Press release from The North Carolina Institute of Minority Economic Development:
The North Carolina Institute of Minority Economic Development (The Institute), in partnership with the Women’s Business Center of North Carolina, announces the launch of the Small Diverse Business Emergency Relief Fund.
During this time of uncertainty, The Institute, the Women’s Business Center of North Carolina, the Women’s Business Center of Charlotte, and the South Atlantic Small Business Transportation Resource Center are partnering on the establishment of the Small Diverse Business Emergency Relief Fund. With the state and local shelter-in-place ordinances for citizens, many small businesses and entrepreneurs are experiencing significant economic impact. The relief fund will provide grants for up to $1,000 for rent, utilities, and other operational expenses of small businesses that have been impacted by a decline in business due to COVID-19. These funds are not expected to be repaid. Businesses applying for grant funds must operate in North Carolina, be a small minority owned business, and must demonstrate the immediate needs for resources. Funds will be administered through the Women’s Business Center of North Carolina.
“This fund is different than many that we’ve seen so far,” says Kevin J. Price, President and CEO of The Institute. “We are focusing on micro-grants, trying to help small diverse businesses stay open and operational. We’ve heard stories of business owners only needing $500 to pay a web designer or $250 to keep the lights on. This is where our relief fund can make the difference between businesses closing their doors or remaining open.”
The Institute has launched a giving site at www.theinstitutenc.org/marketplace to allow community members to give to the Small Diverse Business Emergency Relief Fund. This site is part of The Institute’s “Buy Small. Buy Local.” campaign. The website features two key elements: a Buyers & Sellers Connection portal and a giving portal. The Buyers & Sellers Connect portal allows North Carolina small businesses to list their products and services for sellers to search. Minority business owners can register in the connection portal to list their products and services for free. Likewise, sellers can find the products and services they need in their region for free. The giving portal directly supports the Small Diverse Business Emergency Relief Fund. Individuals and corporations can give through this portal.
“Now more than ever, buying small, local, and diverse is critical,” says Price. “The Small Diverse Business Emergency Relief Fund is an extension of this support. Corporate partners have begun joining us in building this fund. Giving to the Small Diverse Business Emergency Relief Fund will help ensure North Carolina’s small diverse businesses are able to weather the storm of COVID-19.”
Donations to the fund are being accepted now. Business owners interested in applying to the fund should visit www.theinstitutenc.org/marketplace for application information.
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