$100K in microgrants awarded across 23 struggling, but resilient minority businesses

September 2, 2020  |  Startland News Staff

Editor’s note: The Ewing Marion Kauffman Foundation is a financial sponsor of Startland News. This report was produced independently by Startland News’ nonprofit newsroom.

[divide]

A COVID-era resiliency fund that quickly closed applications after receiving a deluge of response from entrepreneurs in need has awarded microgrants to 23 minority businesses on both sides of the state line.

“With many of the federal small business aid programs not reaching our entrepreneurs of color, this was a unique opportunity to create equity,” said Davin Gordon, senior business development officer for AltCap and a member of the evaluation committee for the Kansas City Minority Business Resiliency Grant. “It’s not everyday you get the chance to give away $100,000 in small business grants. The selection process wasn’t easy, and we look forward to the impact these grants will have for the selected businesses.”

All recipients were entrepreneurs of color, according to organizers of the effort, and more than 60 percent of the grant awardees were women.

The fund, supported by the Ewing Marion Kauffman Foundation and administered by the UMKC Innovation Center and partnering financial institutions, was created to help business owners who haven’t been able to access disaster financing and relief funding at the same rate as others during the COVID-19 pandemic.

Click here to read more about the grant program’s launch.

All businesses awarded a microgrant are majority owned by racial/ethnic minority entrepreneurs, are located in the Kansas City Metropolitan Statistical Area, have proof of sales in 2019 that didn’t exceed $250,000 and have been negatively impacted by COVID-19.

The 100-applicant threshold was met in just two hours after applications opened Aug. 17, illustrating the immense need of a grant fund such as this, which does not require recipients to repay any of the financing they receive through this opportunity. Recipients could request between $500 and $5,000.

Click here to learn more about the immediate response to the Kansas City Minority Business Resiliency Grant.

Of the 23 businesses receiving funding through this grant, 20 received the full amount they requested, according to the UMKC Innovation Center. An additional three businesses received funding with remaining funds.

Entrepreneurs and businesses supported through the fund’s grant rollout include:

Missouri

Kansas

Click here to explore KCSourceLink’s COVID-19 resources.

[adinserter block="4"]

2020 Startups to Watch

    stats here

    Related Posts on Startland News

    6 ways to be a startup community hero (for non-entrepreneurs)

    By Tommy Felts | May 27, 2015

    Melissa Roberts, marketing director of the Enterprise Center of Johnson County, shares how those interested in helping the startup community can effectively engage entrepreneurs.  In my work at an entrepreneurial service non-profit in Kansas City, I get to meet many passionate, community-minded people each day. Often, those people have no connection to our startup community, other than…

    Major network provider taps SquareOffs for ‘Rant Offs’

    By Tommy Felts | May 26, 2015

    SquareOffs recently landed a client that may place its web-based debate technology in front of millions of more people. The company partnered with digital media network Rant Inc. to offer its online debate and polling tech to engage Rant’s readers and increase their advertising revenue. “It’s one of the bigger contracts that we’re apart of,”…

    Week of events creates startups, builds entrepreneurial community

    By Tommy Felts | May 26, 2015

    The Kansas City entrepreneurial community is prepping for a week-long celebration of startups and entrepreneurship. 1WeekKC, which kicks off on May 29 and continues throughout the entire first week of June, will include a series of events created to empower entrepreneurs to come together, share ideas, get inspired, celebrate and connect. A group of community…

    Techweek, Launch KC winners have shot at more money

    By Tommy Felts | May 26, 2015

    The winning company at a demo day competition during Kansas City’s coming Techweek conference will earn a chance at nabbing significantly more dough. In addition to a $50,000 LaunchKC grant, the winning firm would have a shot at an added $50,000 from a national competition. LaunchKC — an initiative to attract 10 tech firms to relocate to Kansas…