Business and Finance
Grants available for Black businesses affected by mass shootings
Black-owned small businesses in East Buffalo, New York, affected by a mass shooting nearly two years ago can apply for grants of as much as $50,000.
Empire State Development (ESD) announced that applications for the third round of the East Buffalo Small Business Working Capital Grant Program are open until May 10.
According to The news release said the $3 million ESD-funded program offers grants starting from $5,000 to $50,000 to eligible small businesses in East Buffalo. It will probably be used primarily to assist minority-owned businesses get better from the social and economic impacts of the shooting on the Tops Friendly Market on Jefferson Avenue.
The supermarket, positioned in a predominantly black neighborhood, reopened in June 2022 after 10 people were killed there by the hands of a white supremacist the previous month.
Support is required because getting access to capital for Black entrepreneurs is an ongoing obstacle. For example, support for Black-founded startups dropped from below $1 billion to $705 million in 2023, in line with this report. It was the primary such decline since 2016.
The latest actions come amid statewide recovery efforts following the shop attack. Nearly 70 businesses have reportedly received greater than $800,000 in grants from the East Buffalo Small Business Working Capital Grant Program in two previous rounds of funding.
For the present round of funding, grant applicants should be positioned in a delegated area in East Buffalo and meet other criteria. According to the Local Initiatives Support Corporation – New York (LISC NY), which administers the ESD program, applicants can only apply for one company and should be 18 years of age or older to achieve this.
Empire State Development President, CEO and Commissioner Hope Knight made the announcement within the comments. “I encourage business owners to take advantage of the expanded eligibility map and additional technical assistance when applying for the East Buffalo Small Business Working Capital Grant program,” Knight said. “Through this and other programs, New York State is affirming its strong partnership with majority-minority-owned businesses as they continue to serve the community.”
Valerie White, senior executive director of LISC NY, stated, “The East Buffalo community was shaken to its core after the devastating mass shooting at Tops, and we’re proud to work with our partners at Empire State Development to assist connect neighboring small businesses with resources that can help them get better from the consequences.
She added: “This targeted support, which now covers a broader geographic footprint, will help ensure that predominantly minority-owned businesses can continue to support their community as we work hard to increase our investment in this historically underserved area and, ultimately, close the gap in racial wealth.”
According to ESD, to this point over 200 corporations have applied for financing. Check more details Here.