Beyoncé and BeyGOOD initiative have teamed up with the NAACP to establish the Black-Owned Small Business Impact Fund, the organizations announced. The financial reserve will give $10,000 grants to small business communities directly impacted by the global pandemic.
BeyGOOD announces The Black-Owned Small Business Impact Fund, administered by @NAACP assisting small business negatively impacted by recent events. https://t.co/cXwNUDOl7A pic.twitter.com/Ok1qPpEyGY
— BeyGOOD (@BeyGood) July 9, 2020
“Over the last couple of months, the pandemic and outpours for justice throughout the Black community and across the country has been felt in every imaginable area of our lives, including in how our local businesses continue to operate,” the press release reads. “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.”
Ahead of the announcement, Beyoncé released Black Parade, an extensive online directory of Black-owned businesses whose proceeds directly benefit the Impact Fund and encourage economic empowerment.
To apply, Black business owners must provide property damages or replacement estimates. Eligible cities include Houston, Atlanta, New York, Los Angeles, and Minneapolis.
Submissions for applications end on July 18. Selected applicants will be notified on July 31 and announced on Beyonce.com.