1863 Ventures — a D.C. -based accelerator designed to bridge the gap between entrepreneurship and equity — has just launched a 3Rs (Recovery, Rebuild, Resilience) business development program to support Black and brown business owners.
A press release reports that the new program will provide over $850,000 worth of grant funding from Capital One and The Rockefeller Foundation to help minority founders reevaluate their business models and navigate their companies in a post-pandemic state.
The 3Rs program aims to not just financially-back these founders, but also empower them to grow through a live and online curated business development curriculum, as well as 1:1 business coaching.
“1863 Ventures is humbled to work with Capital One and The Rockefeller Foundation to help Black entrepreneurs in place. Black entrepreneurs were the hardest hit during the pandemic but received the lowest levels of investment to survive,” said Melissa Bradley, Founder and Managing Partner of 1863 Ventures, in a statement. “This program is important because Black businesses are the fastest growing segment of the nation’s small business owners. Investing in these businesses is not just a moral imperative but an economic one for Black communities and this country.”
Through its partnership with Capital One, 1863 Ventures is providing 100 Black-owned D.C. businesses with curated online business development content, $5,000 grants and three months of business coaching, according to a press release.
Additionally, its partnership with The Rockefeller Foundation is also extending support to 1,200 Black businesses across 14 U.S. cities with the same opportunity and grant awards.
1863 Ventures was founded back in 2016 by Bradley. Now, the company continues its mission to create $100 billion in new wealth by 2030 through its non-profit programming and venture fund.
The ultimate goal for the new program is to serve as an avenue to offer structured business development for D.C. entrepreneurs, shift the narrative for New Majority founders, and promote job growth.
“Now is a pivotal point in time for the world of philanthropy to truly accept the challenge of funding opportunities that foster generational wealth and economic mobility for communities that have been most marginalized in our country,” said 1863 Ventures Chief Operating Officer, Danny Wright in a statement. “Without philanthropic organizations actually putting the necessary levels of funding behind their missions and like causes, poverty will always exist, regardless of how wealthy our nation is on paper.”
The business development portal is now open for participants in The Rockefeller Foundation-based cities. Grant funding is expected to commence early April of this year.
For more information about the 3Rs Grant Program, click here.