Last round of Beyond Open grants plans to award $5M to small businesses in Charlotte
Foundation for the Carolinas announced its third round of Beyond Open’s small business grant funding on Thursday.
The grant program is open to small businesses physically located within Charlotte’s Corridors of Opportunity and is designed to build “economic mobility” in the community.
This round of funding is expected to award up to $5 million in grants, ranging from $10,000 to $150,000. The funds can be used to acquire capital assets for the business, including but not limited to technology — like software or computers — as well as equipment, inventory, and real estate. Grants may not be used for operating expenses like advertising, payroll, debt repayment, or utilities.
The third round is planned to be the last round of the program’s funding, according to a press release sent Thursday. Applications can be submitted Aug. 5 through Aug. 30.
Impact in previous rounds
The program has awarded more than $10 million to Charlotte’s small businesses, many of whom identify as “diverse-owned,” which the grant defines as woman-, person-of-color, person-with-a-disability-, LGBTQ- or veteran-owned businesses.
Carmen Blackmon, who owns Above and Beyond Learning Center, was awarded a grant in the first round. She said she used the funding to buy new technology, which ultimately empowered her to hire more tutors.
“We use the equipment for staff to do training and workshops and for us to conduct small group tutoring sessions. I can say without hesitation that the grant award made a significant impact in my business and has resulted in other schools desiring our tutorial program,” Blackmon said in the release.
“To achieve transformative change in our communities, we have to work together,” Darlene Goins, head of philanthropy and community impact at Wells Fargo, said. “We wanted our funding to be catalytic for small business owners. New capital assets can enable small businesses, enabling them to thrive with new employees, products or services or ways to grow.”
Interested applicants for the third round are encouraged by the foundation to learn about the program and begin preparing to apply in August.
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