Multiple reports show that 2020 has been a brutal year for small business owners, including Black women entrepreneurs, largely because of the devastation from COVID-19.
Yet, well ahead of the economic obstacles fueled by the pandemic, female founders received just 2.8% of venture capitalist funding. And more troubling, a report called ProjectDiane found that just 0.2% of all VC funding was allocated toward startups founded by Black women.
Formed to bridge the funding shortfall for women-owned enterprises, the Stacy’s Rise Project just awarded $150,000 in grants to 15 Black women business owners. The $10,000 each winner collected, along with professional advertising services and executive coaching/mentorship, will help them tackle challenges that many Black women founders face in this current environment. It’s a big deal as the grant recipients were chosen from thousands of applicants based on such factors as their commitment to social impact, sustainability, and how they faced recent challenges in their businesses.
The 2020 Stacy’s Rise Project, a grant and mentorship program created by Stacy’s Pita Chips, focuses on advancing female founders. Stacy’s is one of the brands that…