February 17th 2024.
The North Carolina Black Entrepreneurship Council is excited to announce the launch of a new grant program to support the growth of local Black businesses. Starting on March 11, the council will begin accepting applications for the 2024 NC BEC Ecosystem Grant, with a total budget of $300,000. This means that eligible applicants can receive up to $50,000 each, and a total of six grants will be awarded. The deadline for submissions is April 15 at 5:00 p.m. EST, and applicants must be based in North Carolina.
The grant program is open to a variety of organizations, including non-profits, for-profits, HBCUs, and entrepreneurial support groups that cater to Black entrepreneurs. The NC IDEA, a private foundation based in Durham, North Carolina, established the NC BEC in 2020 to support and empower entrepreneurial endeavors in the state. To date, the council has already awarded over $2 million in grants to Black entrepreneurs, support organizations, and Historically Black Colleges and Universities.
According to Thom Ruhe, President and CEO of NC IDEA, the NC BEC's leadership is committed to providing the Black community with equal opportunities for access, exposure, and networking. This will help level the playing field and unlock the full potential of every individual. This funding initiative comes at a time when corporate America has reportedly failed to fulfill its promises of investing $50 billion to address racial inequalities and support Black individuals and businesses since the tragic murder of George Floyd in 2020. While some companies have made pledges, not all have publicly reported their progress, leading some to question the actual amount of funding being provided.
But now, NC IDEA and NC BEC are stepping up to fill this void in North Carolina. The NC BEC's mission includes empowering Black leaders and equipping them to support Black entrepreneurs in securing capital and driving economic development. The council has grown from a small group of accomplished Black professionals to a team of over two dozen experts from various fields. Their insights and priorities inform NC IDEA's funding and support strategies, with the ultimate goal of making North Carolina the top state for Black founders.
Desmond A. Wiggan, CEO and founder of BatteryXchange, shared how receiving funding from NC IDEA and NC BEC last year proved to be a game-changer for his Charlotte-based company. He expressed his gratitude for the $50,000 SEED grant from NC IDEA and the $75,000 GROWTH grant from the Black Entrepreneurship Council, which helped attract multiple angel investors and propel their business to new heights. Wiggan also praised the commitment of these organizations in fostering equitable entrepreneurship and creating opportunities for all entrepreneurs in the state.
In related news, the Fearless Fund VC Firm has been embroiled in a legal battle over their grant program for Black women. However, the firm continues to stand by their mission of supporting and empowering Black female entrepreneurs, disputing the injunction that has temporarily halted their grant program.
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