A dream became reality years ago when Chichi Eburu, founder of Juvia’s Place, started her brand with only $2,000. Coming from humble beginnings, Chichi could relate to fellow Black entrepreneurs who faced financial struggles with keeping their brands afloat. With the desire to put an end to this, the beauty brand founder launched the Juvia’s Place Black-Owned Business Grant, which pledges to give away $300,000 or six grants of $50,000 each to Black business owners.
Chichi expresses that support from the community helps tremendously as a business owner “I, like so many others, didn’t have access to lending, or a trust fund. My business was built with minimal financial resources, but I had a supportive community to lean on,” she says in a press release. “That community support was essential to my business growth. I found mentors and customers that believed in my product, and helped to make my dream a reality.”
As reported by SCORE, 44% of Black small business owners use cash to fund their business as compared to the average small business owner (37%). Some of the most popular funding sources for African American business owners are friends and family, lines of credit and unsecured loans.
Many of the sources that Black entrepreneurs use end up accumulating to a lot of debt at high-interest rates, which can have a major negative impact on the businesses before they are even able to get off the ground – yikes!
We love to see brands give back to their communities, to qualify for Juvia’s Place Black-Owned Business Grant, you must:
- Identify as an African American/Black business owner.
- Be a U.S. resident or citizen.
- Have business operations headquartered in the U.S.
- Have a 2019 business gross income between $1,000 and $250,000
Visit https://www.juviasplace.com/pages/business-grant to apply. And hurry, the deadline for the application is August 31.