Grants Provide Minority-Owned Businesses with a Boost of Hope
When you are a minority-owned business, getting capital is not as accessible as one might imagine.
Early in the pandemic, Black-owned small businesses closed at twice the rate of other businesses, with 41 percent shutting down, according to 2020 census data. Many had a harder time pivoting given pandemic restrictions.
The pandemic was that much tougher for women-owned businesses - a sector that struggles to find capital. Women-owned businesses employ 9.4 million people nationwide and contribute $1.2 trillion to our economy each year/
Thankfully there has been an abundance of new grant opportunities to close the lack of funding.
At Southern Roots Vegan Bakery, we turned to grassroots efforts when the traditional route wasn’t an option. Thanks to our fans and customers, we were able to raise money through a recent online fundraising campaign and we are now the proud recipients of two grants.
The Fearless Fund was created for fearless women of color to address the gap that exists in venture capital funding. We were one of 150 small businesses recently given a grant across the United States.
Along with that, we also were the recipients of the Pay it Forward Spectrum grant that helps with TV advertising and other marketing.
Opportunities like these give us hope and help us keep reaching our business goals! If you are looking for grants and other funding, make sure to check out Hello Alice, which is a website that provides funding resources and tips for small businesses.
Please share with your friends and family that once they try Southern Roots baked goods, they will think this is “so good, you won’t believe it’s vegan.” Follow us on social and tag us at @SouthernRootsBiz.