Music superstar Beyonce’s foundation BeyGOOD has partnered with the NAACP to make sure that Black-owned small businesses in several cities have access to grants totaling at least $10,000.
The foundation, which “ensures economic empowerment for Black businesses,” assists small businesses negatively affected by recent events such as the coronavirus pandemic.
“The challenges of Black business owners navigating in the climate cannot be understated,” the NAACP said in a statement. “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.”
Minority-owned businesses have been largely neglected by the Paycheck Protection Program with just 12% of Black and Latino businesses receiving federal loans, The New York Times reported.
However, in accordance with the new initiative, Black small business owners in Houston, Atlanta, New York City, Los Angeles and Minneapolis can apply for $10,000 grants through July 19, with grant recipients being announced July 31 on Beyoncé’s official website.