Microgrants from Business Growth Collaborative Enable Pivots for Vulnerable Entrepreneurs
The Business Growth Collaborative, an organization comprised of 11 organizations supporting entrepreneurs of color, disbursed $100,000 in grants to 20 minority-owned small businesses in Northeast Ohio in response to the COVID-19 crisis.
These contributions, called the Boost Fund, were released this month and were supported by a grant from the KeyBank Business Boost and Build program powered by JumpStart. This fund was created to mitigate the lack of access to capital which face many business owners of color, especially during a unique state of emergency. The Boost Fund provided businesses with $2,500 to $7,500 in grant capital to assist with unexpected expenses while applying for emergency relief during this crisis.
Recipients represent a range of industries. They include a health and wellness boutique pivoting to online consultations and training sessions, a medical staffing firm in need of payroll support, and a trucking company suffering from lower shipping frequency.
Without these funds, many businesses that received a Boost grant would be at greater risk of closing, especially if they have no buffer before receiving federal assistance.
“Every little bit is helping at this point. It’s been great to see people go to battle for our small businesses,” said Karl Singleton, President & CEO of Foundation Transportation, a recipient of the grant funds through the President’s Council.
The Business Growth Collaborative, an organization comprised of 11 organizations supporting entrepreneurs of color, disbursed $100,000 in grants to 20 minority-owned small businesses in Northeast Ohio in response to the COVID-19 crisis.
These contributions, called the Boost Fund, were released this month and were supported by a grant from the KeyBank Business Boost and Build program powered by JumpStart. This fund was created to mitigate the lack of access to capital which face many business owners of color, especially during a unique state of emergency. The Boost Fund provided businesses with $2,500 to $7,500 in grant capital to assist with unexpected expenses while applying for emergency relief during this crisis.
Recipients represent a range of industries. They include a health and wellness boutique pivoting to online consultations and training sessions, a medical staffing firm in need of payroll support, and a trucking company suffering from lower shipping frequency.
Without these funds, many businesses who received a Boost grant would be at greater risk of closing, especially if they have no buffer before receiving federal assistance.
“Every little bit is helping at this point. It’s been great to see people go to battle for our small businesses,” said Karl Singleton, President & CEO of Foundation Transportation, a recipient of the grant funds through the President’s Council.
This release originally appeared on GCPartnership.com on April 23, 2020.