The Minority Business Enterprise program, coordinated by Greater Winston-Salem Inc., is gearing up for its second round of grant applications for local Black and Hispanic-owned small businesses.
The grant program is managed by the Entrepreneurship Advisory Council, made up of black and Latino business leaders from Forsyth County. Greater Winston-Salem Inc. provides financial oversight and organizational structure.
Grants of up to $25,000 are awarded. The program announced its first round of grants in December totaling $229,000 for 21 recipients.
“While the second round of the grant window has not yet been finalized, it is expected to open in October,” chamber spokeswoman Ethanie Good said last week.
The $1.25 million fund launched in October 2020 with designs to help drive business success, job retention and job creation for Black and Latino-owned businesses during the COVID-19 pandemic.
To be eligible, a business must have black or Hispanic owners and have a maximum of $1 million in annual gross sales. Companies must have been created no later than January 1, 2020 and can have between one and 25 employees.
Grants can be used for salaries, wages, lease payments, working capital or capital improvements.