Render Capital is launching the second iteration of its First Dollar program, which aims to support Black and brown entrepreneurs with grants to help their startups thrive.
The Louisville-based venture firm, in partnership with Access Ventures, will provide $5,000 grants to 20 local businesses at the earliest stage of business development, for a total contribution of $100,000 to the local community, according to a news release. Grant recipients will be for-profit organizations, located in Jefferson County, Kentucky, or Clark and Floyd County, Indiana, that are seeking their first significant capital contribution.
“Not all entrepreneurs have equal access to capital to grow their businesses,” said Patrick Henshaw, managing director at Render Capital, in the release. “We know that business ownership is an amazing way to create generational wealth for one’s family, but studies show that capital from friends and family, that many entrepreneurs use to get things off the ground, is not always as readily available for Black and Brown entrepreneurs.
"We have seen so much momentum through the first year of this program and we hope that with the help from our partners we can continue to support local entrepreneurs and fill this critical funding gap for their businesses."
To determine which local startups will be funded, Render Capital has partnered with four local organizations – Louisville Urban League, Russell: A Place of Promise, GEDDI, and Amplify Louisville. Through this partnership, Render Capital is empowering those who work closely with Black and Brown entrepreneurs to facilitate the disbursement of grant funds.
As part of the First Dollar program, the four partnering organizations have until the end of 2022 to distribute funds to the startups of their choosing.
The 20 entrepreneurs who received funding for their businesses in 2021 through the First Dollar Program are:
- Ausha Hillman, Julee’s Mocha
- Bailey Griffin, Bath Wonderland
- Ebony Campbell, Nubian Newborns
- Elliot Nicols and Nick Raymore, Mink Mutual Broadcasting
- Heather Boyd, HB’s Soul Creations
- Jaelah Wilson, Pure Intent
- Jocelyn Clayborn, Jahja’s Fresh Beverages
- Julian Thomas, Black Heart Comic
- Keishanna Hughes, The Source 502
- Lakisha Morris, DaChe’s Cakes and Treats
- Latasha Harrison, Ikon Media Group
- Macy Williams, Happy Brown Girl
- Mahogany Livers, Mindful Moments
- Marquel Lett, Sequel Scents
- Nicole Scott, Nicole Scott Inc.
- Rheonna Thornton, Lipstick Wars
- Sherelle Gore, Gore’s SmokeOut BBQ
- Talia Cooksey, Lending Hands Companion & Care
- Tracy Tarver, Mother’s Cup
- Zakiyya Madden, Posh Beauty Studio
Because of the support from First Dollar, many of these businesses have seen an increase in revenue and had a profitable year of business, the release continued.
"Business is doing great," said Jaelah Wilson, founder of Pure Intent, in the release. "I’ve added two new products and improved my marketing and customer retention. For the next couple of months I will push to gain more momentum and reach more people."
Cherena Fox, GEDDI program director, said her organization is proud to partner again with Render Capital's First Dollar Program.
"These grants are crucial to boost early business development and make a significant impact for emerging businesses, as well as the communities they serve," she said.
"Access Ventures is delighted to continue our funding of the First Dollar Program as a part of our larger regional capital initiative that aims to increase access to capital for excluded entrepreneurs locally," said Bryce Butler, managing director of Access Ventures. "This program is a collaborative community effort and we invite any organization who is passionate about this work to join us."
Organizations interested in playing a role in The First Dollar program should email meghan@workwithrender.com. To learn more about the program, click here.
