Beyonce and NAACP partner to give grants to Black-owned small businesses

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Beyonce has been doing her part to help out amid the coronavirus crisis and she shows no signs of slowing down soon.

The superstar’s foundation BeyGOOD has partnered up with the NAACP to give grants to Black-owned small businesses in several cities. 

On Thursday, BeyGOOD announced the creation of the Black-Owned Small Business Impact Fund to “ensure economic empowerment for Black businesses.”

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“BeyGOOD announces The Black-Owned Small Business Impact Fund, assisting small businesses negatively impacted by recent events. The NAACP is proud to partner with BeyGOOD to help strengthen small businesses and to ensure economic empowerment for Black businesses,” the foundation posted on Instagram.

The NAACP added, “The challenges of Black business owners navigating in the climate cannot be understated. The effects of uprisings across the nation have led to many businesses being placed in dire straits due to damages and other small business needs.”

According to The New York Times, minority-owned businesses have been largely neglected by the Paycheck Protection Program with just 12% of Black and Latinx businesses receiving federal loans.

Thanks to this new initiative, Black small business owners in Houston, Atlanta, New York, Los Angeles and Minneapolis can apply for $10,000 USD grants through July 19. 

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Grant recipients will be announced on Beyoncé’s official website on July 31. That’s the same day Beyonce is set to release her visual album, Black Is King, on Disney+. The highly-anticipated project will highlight the “voyages of Black families throughout time,” by following a “young king’s transcendent journey through betrayal, love, and self-identity.”

On Juneteenth, Beyonce dropped a surprise single, “Black Parade.” The new song title shares the same name as her Black-owned initiative, which provides a directory of businesses she hopes her fans will support. Listed are companies in the following industries: arts & design, beauty, fashion, home and living, lifestyle, restaurants & bars, services, and health and wellness. 

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