Metro United Way is partnering with FundBLACKFounders to provide up to $25,000 matching crowdfunding grants to 15 Louisville-based founders.
According to a news release, the program will support early-stage startups founded by Black entrepreneurs, helping them to bring their ideas to life and grow their businesses.
Submissions from Louisville-based entrepreneurs will be open until Monday, March 6. Follow Metro United Way on Facebook and Instagram, as well as at metrounitedway.org, for updates and application procedures.
“We are always looking for new and unique ways to support communities that have traditionally been excluded from investment sources,” said Adria Johnson, president and CEO of Metro United Way, in the release. “FundBLACKFounders has created an exciting crowdfunding approach that we believe is a game changer in how minority-owned startups can gain access to capital which will in turn positively impact our entire community.”
The grant program will be open to all eligible startups, regardless of industry or stage of development.
FundBLACKFounders is a rewards-based crowdfunding platform doubling down on Black founders through culturally relevant resources resulting in the birth of more Black businesses, the release states. Black founders receive 1% of venture capital funding, yet generate $150 billion in revenue. With $1.2 trillion in Black spending power, there is money being left on the table — investing in Black founders is smart business.
According to FundBLACKFounders' website, the 15 selected founders will start their crowdfunding campaigns in April, earning non-dilutive, matching grant dollars through that effort.
The partnership is seeking founders with innovative products in the market, a clear value proposition and ambition to become a leader in their category. In the selection process, the program prioritize companies that have a minimum viable product that has shown some level of customer engagement, the website says.
