Ahead of the highly anticipated Renaissance World Tour, Beyoncé has announced a $2 million contribution to support small businesses and students.
According to a news release, the singer’s BeyGOOD Foundation, which was founded in 2013, will use the investment to promote economic equity and education in marginalized and under-resourced areas.
“I am hugely proud of the work we have done over a decade at BeyGOOD, here in the US and around the world,” said BeyGOOD founder, Beyoncé. “From scholarships to the water crisis in Burundi, to helping families during Hurricane Harvey in my hometown, Houston, it has been beyond fulfilling to be of service. Now as a foundation, we will continue the work of engaging partners through innovative programs to impact even more people.”
Black Parade Route
A portion of the commitment is a continuation of the Black Parade Route, which was established to help small businesses affected by COVID-19.
“Beyoncé identified that small businesses are essential,” Ivy McGregor, BeyGOOD Foundation’s executive director, told CBS Mornings. “These were businesses that intended to stay open, to keep the grocery stores open, to help those communities, so she gave grants to over 900 small businesses of over $10,000 and then elevated them socially.”
Looking ahead, 1,000 small businesses will be selected for the investment pool. Additionally, prior to each tour stop, entrepreneurs will be able to network and have a chance to receive $100,000 in funding at various luncheons.
Black Parade Route Small Business luncheon cities include:
- New York
- Los Angeles
- New Orleans
“It’s more than just a check that people will receive because we have heard from them, we have listened, we have stayed in contact to understand what are your needs. And we know that small businesses support and are a backbone of their economy,” McGregor said, according to CBS Mornings.
RENAISSANCE Scholarship Fund
As for students, the RENAISSANCE Scholarship Fund will distribute $100,000 to selected colleges and universities in ten cities on the tour including Paris, Philadelphia, Detroit, and Washington, D.C. The recipients will be selected by the participating higher learning institutions.
“We believe that everyone has the right to economic equity. And we are keenly aware of the barriers to access, opportunity, and resources that disproportionately impact BIPOC communities,” said McGregor in a news release. “Our work is rooted in the belief that education, pathways for employment and support of entrepreneurship are vehicles that help drive sustainable outcomes. As we celebrate a decade of good, it continues to be my great honor to lead the philanthropic vision of Mrs. Carter and to be hands and feet of hope and help for those in need globally.”