All small businesses in Atlanta, Houston, Jacksonville, Florida, Richmond, Virginia, and southern Colorado can apply for $2.5 million in funding. Black-owned small businesses are among them. The grant packages will also include business consultation, educational resources, and a technology makeover. Starting this year from May 1 through May 31, businesses can get more details here.
Marking its fourth year now, Comcast RISE reports it has awarded 13,500 small businesses over $125 million in monetary, marketing, and technology grants. The new grants will be announced in August 2024, taking the total number of recipients to 14,000 this year.
Loren Hudson, SVP and Chief Diversity Officer at Comcast, stated, “Small businesses are the backbone of our economy and are essential to building strong and thriving local communities.” She added, “Comcast RISE is proud to help strengthen and empower these small businesses and entrepreneurs expand and grow.”
Insufficient or expired capital is a significant operating hurdle for emerging and mature small businesses. This report showed that 76% of Black entrepreneurs disclosed access to capital was a challenge.
Though Black-owned businesses have grown robustly in recent years, 25% of them reportedly still struggle to obtain the needed capital to support their enterprises.
In general, grants can be used for several purposes. For instance, they can be used by entrepreneurs to launch or expand a business, for working capital, improve funding strength, and create jobs.
For its part, Comcast RISE says it is committed to supporting the growth of all small businesses. Started in November 2020, its initial effort was aimed at aiding minority and women-owned small businesses most affected by COVID-19. The push has since evolved to help all small businesses and their communities grow through such means as economic growth.
Comcast RISE is part of Project UP. Comcast’s $1 billion pledge to advance digital equity through programs and community partnerships.
More details about on what the grant package will include can be found here.
