The vodka maker will offer 10 grants worth $25,000 each to small business owners. The funding is tied to its “Love, Tito’s Small Business Grant Program”. The Austin, Texas-based company partners with the Equity Opportunities Fund as administrator of the grant fund. The fundraising initiative is part of a move to celebrate Tito’s 25th birthday.
According to its website, Accion Opportunity Fund works to create an inclusive and healthy financial system that supports small business owners nationwide by connecting entrepreneurs to affordable capital, educational resources, coaching and networks. “Through innovative partnerships and outreach strategies, we target underserved entrepreneurs, including entrepreneurs of color, low-income entrepreneurs and women, who often do not have access to the financial services they need. to create and grow their business.
Tito’s reports that the goal of the program “is to provide entrepreneurs with one less hurdle to overcome and one more opportunity to succeed.” according to its website.
Funding is vital. For example, 41% of Black small business owners are more likely than the average of 32% of small business owners to seek additional financing to address challenges facing their business. Data also shows that minority entrepreneurs often do not apply for small business loans for fear of rejection or that they will get lower amounts and higher interest rates if approved, according to analysis recently shared. from JPMorgan Chase which included a survey of 150 black small business owners.
Winners will be notified in July and should expect to secure funding in August.