CHARLESTON, W.Va. — The Charleston Area Alliance has launched a new small business pilot grant program targeted to women and minority-owned small businesses located within the city.
Susie Salisbury, VP Community Development for Charleston Area Alliance (CAA) told 580-WCHS the goal of the Pilot Grant Program for Women and Minority-Owned Small Businesses is to help existing women and/or minority-owned small businesses expand by increasing profitability.
“It is well known, there is study after study, that women and minority small business owners do not have access to the same type capital that other small business owners have,” she said.
“We’re looking at proposals that can show us how they are going to expand with this little bit of capital infusion.”
A release said the program will be achieved through mini-grants ranging from $2,500 to $5,000, and providing access to mentoring, training and low rent office space. The program is in partnership with the City of Charleston Mayor’s Office, Charleston Community Participation Grant Program, Truist Financial Corporation, Verizon Economic Development Fund and individual contributions. A total of $50,000 is available in the first pilot round.
According to Fundera by nerdwallet in an article published in December 2020, the U.S. has 12.3 million women-owned businesses, generating $1.8 trillion a year. Women started 1,821 net new businesses every day last year. The U.S. Senate Committee on Small Business & Entrepreneurship has reported that minority-owned businesses accounted for more than 50% of the two million new businesses started in the United States.
The CAA said there are now more than four million minority-owned companies in the U.S., with annual sales totaling close to $700 billion.
Salisbury credited Becky Ceperley, a Charleston city councilwoman, for this project is her “brainchild.”
The guidelines and grant application will be posted on www.charlestonareaalliance.org on October 1. All grant applications for this pilot round are due by 4:00 pm on Friday, October 29. Applications must be submitted electronically.