August 11th 2023.
The Fearless Fund and its lawyers have pledged to fight back against a lawsuit filed against them by a conservative anti-affirmative action activist. At the press conference on August 10th, the co-founders of the Fearless Fund were joined by their lawyers, civil rights attorney Ben Crump and Alphonso David, President/CEO of the Global Black Economic Forum.
The Fearless Fund has been a powerful force in helping Black women business owners gain and raise capital since 2019. In total, they have raised over $26.5 million to help Black female founders launch startups and grow businesses. When asked about the lawsuit on CBS, co-founder Arian Simone said she initially thought it was a joke. She went on to describe it as “an attack to dismantle and address our economic freedom as people of color.”
The lawsuit in question has to do with the Fearless Strivers Grant Contest, a program that awards Black women small business owners with $20,000 and digital tools to help them grow. In response to the lawsuit, the Fearless Fund released a statement. They wrote, “Our vision is to promote a global society where marginalized and underrepresented communities are empowered with unbiased access to the resources and assistance that are critical to achieve business success.”
In recognition of the support they have received, the Fearless Fund has also released a list of corporate partners that have stood by them, including Ally, Bank of America, JPMorgan Chase, Mastercard, PayPal, Nike, Tory Burch Foundation, Costco, General Mills, and Florida A&M University. To ensure their work continues despite the lawsuit, the Fearless Fund also set up a website to garner support.
The legal team for the Fearless Fund plans to fight the lawsuit “vigorously” with the hope of having it dismissed. In the meantime, they will continue their work of providing capital to Black women entrepreneurs. As Ben Crump noted at the press conference, giving women a seat at the table and economic freedom is essential.
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