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Looking to ensure that Black-owned and -led businesses can become trailblazers in Western New York’s economy, community development nonprofit LISC WNY and General Motors are working together to provide $15,000 and $10,000 grants to more than a dozen under-capitalized Black businesses to help them scale their capital to grow their operations and position themselves as leaders in the region’s in-demand industries.
Coined the “Scale Up WNY” grant program, the initiative, now in its second year, is designed to address inequity facing Black-owned businesses that have historically lacked access to the capital networks needed to scale their operations and expand capacity.
Scale Up WNY – which is supported by funding from General Motors and will be administered by LISC WNY – will provide grants of $10,000 and $15,000 to a group of 13 Black-owned and -led businesses in Western New York who operate in industries where projected demand for services outweighs current supply – allowing these businesses to emerge as key drivers of the region’s economy.
“There is currently pent-up demand for services in several industries in Western New York, and consumers, businesses, contractors, and nonprofit organizations need that demand to be met. If we’re to make progress toward closing the racial wealth gap, then it’s critical that Black-owned businesses are given the resources, tools and networks needed to fill the gaps that exist in the local economy,” said Tyra Johnson Hux, operations director of LISC WNY. Read more.
Source of original article: Black Star News (www.blackstarnews.com).
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