The National Community Reinvestment Coalition and the Stavros Niarchos Foundation (SNF) announce a new initiative to help address some of the longstanding challenges, including gender and racial inequality and other socioeconomic barriers, that small business owners face in accessing capital. These barriers have been heightened and inequities deepened by the COVID-19 pandemic. In collaborating, through a grant to NCRC by SNF, the two organizations seek to assist in building a future economy supporting upward mobility for all entrepreneurs regardless of race, ethnicity, or socioeconomic status.
The new Stavros Niarchos Foundation (SNF) Small Business Growth & Recovery Fund initiative is managed and implemented through Equivico by NCRC. The Stavros Niarchos Foundation is the sole funder of this initiative, but does not participate in the selection process or in the implementation of the project, which are the full responsibility of NCRC.
The SNF Small Business Growth & Recovery Fund aims to help provide impactful solutions to a chronic problem. The Fund’s mission is to help U.S. small businesses, including those owned by people of color, women, and veterans as well as those in lower-income communities, find their footing in a challenging economic landscape. By distributing grants, the program will offer awards up to $20,000 each, which do not need to be repaid, to U.S.-based small businesses, accompanied by complementary training and mentorship for business owners.
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