Minority small companies can now pursue as much as $100,000 in grants via the Houston Fairness Fund.

Some $8 million is being provided to companies owned by individuals of shade and nonprofits through the newest section. Based on Houston Public Media, the “Open For Enterprise” grant program is being financed by Wells Fargo and run by the Houston Fund for Social Justice and Financial Fairness.

Purposes are set to open from Might 15–31 here, with these making use of in search of awards working between $5,000 to $100,000 every.

The monetary backing comes as securing financing to assist begin or develop companies stays an ongoing downside for a lot of institutions, together with Black-owned companies. The challenges have risen not too long ago as a consequence of excessive inflation, COVID-19, and different headwinds. These situations have compelled many Black companies to shut, create new methods to rebound, and look at different approaches to develop and survive.

The brand new grants in Houston could also be used for a number of functions, together with buying land and making enhancements, constructing development or renovation, shopping for stock, equipment, and gear, and expertise and enhancements, and modernizing landscaping, parking tons, and extra.

Thomas Jones, board president for the Houston Fund for Social Justice and Financial Fairness, additionally referred to as the Houston Fairness Fund, mentioned, “We’re dedicated to bridging the financial hole in our metropolis by supporting Houston’s underrepresented and underfunded minority-owned small companies and nonprofit organizations.”

To qualify, companies and nonprofits should be inside Houston’s metropolis limits and established earlier than Dec. 31, 2021. The eligible companies should be “mission-aligned” and “diverse-owned” with 100 or fewer staff and not more than $3 million in gross income in 2022.

The second funding section comes after the Houston Fund for Social Justice and Financial Fairness awarded $5 million in grant cash final 12 months to native small companies and nonprofits.

It was disclosed grant recipients through the first section are ineligible for funding through the second section, but they’ll apply for extra as a part of the third section subsequent 12 months.