These are businesses that have been disproportionately impacted by the unprecedented health, social, and economic impacts of the COVID-19 pandemic.
According to the National Bureau of Economic Research, Black-owned businesses are closing at more than twice the rate of white-owned businesses and experiencing declines in cash balances nine times as steep.
Ensuring their equitable recovery of small businesses — the foundation of the U.S. economy and local communities — is a critical piece of the nation’s collective recovery, and entrepreneurs who have been able to keep their doors open need high-quality advice on how to navigate the rules of public support programs, adapt to COVID-19 public health restrictions, and develop new plans for financial stability reports the Philanthropy News Digest.
To that end, the foundation will award up to $25 million in unrestricted grants of up to $500,000 to nonprofits working in California, Connecticut, Florida, Illinois, Maryland, New Jersey, New York, Nevada, Puerto Rico, South Dakota, Texas, Virginia, and Washington, D.C., enabling them to expand their reach and serve more minority entrepreneurs in need.
- Deadline: April 12, 2021
- Link to complete RFP
For more details on eligibility requirements and the application process, see the Citi Foundation website.