000 each. Systemic racism and inequality have long hindered black entrepreneurs’ access to capital and resources, making it crucial for organizations to continue creating new initiatives that support black-owned businesses.
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Twenty black-owned small businesses in the New England region could pocket grants of $25,000 to help them grow, invest in their business, and Get additional resources.
Released in 2021, the Power Forward Small Business Grant The program is geared towards creating a lasting impact on the economic empowerment of black entrepreneurs.
The fourth round of funding, for a total of $500,000, is being provided by the online marketing services firm ViewPrint and the Shamrock Foundation of the Boston Celtics, each contributing $250,000. This funding means that 20 eligible businesses in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, and parts of Connecticut can apply now through June 30, 2023. Grant recipients will also receive personalized design and marketing assistance from VistaPrint. to help expand your business.
Applications for the grant will be handled by the NAACP civil rights group in partnership with the Hello Alice technology platform. Small business owners need to be able to show the impact their business has had in their community and explain how they plan to use the grant.
New or existing black businesses headquartered and operating in all six states with up to 25 employees may apply. So far, Power Forward has awarded grants to 39 black-owned small businesses totaling $1 million across many industries, including events and entertainment, food and beverage, health and wellness, and transportation.
Grant help is really needed: In 2022, 41% of Black small business owners were reported to be more likely than the average 32% of small business owners to seek more funding to address challenges facing their businesses. business. Those findings came as minority entrepreneurs often didn’t apply for small business loans out of fear of rejection or the unfortunate circumstance that they could receive lower amounts and higher interest rates if approved.
Emily Whittaker, VistaPrint’s Executive Vice President of Commerce and Marketing, said, “Opportunity is what enables small business owners to make a huge impact in their community and succeed. That is why it is vital that accessible resources exist to create equitable opportunities for historically underrepresented entrepreneurs, including African-American small business owners.”
Ted Dalton, Director of Partnerships for the Boston Celtics, said, “Together with our valued partners VistaPrint and the NAACP, we are delighted to announce a new round of funding for The Power Forward Small Business Grant. Like all programs in our Boston Celtics United for Social Justice initiative, we remain focused and committed to addressing the systemic sources of inequities in our community.”
The application deadline is approaching, so if your business qualifies, apply today!
https://www.blackenterprise.com/25000-grants-at-hand-for-20-black-small-businesses-to-help-spur-growth/
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