Beyoncé’s BeyGOOD foundation announces Black-owned Small Business Impact Fund
Grants worth up to $10,000 will be given to Black-owned small businesses in five U.S. cities.
Beyoncé continues to be a vital advocate for the Black Lives Matter movement with her latest effort to support Black owned businesses through a partnership with the NAACP.
On Thursday July 9, she announced that her BeyGOOD philanthropic foundation is creating a Black Owned Small Business Fund to help businesses impacted by COVID-19.
When the United States government’s Small Business Administration first introduced the CARES Act in April, their intention was to prioritize minority businesses, but The New York Times reported that Black and Latinx business owners have been largely neglected by subsequent relief programs.
Only 12% of Black and Latinx businesses received federal CARES loans while another 26% declared receiving partial funds from the Paycheck Protection Program.
It was also found the billionaires and prominent donors to the Trump administration were prioritized. Kanye West’s YEEZY received over $2 million from the same program.
The partnership was announced in a recent Instagram post.
“BeyGOOD announced the Black-Owned Small Business Impact Fund, assisting small businesses negatively affected by recent events. The NAACP is proud to partner with BeyGOOD to help strengthen the small businesses and to ensure economic empowerment for Black Businesses,” the announcement read.
On BeyGOOD’s website, the NAACP wrote “the challenges of Black business owners navigation in the climate cannot be understated, as the effects of uprisings across the nation have led to many businesses being placed in dire straits due to damages and other small business needs.”
Grants worth up to $10,000 will be offered to Black-owned small businesses in Houston, Minneapolis, Atlanta, New York and Los Angeles. To be eligible for the grant, applicants must be a “Black-owned small business owner” and be able to “prove property damage or replacement estimate,” per the guidelines.
Business owners can apply until July 19, and those selected will be announced on Beyoncé’s official website on July 31.
This recent action is just one of the many that Beyoncé has taken recently to benefit the Black community.
In June, she penned a letter to Kentucky’s Attorney General, Daniel Cameron, demanding justice for Breonna Taylor.
She also took to Instagram, urging her 150 million followers to sign a petition calling for justice in regards to George Floyd’s murder. On Juneteenth, she dropped a surprise single, called “Black Parade,” as a tribute to all the Black people protesting against police brutality.
In the Instagram post announcing the single, she directed her followers to her website, where she posted a curated list of Black owned businesses to support.
Beyoncé’s Black Is King visual album will premiere on July 31 on Disney Plus. In a lengthy Instagram caption, she explained how much this work means to her and what it is supposed to represent.
“With this visual album I wanted to present elements of Black history and African tradition, with a modern twist and a universal message, and what it truly means to find your self-identity and build a legacy,” she wrote.
We don’t call her Queen Bey for no reason. Beyoncé remains an excellent example of what it is to use your power, wealth and influence to create social change.