Innovation Meets MainStreet Grant for Boosting Black Women-Owned Businesses

AEO
Last date: 
Wednesday, September 23, 2020
Country: 
United States

Detailed Description

The Association for Enterprise Opportunity (AEO) in partnership with Local Initiatives Support Corporation (LISC) and powered by Fifth Third Bank, is seeking applications for its Innovation Meets MainStreet grant program that is designed to help black-owned women businesses impacted by the COVID-19 and civil unrest.

The grant can be used to help black-owned women businesses with layoff aversion, covering operational costs, pay rent/mortgage, and connect with customers.

Funding Information

  • The grants are $10,000 each.
  • Grant awards will be made to 63 small businesses across the country.

Eligibility Criteria

  • Must be a legal for-profit business entity based in Atlanta, GA, Charotte, NC, Chicago, IL, Cincinnati, OH, Detroit, MI, Nashville, TN or Orlando, FL.
  • Business must be currently operating (i.e. – not permanently closed)
  • Business must have a demonstrated record of operating before COVID-19 and was temporarily closed due to local COVID-19 related mandate.
  • Business must have started operations on or before May 2019.
  • Business-owner must be ready to actively engage in MainStreet RISE product solutions now.
  • Business must be located in an LMI census tract.
  • Has a maximum of 10 employees or is a sole-proprietor.
  • Annual business revenues must be less than $1 million.

Businesses must not identify under the following industries as defined by SBA:

  • Loan packaging
  • Speculative activities including commodities trading
  • Pyramid sales plans
  • Firms involved in illegal activities that are against the law in the jurisdiction where the business is located
  • Firms involved in lending activities
  • Gambling activities
  • Charitable, religious, or other nonprofit institutions
  • Sex-related industries
  • The applicant must be the business owner and/or a leading executive of the business (President, CEO, CFO, COO, or any other similar title).
  • Business must not be current directors, officers, employees, and contractors of LISC or Fifth Third Bank, and such individuals’ family members (spouse, parents, children, grandchildren, great-grandchildren, and spouses of children, grandchildren, and great-grandchildren) are not eligible to apply or seek an award.

Source: https://aeoworks.org/innovation-meets-mainstreet/

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