In 2020, nearly half of all Black-owned businesses and 32% of Latine-owned businesses in America closed down due to COVID-19. To make matters worse, government aid failed to reach Black and Brown entrepreneurs when needed most. A post-mortem study of PPP loans found that the success rate of white applicants was 60% compared to a success rate of 29% for Black applicants.
Our portfolio fund, Founder’s First Capital Partners, saw the suffering and devastation impacting diverse founders and launched the Job Creators Quest Grant in February of 2021 as a result. The Job Creators Quest Grant has launched in phases, pledging to provide over $220K to diverse founders nationwide. In February 2021, FFCP gave $60K in grants to 20 diverse-led small businesses in Pennsylvania and New Jersey. In September of 2021, FFCP went on to pledge $100K for diverse founders in Texas. In addition to the cash reward, recipients receive tuition to FFCP’s accelerator program, FFCDC, to provide them with the mentorship and knowledge they need for sustainability.
Funding for this program was facilitated by a $1 million grant from the Rockefeller Foundation. Additional partners include Black Enterprise, ADP, BCL of Texas, Bank OZK, The Study USA, Jill Johnson (Founder, IFEL) and many more. We’re so proud to support Founders First’s Founder and President Kim Folsom and her team in their mission to provide equitable funding throughout the USA.