Beyonce Offering Loans To Black-Owned Small Businesses

AllHipHop Staff

R&B megastar Beyonce has teamed with the NAACP to offer grants to small, black-owned businesses.

(AllHipHop News) Beyonce's Beygood foundation has teamed up with the NAACP (National Association for the Advancement of Colored People) to launch a new fund for black-owned small businesses that are struggling amid the coronavirus pandemic.

The Black-Owned Small Business Impact Fund will offer grants of $10,000 to "black-owned small businesses in select cities to help sustain businesses during this time", NAACP said.

Cities include New York, Los Angeles, and Houston, and, to be eligible for the grant, applicants must either be a "black-owned small business owner" or be able to "provide property damage or replacement estimates".

"The NAACP is proud to partner with BeyGOOD to help strengthen small businesses and to ensure economic empowerment for Black businesses," the Black-Owned Small Business Impact Fund's website description reads.

"The challenges of Black business owners navigating in the climate cannot be understated, as 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."

It's not the first time Beyonce has done her bit to provide financial relief amid the pandemic. In April BeyGOOD partnered with Twitter founder Jack Dorsey's Start Small fund to provide $6 million to various organizations during the health crisis.

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