The Beyond Open grant initiative looks to help build businesses located within Charlotte’s six Corridors of Opportunity — lower-income areas with a majority of residents of color, where the city is focusing $109 million worth of investments.
Foundation For the Carolinas said Friday that it has completed the first of three grantmaking rounds with its new Beyond Open small business grant program, giving money to dozens of local companies.
“We are grateful for each and every diverse small business owner who applied in Round 1 and shared their abundant talents, ingenuity and dedication,” said Tracy Russ, special advisor for civic initiatives at FFTC.
“Their very strong participation created an extremely competitive selection process. We are thankful to Wells Fargo for the leadership and generous resources that have made Beyond Open possible.”
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The program has awarded $5.9 million to 178 diverse-owned small businesses and nonprofit organizations. Grants are between $5,000-$250,000 and do not have to be repaid.
The grantees in the first round are a variety of small businesses that include brick-and-mortar retailers, transportation, construction, catering and restaurants and more.
Among the first round of recipients:
· 90% identify as a person of color, including 76% Black, 7% Hispanic/Latino, 4% Asian, 2% American Indian/Alaskan Native, 1% two or more races.
· 72% identify as located within or near/adjacent to one of the six Corridors of Opportunity.
· 60% identify as women.
· 13% identify as LGBTQ.
· 8% identify as veterans.
The next rounds of grants will be announced later this year and in 2024. More information about future rounds is available at beyondopentclt.com
