Capital One Grants for Black Businesses is intended to assist minority business owners in keeping their businesses afloat. During the high point of the global epidemic, 53% of Black-owned businesses saw their income fall by at least half.
Owing to that, Capital One collaborated with the Association for Enterprise Opportunity (AEO) to start the Capital One Business grant program, which is designed to help Black-owned businesses in sustaining themselves. This program, in addition to awarding $10,000 grants to Black-owned businesses, provides other free resources through Capital One’s Business Hub.
Capital One acknowledges the long-standing commitments of minority communities and will strive to play its part to foster a much more inclusive society that acknowledges the accomplishments of the Black community.
Black-owned firms can gain long-term accomplishments by partnering with Capital One. Capital One offers a delightful bonus of up to $3,000 to new Spark Cash Plus cardholders. Users can receive $500 for spending $5,000 in three months and $2,500 for spending $50,000 in six months.
This card earns 2% cash back on all purchases and already has a $150 annual fee. If you spend $50,000 within six months, you’ll get a reward (and a welcome bonus) that can allow owners of small businesses with financial difficulties to save more, assist staff, or invest in new equipment.
Capital One is expanding on its original $10 million commitment and its $200 million multi-year devotion to reinforce the development of underserved populations and encourage socioeconomic maneuverability by trying to close equity and opportunity shortfalls.
Capital One seeks to resolve structural inequalities and boost racial equity by investing an extra $10 million in current and emerging partners who are focused on the most urgent needs in the daily life of low socioeconomic communities.
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Requirements to Qualify for Capital One Grants for Black Business
To be able to qualify for Capital One Grants for Black Businesses, you must meet the following criteria.
- Will be expected to be at least 18 years old
- Has to be the owner of a Black-owned small business (51% or more ownership).
- You may hire between 3 and 20 people (including yourself, all full-time or part-time employees, and independent (1099) contractors).
- The company also should not be a part of a franchise brand that has more than twenty-five (25) corporate-owned stores or more than two hundred and fifty (250) total stores.
- The business must still be located in a low-income neighborhood. This is any zip code that is not in the top 20% of zip codes in the United States, according to the Distressed Communities Index.
How to Apply for Capital One Grants for Black Business
After you’ve prepared your company to apply for Capital One Grants, it’s time to move on.
Determine a Project or Need in Your Organization
Capital One grant, like many others, is offered to businesses that can demonstrate a specific demand. You will be required to exhibit how your business would be able to survive and flourish or expand as a result of receiving the grant.
Organize Your Business
If you have a fully operational business, you must have a clearly defined structure and be licensed by the state. It is entirely up to you whether to run your company as an S corporation, LLC, or sole proprietorship. However, a formal business structure is required.
Sort Through Your Financial Records
Keeping your tax records, financial services, and financial reporting records in good condition would illustrate that you run a resourceful, fiscally successful business. Capital One grant applications also check your ability to keep track of your revenue; they want to reward entrepreneurs who have a firm understanding of their finances.
Visit Capital One Website and Apply
You can begin the application process once you have completed all the preceding steps. Prior to submitting your grant application, have it reviewed by a friend or fellow business owner. Keep the deadlines in mind as you don’t want to apply at the last minute.
Capital One’s grant program and new members freebie are just two of the new initiatives made available by Capital One to help small businesses succeed. They also provide a business hub where business owners can get information and help. Also included in the Capital One Impact Initiative is a five-year pledge to aid disadvantaged populations, which would include small businesses.