Beyoncé’s nonprofit organization BEYGOOD and the NAACP partnered this summer to launch their own Black-Owned Small Business Impact Fund.
Now after over 17,000 entrepreneurs have applied for the grant program, one lucky business has announced themselves as one of the recipients.
In an announcement via Instagram, The Gift — a natural health and wellness company that was founded in 2018 — received a grant value of $10,000 from BEYGOOD and the NAACP’s joint venture.
The wellness company shared the news in an Instagram Post where they explained how the generous grant will help them grow and expand their business.
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“We are so humbled and grateful to be selected out of 17,000 applicants for a grant from the Queen Bee herself, Beyoncé and BeyGOOD in partnership with the NAACP!” the post stated. “The grant is helping us re-launch our new sustainable packaging, launch a new website, and our education platform Project 545. We hope that our work will not only bring relief to millions of people but also break down the stigma and the damage that was done to black and brown communities from the ‘War on Drugs.’”
This grant presents a huge help to companies like The Gift, who often struggle to combat the high costs of being in the cannabis industry.
“Companies in the legal cannabis industry face higher costs for just about everything from insurance to banking, even if they are working strictly with hemp, not marijuana,” Cory Moore, co‐founder and CEO of The Gift, wrote in a written statement to Black Enterprise.
He continued stating: “Banks are reluctant to lend to us because the regulations around hemp are new and still developing in some respects. Black‐owned businesses are challenged even further when it comes to financing. This grant from NAACP and Beyoncé has made us feel seen, and we are grateful to them for the opportunities we will create with these funds.”
For more information about The Gift, visit its website.