by Jeffrey McKinney
February 17, 2024
NC BEC funding initiatives aim to address racial inequities in business support and economic development in North Carolina.
of North Carolina Black Entrepreneurship Council (NC BEC) is launching new grant funding to help local Black businesses grow.
The council will begin accepting applications on March 11 to support advancing Black entrepreneurship through the 2024 NC BEC Ecosystem Grant. Applicants can receive grants of up to $50,000 each from a $300,000 budget. This means approximately six grants will be awarded. The application deadline is April 15th at 5pm EST. To seek funding, you must be a North Carolina-based organization.
Eligible applicants include only non-profits, for-profits, HBCUs, entrepreneurial support organizations, and other organizations of various types that offer or host programs designed to support or assist Black entrepreneurs. can do.
NC IDEA, a Durham, North Carolina-based private foundation that supports entrepreneurship and economic empowerment in the state, created NC BEC in 2020. The council has awarded more than $2 million in grants to date, including to Black Entrepreneurs in North Carolina ($525,000). ), Entrepreneurial Support Organizations ($775,990), and Historically Black Colleges and Universities ($775,990).
Tom Ruhe, president and CEO of NC Idea, said: “Under the leadership of NC BEC, our call to fund the entrepreneurial aspirations of these organizations will provide Black communities with greater opportunities for access, exposure, and networking, thereby leveling the playing field. and to realize the potential of everyone.”
This funding effort comes after American businesses failed to deliver on their $50 billion pledge to address racial inequality and empower Black individuals and businesses after the 2020 killing of George Floyd. This was done after it was reported that However, some observers dispute the amount promised. The company that created the fuss has not publicly reported updates on its efforts. The pledges announced range from support for the growth of black businesses to support for black individuals to make large purchases such as homes.
Now, NC Idea and NC BEC are stepping up to fill that void in North Carolina.
North Carolina BEC's work includes building the capacity of Black leaders to better support Black business owners with capital funding and economic development. It has grown from a small group of accomplished black professionals to over 20 of his professionals in various fields active in the BEC. This represents a priority for funding and support for NC IDEA, which aims to become the best state in the nation for Black founders.
Desmond A. Wiggan, CEO and founder of BatteryXchange, reflected on how last year's funding benefited his Charlotte, North Carolina-based company. “The $50,000 SEED grant from the NC IDEA Foundation and the $75,000 GROWTH grant from The Black Entrepreneurship Council helped us attract multiple angel investors and propel our business to new heights. Their commitment to promoting equitable entrepreneurship truly enhances opportunities for all entrepreneurs in the state.”
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