Beyoncé's philanthropic foundation BeyGOOD has teamed up with the NAACP to support Black-owned businesses that have been severely impacted by recent events including the Covid-19 pandemic.
BeyGOOD announced the initiative on Instagram yesterday. The Black-Owned Small Business Impact Fund will ensure economic empowerment for Black businesses in key areas, such as Houston, Atlanta, New York, Los Angeles, and Minneapolis, by offering them a number of $10,000 grants.
“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 website reads.
Black businesses in the United States have been hit hardest by the pandemic, with many being forced to close shop or file for bankruptcy. BeyGOOD and the NAACP's initiative for economic empowerment aims to offer financial support for the Black community in these dire times.
Businesses based in the aforementioned cities can apply for a grant via the NAACP's website until July 19. Applications will then be reviewed between July 20-29, with selected applicants to be notified on July 31. To be eligible for the grant, applicants must be a “black-owned small business owner” and be able to “provide property damage or replacement estimate,” per the guidelines.