Comcast is ramping up its commitment to uplift small businesses owned by people of color — by awarding more than $1 million to drive sustainable impact across the Twin Cities.
This month, the media and technology company announced it will award $10,000 grants to 100 small businesses owned by people of color throughout the seven-county metro region. The Twin Cities is one of six markets, including Houston, Miami, Oakland, Seattle, and Washington, D.C., selected by Comcast to award monetary support, totaling $6 million, following an expansion of its Comcast RISE Investment Fund.
Beginning on October 1 through October 14, eligible businesses can apply for the grants, as well as marketing and technology services. Winners will be announced in late November. The Comcast RISE Investment Fund is focused on small businesses that have been in business for three or more years with 1-25 employees. Businesses must be in the Twin Cities seven-county metro (Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington Counties) to be eligible.
Governor Tim Walz said he strongly encourages small businesses owned by people of color to take advantage of the opportunity and apply.
“The Comcast RISE Investment Fund will ensure that 100 businesses that exist today will continue to exist tomorrow,” Walz said in a statement. “Minnesota knows that this pandemic has created challenges for many small businesses, especially minority-owned businesses. We continue to do everything we can to help them until things get better.”
Comcast RISE, which stands for “Representation, Investment, Strength, and Empowerment,” is the company’s multi-year initiative to provide marketing, creative, media, and technology services to minority-led businesses disproportionately impacted by the pandemic.
According to the National Bureau of Economic Research, the number of active business owners in the U.S. fell by more than 22 percent amid social distancing restrictions during the spring of 2020. Among those hit hardest by the crisis included Black- and LatinX-owned businesses, which resulted in nearly 41 and 32 percent of owners closing their doors, respectively.
Civil unrest stemming from the murder of George Floyd and years of systemic inequities only added to the pain. Nearly 18 months later, entrepreneurs of color continue to struggle amid the ongoing racial reckoning and pandemic uncertainty.
That impact has been especially visceral in the Twin Cities, which stood at the heart of America’s uprising. Calling small businesses the backbone of the community, Kalyn Hove, Regional Senior Vice President, Comcast Twin Cities, says the Comcast RISE fund serves as a needed step forward to bridging the digital and equity divide.
“We know our small businesses were severely impacted by the murder of George Floyd and are struggling,” adds Hove. “While we know that no single organization can solve historic and systemic inequities overnight, we are committed to taking tangible actions that can drive long-term impact and change. We’re doing our part to ensure that small businesses that are hurting can remedy the situation and thrive, and truly believe it will make a difference.”
Hove added that the $10,000 grants can be applied as business owners see fit, including for additional hiring, capital resources, or to purchase leasing space. The goal of the program is simply to help businesses keep their doors open and promote success over the long-term.
Sierra Carter is all too familiar with the challenges of business funding for Black businesses. The owner of The Zen Bin, a “soulful, holistic wellness collective,” launched her business under a “pay what you can,” model to bring her services to a traditional “wellness desert,” in the urban core of Minneapolis. After launching her business with a handful of savings in 2018, Carter had just moved into a new space when the pandemic struck and threatened to close her doors for good.
“It put us in panic mode, so it was very stressful,” Carter says. “I just thought ‘I can’t throw in the towel because it’s a responsibility to provide a space for people of color, and for these people to have a safe space to heal. I couldn’t give up.”
Luckily, Carter came across an announcement for Comcast RISE on social media and applied — and was excited to learn she would receive help for her business. After receiving a technology makeover, including free internet services for a year, The Zen Bin was able to confidently provide “digital healing” services online until they could safely reopen.
Carter says she is grateful for Comcast’s support and added more programs are needed to support entrepreneurs of color, many of whom feel overlooked.
“Outside of identifying funding, it’s also just a lack of access to the press or promotional resources outside of our neighborhood, people aren’t seeking out our stories — so we have to hustle three times as hard,” Carter says. “The Comcast team has been really supportive with helping me explore other options to expand the business and for giving me opportunities to evolve as a business owner.”
“My advice to other business owners is to apply. Apply with confidence and don’t give up when things get hard. You’re aligning with your purpose,” she added.