Songstress Beyoncé has continually used her platform and resources to uplift and empower marginalized communities. Her latest philanthropic initiative is focused on providing support for Black-owned businesses that have been significantly impacted by the COVID-19 pandemic.
— BeyGOOD (@BeyGood) July 9, 2020
Through her BeyGOOD Foundation, the Houston native teamed up with the NAACP for the creation of a grant campaign dubbed the Black-Owned Small Business Impact Fund. $10,000 grants will be awarded to Black-owned businesses in Houston, Atlanta, Los Angeles, Minneapolis and New York that are on the verge of shuttering due to the public health crisis.
“Over the last couple of months, the pandemic and outpours for justice throughout the Black community and across the country has been felt in every imaginable area of our lives, including in how our local businesses continue to operate,” read a statement released by the NAACP. “The challenges of Black business owners navigating in the climate cannot be understated, as the effects of uprisings across the nation have led to many businesses being placed in dire straits due to damages and other small business needs.
The NAACP is delighted to administer a meaningful program in partnership with BeyGOOD’s Black-Owned Small Business Impact Fund to assist our small business communities that have been directly impacted by the recent events across the country.” Application submissions are being accepted through July 18.
Initiatives like the one being led by Beyoncé, the BeyGOOD Foundation and the NAACP are needed. According to a report released by the University of California at Santa Cruz, 440,000 Black-owned businesses closed their doors for good due to the pandemic. Further research revealed that a mere 12 percent of Black and Latinx business owners who applied for Paycheck Protection Program loans received the amount they asked for.