July 18th 2023.
Fourteen Black-owned small businesses have received a major boost to spur their growth and longevity: $25,000 each in additional grants from the Coalition to Back Black Businesses. This is on top of the $5,000 awarded to each business from CBBB's 2022-23 grant program at the beginning of 2023. Of the new funds, an impressive 79% went to women-owned businesses.
The U.S. Chamber of Commerce Foundation launched CBBB in September 2020 with the support of co-founding partners American Express and a $10 million commitment. Other partners such as Cummins, Optimum, and Shopify have also contributed to the program.
So far, the program has awarded $8.5 million to 1,414 small businesses across the US. The chamber has reported that 65% of their total grant recipients are women, which is in line with the growing trend of Black business ownership led by Black women entrepreneurs.
The chamber shared with BLACK ENTERPRISE that the pandemic has played a role in this, and programs such as CBBB have enabled Black businesses to access capital and obtain the tools they need for long-term growth. The 14 small business owners selected for the enhancement grants were chosen from 324 grantees in the 2022-2023 cohort, and represent a range of industries from creative and food services, to beauty merchandising.
Kymme Williams-Davis, owner of Bushwick-Grind, expressed her gratitude for the grant: "Being awarded this enhancement grant will have a major, tangible, and long-standing impact on the future of Bushwick Grind Cafe. One of the real gems of the CBBB program is the education, networking, and toolset that it provides small, local mom-pop shops - opportunities that are otherwise very difficult to access."
Kenzel Fallen, co-founder of Three Keys Coffee, also weighed in on the program: "The CBBB Program has enabled us to invest in the necessary equipment and staff to offer a best-in-class experience to our customers. We have won numerous awards for our quality and commitment to excellence, and thanks to this enhancement grant, we are empowered to increase our scale and share our coffee with an even wider audience. We're beyond excited!"
If you're a small business owner interested in the 2023-24 grant program, applications will be available on August 21, 2023. For eligibility and other information, please visit their website.
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