SEATTLE, May 26, 2021 /PRNewswire/ — Tabor 100, one of the state’s largest minority advocacy organizations, announced Wednesday, it will be providing grants totaling $462,000 to 23 Black businesses using its Black Business Equity Fund (BBEF).
«We received 55 applications, and after careful review, we are delivering grants to 23 firms to take them to the next level in their businesses,» Tabor 100 Fund Development Chair Dan McGrady said. «I want to thank all the businesses, non-profits and individuals who contributed to the Fund BBEF.»
The BBEF was created seven months ago, during America’s reckoning with race after George Floyd’s death that coincided with 41 percent of Black businesses being shuttered between February and April due to the pandemic.
Pandemic relief efforts, like the Paycheck Protection Program, and many of the government grant and loan initiatives did not provide funding to Black businesses. The goal of the BBEF is to «level the playing field» as much as possible to give Black businesses another option to raise capital and grow their organizations.
Recipients were evaluated using strict criteria by a six-person group, which included three Tabor 100 Board members and three seasoned grant-evaluation professionals from outside the organization.
Criteria for selection included:
- Is the business financially stable?
- Is the firm positioned to grow and hire?
- Would the funds provide a bridge to the next level – staffing, equipment, marketing, etc.?
- The previous year’s revenue (grant could not exceed)
- Prior financial assistance
- $50,000 maximum award
- Money is not intended to be used for rent, mortgage or bills
«We wanted to give funds to businesses that have the potential to grow in the future, hiring employees from the community and creating long-term, sustaining Northwest companies,» said Angelica Doty, a BBEF evaluator and Small Business Development Manager at Seattle Credit Union.
Initial funding for the BBEF comes from private sector and non-profit donors, including Vulcan Inc., Puget Sound Energy, Amazon, Seattle Foundation and Facebook. The BBEF will continue operations into the foreseeable future and intends to raise additional funding to provide more assistance to business owners.
«We urge any business interested in assisting Black firms in their quest for success, contribute to the BBEF,« McGrady said. «You can go to tabor100.org or contact us directly at 206-368-4042.»
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SOURCE Tabor 100