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Group provides more financial relief to Black-owned small businesses

back black businesses
Posted at 5:45 AM, Aug 28, 2022
and last updated 2022-08-28 13:00:26-04

NASHVILLE, Tenn. (WTVF)  — More financial relief is coming to Black-owned businesses hit hard by the pandemic. It will come in the form of grants, and nearly 300 are available.

A total of $1.3 million is available, which will break down into 5,000 grants going to small business owners trying to rebound from the pandemic.

The grants are coming from the Coalition to Back Black Business, a national group that has been helping small businesses stay afloat. The money will support the long-term growth of the businesses as they continue to navigate challenges — including inflation, labor shortages, access to capital and supply chain disruptions.

This is the third year the group has done this. Roughly 1,100 businesses have benefited from this money over the last two years.

When COVID hit, it's estimated that more than 40% of small, Black-owned business employers closed. Many left towns without businesses essential to their communities.

These grants allow business owners to use the money to cover things like hiring, payroll and utilities.

The deadline to apply is September 6. You can apply here.